XAU/USD | GOLDSPOT | New perspective | follow-up details
Updated
Over the past week, the price of Gold has been fluctuating between $2,000 and $2,035. This is because buyers seem to be taking a break, indicating a neutral to bullish outlook on the daily chart. Furthermore, the USD's recovery, driven by market adjustments related to the Federal Reserve and the resilience of the US economy, is putting pressure on the price of Gold.
Despite soft Personal Consumption Expenditures (PCE) figures from the US in December not causing a significant market reaction, there is anticipation surrounding the Fed's upcoming meeting. Currently, the markets have shifted their expectations for the start of the easing cycle from March to May, but the Fed's stance could alter these expectations. While US economic data remains strong, the Fed could use trends in core PCE to justify implementing rate cuts.
The Gold price (XAU/USD) is expected to see changes following the release of the US Core Personal Consumption Expenditure – Price Index (PCE) report for December, which indicates a slower pace of price growth than anticipated by market participants. Annual underlying inflation data has slowed to 2.9% from an expected 3% and a previous reading of 3.2%.
Fed policymakers are facing a balancing act, considering robust economic indicators such as consumer spending, the labor market, and Gross Domestic Product (GDP). These factors could support arguments for higher interest rates in the first half of 2024.
Given the uncertainties, how do we plan to strategically position ourselves for the upcoming week? I have a strong sense that we may experience significant market movement in the coming week.
XAUUSD Technical Overview:
In this video, we conducted a comprehensive analysis of the XAUUSD chart, utilizing both technical and fundamental perspectives. Our examination included an in-depth study of key levels, historical price movements, market behaviors, and the interplay between buyers and sellers, aiming to unveil potential trading opportunities.
Our focal point for the week is the $2,000 zone, endowed with historical significance, rendering it a pivotal level. The sustainability of bullish momentum above this zone could pave the way for continued buying pressure, potentially propelling prices to new highs. Conversely, a breach below the $2,000 level, coupled with persistent selling pressure, might signal a resurgence of bearish sentiment.
Immerse yourself in the latest dynamics of the Gold market! Stay well-informed to make strategic investment decisions.
#GoldMarket #SafeHavenAssets 📺🔔💼
Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.
It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.
Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.
Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
Despite soft Personal Consumption Expenditures (PCE) figures from the US in December not causing a significant market reaction, there is anticipation surrounding the Fed's upcoming meeting. Currently, the markets have shifted their expectations for the start of the easing cycle from March to May, but the Fed's stance could alter these expectations. While US economic data remains strong, the Fed could use trends in core PCE to justify implementing rate cuts.
The Gold price (XAU/USD) is expected to see changes following the release of the US Core Personal Consumption Expenditure – Price Index (PCE) report for December, which indicates a slower pace of price growth than anticipated by market participants. Annual underlying inflation data has slowed to 2.9% from an expected 3% and a previous reading of 3.2%.
Fed policymakers are facing a balancing act, considering robust economic indicators such as consumer spending, the labor market, and Gross Domestic Product (GDP). These factors could support arguments for higher interest rates in the first half of 2024.
Given the uncertainties, how do we plan to strategically position ourselves for the upcoming week? I have a strong sense that we may experience significant market movement in the coming week.
XAUUSD Technical Overview:
In this video, we conducted a comprehensive analysis of the XAUUSD chart, utilizing both technical and fundamental perspectives. Our examination included an in-depth study of key levels, historical price movements, market behaviors, and the interplay between buyers and sellers, aiming to unveil potential trading opportunities.
Our focal point for the week is the $2,000 zone, endowed with historical significance, rendering it a pivotal level. The sustainability of bullish momentum above this zone could pave the way for continued buying pressure, potentially propelling prices to new highs. Conversely, a breach below the $2,000 level, coupled with persistent selling pressure, might signal a resurgence of bearish sentiment.
Immerse yourself in the latest dynamics of the Gold market! Stay well-informed to make strategic investment decisions.
#GoldMarket #SafeHavenAssets 📺🔔💼
Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.
It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.
Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.
Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
Note
The recent price action has broken the descending trendline identified on a higher timeframe, indicating a modest rebound in the price of Gold. This rebound is attributed to the escalating geopolitical tensions between the Middle East and the United States, prompting a flight to safety. Additionally, hopes for a soft landing for the US economy have pushed US Treasury bond yields lower, which, in turn, has failed to assist the US Dollar in breaking through a nearly two-week-old trading range. This situation is seen as a supportive factor for the Gold price.
That said, the diminishing likelihood of a more aggressive policy easing by the Federal Reserve in 2024 may limit the upside for safe-haven assets. As we start the new week, we should also consider that market participants may be hesitant and opt to await the outcome of the FOMC monetary policy meeting for fresh direction. In light of this, we will utilize the newly identified market structure to inform our trading decisions today.
