Gold Analysis on the H4 10/09/2024
-Macro Overview
Gold prices fluctuated sharply yesterday, dipping slightly after stronger-than-expected U.S. economic data but later recovering and closing above $2,500 per ounce. Despite a stronger dollar, the recovery indicates cautious optimism. Traders are now focusing on tomorrow's CPI data, the last significant release before the FOMC meeting, with expected heightened volatility as market direction remains uncertain.
-Technical Analysis
XAUUSD temporarily broke the trendline and retested 2,490. However, the price recovered to 2,505 and remained above both EMAs. If XAUUSD stays above the EMAs and the trendline, it could gain momentum toward the nearby peak of 2,530. Conversely, if XAUUSD breaks support at 2,490 and the trendline, the price may decline to 2,465.
Gold prices fluctuated sharply yesterday, dipping slightly after stronger-than-expected U.S. economic data but later recovering and closing above $2,500 per ounce. Despite a stronger dollar, the recovery indicates cautious optimism. Traders are now focusing on tomorrow's CPI data, the last significant release before the FOMC meeting, with expected heightened volatility as market direction remains uncertain.
-Technical Analysis
XAUUSD temporarily broke the trendline and retested 2,490. However, the price recovered to 2,505 and remained above both EMAs. If XAUUSD stays above the EMAs and the trendline, it could gain momentum toward the nearby peak of 2,530. Conversely, if XAUUSD breaks support at 2,490 and the trendline, the price may decline to 2,465.
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