XAUUSD - 2024/10/02
Technicals:
Looking at Gold at the moment we can see that we failed to break higher yesterday creating a new LH, it could be that we just need more buyers to push gold higher. There is is a possibility of a range bound market until Friday when NFP gets released.
But for now I there is no reason to switch to a bearish bias. We have 2 possible 1h volume buy zones where we can possibly see the new bullish leg start.
Fundamentals:
- Powell’s hawkish stance reduces market expectations for a 50 bps rate cut from 53.3% to 35.4%.
- Iran Missile Attack on Israel Spurs Swift Promise to Retaliate (waiting to see if Israel will respond to the attack, if Israel does respond we will see gold price move higher)
- Gold rises on safe-haven demand, while Goldman Sachs raises 2025 gold price forecast to $2,900 per ounce.
Looking at Gold at the moment we can see that we failed to break higher yesterday creating a new LH, it could be that we just need more buyers to push gold higher. There is is a possibility of a range bound market until Friday when NFP gets released.
But for now I there is no reason to switch to a bearish bias. We have 2 possible 1h volume buy zones where we can possibly see the new bullish leg start.
Fundamentals:
- Powell’s hawkish stance reduces market expectations for a 50 bps rate cut from 53.3% to 35.4%.
- Iran Missile Attack on Israel Spurs Swift Promise to Retaliate (waiting to see if Israel will respond to the attack, if Israel does respond we will see gold price move higher)
- Gold rises on safe-haven demand, while Goldman Sachs raises 2025 gold price forecast to $2,900 per ounce.
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