Hello everyone, it's great to see you again in today's gold price discussion!
Gold has shown a significant recovery since the end of yesterday’s session, with prices reaching as high as $2,943.5 per ounce, marking an increase of $20.2 compared to early yesterday morning.
Concerns over trade policy uncertainties continue to drive investors toward gold as a safe-haven asset, further pushing its price higher. Additionally, today's report indicating easing inflation has strengthened expectations for a Federal Reserve (Fed) rate cut this year, adding more bullish momentum to the precious metal.
In the short term, based on the 4-hour chart, XAU/USD’s bullish momentum has strengthened. The pair is trading above all its moving averages, with the 34 and 89 EMA convergence providing solid support around the daily lows. Given this setup, we favor buying at this point. Keep an eye on the $2,954 resistance level, as a breakout above it could extend the rally even further.
Happy trading!
Gold has shown a significant recovery since the end of yesterday’s session, with prices reaching as high as $2,943.5 per ounce, marking an increase of $20.2 compared to early yesterday morning.
Concerns over trade policy uncertainties continue to drive investors toward gold as a safe-haven asset, further pushing its price higher. Additionally, today's report indicating easing inflation has strengthened expectations for a Federal Reserve (Fed) rate cut this year, adding more bullish momentum to the precious metal.
In the short term, based on the 4-hour chart, XAU/USD’s bullish momentum has strengthened. The pair is trading above all its moving averages, with the 34 and 89 EMA convergence providing solid support around the daily lows. Given this setup, we favor buying at this point. Keep an eye on the $2,954 resistance level, as a breakout above it could extend the rally even further.
Happy trading!
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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.
Related publications
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.