XAUUSD - 2024/08/20
Looking at the technicals gold is still very bullish and we can wait for the pullback to finish for us to capitalise on the longs.
Fundamental key points to look out for:
- Gold prices stuck after reaching a historic high above $2,500; traders anticipate the Fed’s next move at Jackson Hole.
- Powell's upcoming speech at Jackson Hole may signal a rate cut, influencing gold prices and market sentiment. The Jackson Hole symposium, a long-standing tradition for central bankers, has historically been used by Fed Chairs to signal significant policy shifts.
- Market Sentiment: Strong U.S. retail sales and lower-than-expected unemployment claims, combined with mild inflation readings, have bolstered confidence in the U.S. economy’s resilience.
Since gold reached a new all time high, it also started to consolidate just above the $2,500 levels. Historically, every single consolidation on HTFs followed by huge impulse moves to one or the other direction.
Fundamental key points to look out for:
- Gold prices stuck after reaching a historic high above $2,500; traders anticipate the Fed’s next move at Jackson Hole.
- Powell's upcoming speech at Jackson Hole may signal a rate cut, influencing gold prices and market sentiment. The Jackson Hole symposium, a long-standing tradition for central bankers, has historically been used by Fed Chairs to signal significant policy shifts.
- Market Sentiment: Strong U.S. retail sales and lower-than-expected unemployment claims, combined with mild inflation readings, have bolstered confidence in the U.S. economy’s resilience.
Since gold reached a new all time high, it also started to consolidate just above the $2,500 levels. Historically, every single consolidation on HTFs followed by huge impulse moves to one or the other direction.
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