XAU/USD
The gold price is currently being influenced by bearish market sentiment and is expected to drop to around $1,830. This is due to the upcoming testimony of Fed Chair Jerome Powell and the Nonfarm Payrolls data release. Recent comments from Fed officials suggest a continued focus on hiking rates until they reach at least 5%, which could lead to a significant drop in the gold price. The Nonfarm Payrolls data will also be closely watched, as a strong result could signal a 50bp hike at the March FOMC meeting and weigh heavily on the gold price. Technical analysis suggests that the 200-day moving average and the $1,800/oz mark are key levels to watch. There is also a 78.6% Fibonacci target on the 4-hour chart that meets a volume point of control of the prior bullish impulse.
the current market sentiment towards gold, which is bearish. Traders and investors are expecting the price of gold to drop to around $1,830, which is a significant decline from its current level. The main catalysts for this sentiment are the upcoming testimony of Federal Reserve Chair Jerome Powell and the release of the Nonfarm Payrolls data. These events are expected to provide insights into the Fed's monetary policy and the state of the US economy.
recent comments from Fed officials suggest that there is a continued focus on hiking interest rates until they reach at least 5%. This could lead to a significant drop in the gold price, as higher interest rates make other assets, such as bonds, more attractive to investors. As a result, traders and investors are closely watching Powell's testimony to Congress for any indications of future policy moves.
The Nonfarm Payrolls data release is also a major event that could impact the gold price. Many Fed members are looking for a cooling in jobs following the strong January numbers of over 500k new jobs. If the jobs data doesn't cool sufficiently, the markets will likely see it as a green light for a 50bp hike at the March FOMC meeting, which would weigh heavily on the gold price.
technical analysis of the gold price. Traders use technical analysis to identify potential price movements based on past patterns and trends. The article notes that the 200-day moving average and the $1,800/oz mark are key levels to watch. These levels could act as support or resistance for the gold price, depending on how the market reacts to upcoming events.
78.6% Fibonacci target on the 4-hour chart that meets a volume point of control of the prior bullish impulse. The Fibonacci retracement tool is a popular technical analysis tool that traders use to identify potential levels of support or resistance. In this case, the Fibonacci retracement level of 78.6% is suggesting a potential price target for gold, which traders will be watching closely.
the current market sentiment towards gold, which is bearish. Traders and investors are expecting the price of gold to drop to around $1,830, which is a significant decline from its current level. The main catalysts for this sentiment are the upcoming testimony of Federal Reserve Chair Jerome Powell and the release of the Nonfarm Payrolls data. These events are expected to provide insights into the Fed's monetary policy and the state of the US economy.
recent comments from Fed officials suggest that there is a continued focus on hiking interest rates until they reach at least 5%. This could lead to a significant drop in the gold price, as higher interest rates make other assets, such as bonds, more attractive to investors. As a result, traders and investors are closely watching Powell's testimony to Congress for any indications of future policy moves.
The Nonfarm Payrolls data release is also a major event that could impact the gold price. Many Fed members are looking for a cooling in jobs following the strong January numbers of over 500k new jobs. If the jobs data doesn't cool sufficiently, the markets will likely see it as a green light for a 50bp hike at the March FOMC meeting, which would weigh heavily on the gold price.
technical analysis of the gold price. Traders use technical analysis to identify potential price movements based on past patterns and trends. The article notes that the 200-day moving average and the $1,800/oz mark are key levels to watch. These levels could act as support or resistance for the gold price, depending on how the market reacts to upcoming events.
78.6% Fibonacci target on the 4-hour chart that meets a volume point of control of the prior bullish impulse. The Fibonacci retracement tool is a popular technical analysis tool that traders use to identify potential levels of support or resistance. In this case, the Fibonacci retracement level of 78.6% is suggesting a potential price target for gold, which traders will be watching closely.
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