Good Morning.
Trade active
#XAUUSDUPDATE
Trade closed manually
#XAUUSDSell positions closed as price may retest the $2,024 zone for new buying opportunities. However, a breakdown/retest of the $2,019.20 will welcome selling opportunities.
Trade active
UPDATETrade active
Currently, a minimum of two buy positions initiated during yesterday's session remain active amid escalating conflicts in the Middle East, which have heightened the risk of a broader regional crisis, dampening recent market optimism. This, coupled with the ongoing decline in US Treasury bond yields, has significantly bolstered the price of Gold. On the other side, the US Dollar is struggling to make significant gains as market participants seek clarity on the Federal Reserve's potential rate cuts. This dynamic further supports the price of Gold at the moment, though a substantial upward movement appears unlikely ahead of the pivotal FOMC policy meeting, which may lead to a subdued, range-bound price action activity today.
In light of these conditions, it is prudent to safeguard existing buy positions, while remaining watchful for new trading opportunities.
Good Morning
Trade active
#XAUUSDUPDATE
As discussed during our live session today;
Trade closed manually
#XAUUSDAll buy positions closed as selling pressure resumes
Trade active
Gold price turned south after setting a fresh two-week high as US Treasury bond yield witnessed recovery following the mid-tier US economic data. We are at a crucial juncture where the ascending trendline will be playing a major to guide our trading decision. At the moment a sell position is triggered at the retest of the 2,035/trendlineTrade active
The sell position from yesterday hit a stop-loss as the Gold price attracted some dip-buying during the Asian session, but any significant upside still seems elusive. A further decline in US Treasury bond yields, along with persistent worries about the deepening Middle East conflict, have been key factors lending support to the safe-haven asset. However, a modest pickup in US Dollar demand might cap the upside for the commodity.Market participants might also refrain from placing directional bets and prefer to wait on the sidelines ahead of the crucial FOMC policy decision, due later today. The Federal Reserve is widely expected to keep its key interest rates unchanged. Therefore, the focus will be on the accompanying monetary policy statement and Fed Chair Jerome Powell's comments at the post-meeting press conference for cues about the timing of the first interest rate cut, which will drive USD demand and provide a fresh impetus to the Gold price.
In this regard, the structure on the 1-hour timeframe shall guide our trading activities today, with particular attention to the ascending trendline.
Good MOrning
Trade active
#XAUUSDUPDATE
Protect all buy positions as we anticipate the Fed Interest rate decision and the Fed chair's speech.
Trade active
The bullish momentum persists as the Gold price bounces back into positive territory, hovering just above our established ascending trendline. However, the US Dollar remains robust, approaching its highest level since December, supported by the Federal Reserve's less dovish stance on interest rates. This factor looms as a potential cap on the current uptrend. Additionally, a positive sentiment in US equity futures adds to the headwinds for Gold's upward movement.Market participants are closely monitoring geopolitical developments, particularly the risk of further escalation in the Middle East. Simultaneously, concerns about a slowdown in economic growth in China contribute to supporting the safe-haven appeal of XAU/USD. Amid this complex landscape, today's economic docket featuring Eurozone consumer inflation figures and the US ISM Manufacturing PMI release takes center stage, offering potential market-moving catalysts.
In navigating this dynamic environment, our strategy involves safeguarding existing buy positions while remaining vigilant for new trading opportunities. The delicate balance of global factors underscores the importance of adaptability in our approach.
Happy New Month!
Trade active
#XAUUSDAfter been taken out of the sell position in a loss, a new buy position has been triggered. Protect position as we look out for new trading opportunities.
Note
#XAUUSDThree buy positions now triggered
Note
#XAUUSDThree buy positions now triggered
Trade active
#XAUUSDThree buy positions now triggered
Trade active
#XAUUSDThree buy positions now triggered
Trade active
Protect all buy positions as Gold price fluctuates within a range. Currently, the market seems to be in a consolidation phase, possibly due to investors waiting for the NFP report later today to gain insights into the Federal Reserve's policy direction. Additionally, a recent uptick in US Treasury bond yields may limit the upward movement of Gold prices.Moreover, concerns about the stability of regional banks in the US and ongoing apprehensions about slowing growth in China, the world's second-largest economy, suggest the potential for Gold prices to appreciate in the near term. Despite this, XAU/USD is expected to show modest gains, so it's important to be prepared to take advantage of further opportunities for gains if the condition presents itself.
Good Morning
Trade active
Secure sell position as price action tests the descending trendline, especially after the positive NFP data. This development has cast doubt on the possibility of an interest rate cut and has raised expectations of interest rates remaining higher for a longer period.
Trade smart. Trade consciously
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