XAUUSD H9 BULLISH
Traders are closely watching the Federal Reserve’s next moves, with an 87% chance of a 25-basis-point rate cut in November according to the CME FedWatch tool. Although Fed Governor Christopher Waller urged caution on additional rate cuts, the prospect of easing is still expected to support gold prices. Non-yielding assets like gold tend to benefit from lower interest rates, as they reduce the opportunity cost of holding bullion.
In the short term, gold faces a mixed outlook. While the strong U.S. dollar and rising Treasury yields present immediate resistance, the likelihood of further Federal Reserve rate cuts by year-end is expected to provide underlying support. Traders should remain cautious, but a break above $2,645.01 could signal bullish momentum, setting up gold to challenge its previous highs near $2,685.64 before the end of the year.
In the short term, gold faces a mixed outlook. While the strong U.S. dollar and rising Treasury yields present immediate resistance, the likelihood of further Federal Reserve rate cuts by year-end is expected to provide underlying support. Traders should remain cautious, but a break above $2,645.01 could signal bullish momentum, setting up gold to challenge its previous highs near $2,685.64 before the end of the year.
Trade closed: target reached
XAUUSD Target reached +280pips
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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.