Gold Analysis on the H4 05/09/2024
- Macro Overview
According to Naeem Aslam, CIO at Zaye Capital Markets, gold prices dropped earlier in the day as some investors sold off to cover margin calls during a stock market sell-off, partially triggered by Nvidia (NVDA). However, gold prices recovered after weak U.S. JOLTS job data for July, closing slightly higher. In the short term, gold prices are likely to remain volatile without a clear direction.
- Technical Analysis
XAUUSD briefly pulled back to 2,472 before rebounding above 2,495. However, the price still lacks a catalyst for a full trend reversal. If XAUUSD breaks the 2,490 support again, the price may test nearby lows before dropping to 2,465. Conversely, if XAUUSD closes above 2,490 and both EMAs, the price could test 2,530.
According to Naeem Aslam, CIO at Zaye Capital Markets, gold prices dropped earlier in the day as some investors sold off to cover margin calls during a stock market sell-off, partially triggered by Nvidia (NVDA). However, gold prices recovered after weak U.S. JOLTS job data for July, closing slightly higher. In the short term, gold prices are likely to remain volatile without a clear direction.
- Technical Analysis
XAUUSD briefly pulled back to 2,472 before rebounding above 2,495. However, the price still lacks a catalyst for a full trend reversal. If XAUUSD breaks the 2,490 support again, the price may test nearby lows before dropping to 2,465. Conversely, if XAUUSD closes above 2,490 and both EMAs, the price could test 2,530.
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