Gold Analysis on the H4 6/9/2024
Macro Overview
Gold prices rose yesterday, further boosted by weak U.S. ADP employment data for August. Despite a brief dip caused by the upward revision of U.S. PMI, gold rebounded, closing above $2,500 per troy ounce. Market expectations for the Fed to cut interest rates by 0.50% in September have risen to 43%, increasing uncertainty and potentially leading to higher volatility until the meeting's outcome.
Technical Analysis
XAUUSD narrowed recent losses and climbed to 2,516. The price closed above both EMAs, signaling potential for further gains. If XAUUSD continues its upward momentum and surpasses both EMAs, it may retest the record high at 2,530. On the other hand, if XAUUSD pulls back to 2,490, where the trendlines intersect, the price could fall to support at 2,465.
Gold prices rose yesterday, further boosted by weak U.S. ADP employment data for August. Despite a brief dip caused by the upward revision of U.S. PMI, gold rebounded, closing above $2,500 per troy ounce. Market expectations for the Fed to cut interest rates by 0.50% in September have risen to 43%, increasing uncertainty and potentially leading to higher volatility until the meeting's outcome.
Technical Analysis
XAUUSD narrowed recent losses and climbed to 2,516. The price closed above both EMAs, signaling potential for further gains. If XAUUSD continues its upward momentum and surpasses both EMAs, it may retest the record high at 2,530. On the other hand, if XAUUSD pulls back to 2,490, where the trendlines intersect, the price could fall to support at 2,465.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.