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GOLD Price Shows Upside Potential Amid Pennant FormationBased on current analysis, it appears that the price of gold is showing some uncertainty as it moves within a pattern known as a "pennant". Despite this, there is still potential for the price to increase, as there are risks that could push it up. In order for this to happen, the price would need to break above a downward trendline at the price of $2,000, confirming the breakout from the pennant pattern. If this occurs, the price could potentially rise towards the important $2,000 level, with further resistance levels at $2,010 and $2,060. On the other hand, if the price falls below a support level at $1,950, it could lead to increased selling pressure and potentially challenge the low price of $1,950 seen on Monday.
FOREXCOM:XAUUSD
by FOREXN1
29
GOLD Could Rally Toward $2,000 on Fed's Dovish LanguageThe price of gold is currently below $1,950 and may see a bullish trend as XAU/USD bulls may make one last attempt to rise before the Federal Reserve meets. Mehta suggests that for any recovery to occur, gold would need to be accepted above the psychological level of $1,950 and reach the previous resistance level of $1,960. If the Federal Reserve adopts a dovish outlook, it could cause gold buyers to push the price back to $2,000 and potentially even higher. However, if the previous day's low of $1,935 is breached, selling interest may be reinforced, leading to a potential drop towards the $1,900 level. Should Fed Chairman Jerome Powell adopt a hawkish stance, gold's bullish commitments may be challenged, and the price could fall to the March 17 low of $1,918 before potentially dropping further to the $1,900 round level. "The anticipation of a 25bps increase in the Federal Funds Rate by the Fed will likely hurt the price of gold . Gold is often seen as a safe-haven asset, and when interest rates rise, it becomes less attractive to investors seeking higher yields."
OANDA:XAUUSDLong
by FOREXN1
7
XAU/USD: Possible Values Decline for the Yellow metalAs the Dollar continues to retrace its steps from four-week highs, the gold market hopes to capitalize on recent recovery gains. Will XAU/USD break $1,850 during Powell's speech as Fed Chair? As investors stay away ahead of Jerome Powell's speech, the US dollar is currently declining from monthly highs. His remarks are likely to spark a new bout of volatility, which could provide the USD a new lift at the expense of Gold.
OANDA:XAUUSD
by FOREXN1
18
Gold Maintains Bullish Bias, Eyes 2022 Highs Gold prices extended gains into a second session on Tuesday as bets for a smaller rate hike by the Federal Reserve next week continue to weigh on the U.S. dollar. At the same time, a slight pullback in U.S. Treasury yields has also helped the yellow metal. At the time of writing, the spot price XAU/USD is trading at $1,936 an ounce, 0.3% above its opening price, after posting its highest level since April at $1,942. Expectations of smaller rate hikes by the Fed have been adding pressure on the dollar over the last months. The WIRP tool suggests a 25 bps rate hike is fully priced in for the February 1 decision, with less than 5% odds of a larger 50 bps increase. There will be no more Fed speakers heading into the monetary policy meeting as the central bank has entered the blackout period. Since expectations of a Fed pivot started back in September, the gold price has risen more than $300 an ounce, from a low of $1,615 to $1,935 currently, which is nearly 20% in four months. XAU/USD is now close to the 2022 peak of $2,070. The technical picture remains bullish for the yellow metal, according to indicators on the daily chart, while the price continues to make higher highs above its main moving averages. The last major barrier ahead of mentioned 2022 highs is seen at $1,973, which is the 78.6% Fibonacci retracement of last year’s decline. Still, the RSI stands in overbought territory suggesting the XAU/USD may need a phase of consolidation and some profit-taking before another rally. On the downside, immediate support could be found at $1,900, followed by the 20-day SMA at $1,877 and then the $1,840 zone.
OANDA:XAUUSD
by Alex_Boltyan_FXAnalyst
GOLD: Eyes $1,942 and Global PMIs for further upsideGold price needs to break the $1,942 barrier for a fresh uptrend. Gold price is consolidating the latest uptick to near nine-month highs, as bulls take a pause contemplating the next move. Gold price is holding firmer so far this Tuesday, having witnessed good two-way trades a day before. Eurozone, United States PMI data in focus Amidst the US Federal Reserve (Fed) ‘blackout period’ and China’s Lunar New Year holidays, the focus is now shifting back to the fundamentals. Therefore, preliminary S&P Global Manufacturing and Services Purchasing Manager’s Index from the Eurozone and the United States. The business surveys will likely provide signals on the state of the global economy, which could have a significant impact on the expectations of a potential recession. Should the PMI reports across the euro area and from the US hint at increasing odds of a global recession, investors could scurry into the safe-haven US Dollar, triggering a sharp retracement in the Gold price from higher levels.
OANDA:XAUUSD
by FOREXN1
13
GOLD:BUY From PULLBACK Level For A New LONG SetupGOLD: Following the decisive upsurge witnessed on Friday, the Gold prices started the new week on a bullish note and closed in positive territory on Monday and Tuesday. After staying relatively quiet on Wednesday, XAU/USD regained its traction and climbed above $1,900 for the first time in seven months ahead of the weekend, closing the fourth straight week in positive territory. Risk perception and the performance of the US Treasury bond yields could drive the pair's action next week amid a lack of high-tier macroeconomic data releases from the US. Today the Price seems to have a pullback on the previous trendline of the bullish channel in confluence with the 50% Fibonacci we are looking for an extension of the price that can reach the level of price around 1936.000
OANDA:XAUUSDLong
by FOREXN1
5
GOLD:SELL From 1,880 Resistance Key For A SHORT SetupPowell is scheduled to speak at the Riksbank’s International Symposium on Central Bank Independence later during the early North American session. His remarks will be closely scrutinized for clues about the Fed's rate-hike path. The focus, however, remains on the latest consumer inflation figures from the United States (US), due for release on Thursday. The crucial US CPI report will be looked upon for fresh insight into the Fed's policy stance, which will play a key role in determining the near-term trajectory for the non-yielding Gold price. The technical analysis shows a GOLD rejection at the $1,880 level, Gold sellers could fight back the buyers control of the last sessions, prompting a corrective pullback toward the previous day’s low at $1,865. Further declines will challenge the $1,850
OANDA:XAUUSDShort
by FOREXN1
19
GOLD:SELL Scenario After Pullback 1840 For A SHORT SetupGOLD started to make Lower-highs and Lower-lows where firstly a breakout and after a pullback of the 1840.00 level turn the scenario for the precious metal to the bearish side. Today the Economic calendar shows a full day of key events like the US Unemployment Rate, Average Hourly, Non-Farm Employment Change, and Unemployment Rate. This economic news can affect negatively all the European currencies as well for the XAU highly correlated.
OANDA:XAUUSDShort
by FOREXN1
8
GOLD:BUY From Previous Support FLAG Pattern 50% FIBO LONG !GOLD inside a Bullish channel in the last hours the price make a raising Flag pattern where the price finds a pullback in the previous support area in confluence with the 50% Fibo Levels. In this Area, the price seems today to react with a new bullish impulse and today's ADP Non-Farm Employment Change will be crucial for the price to understand the next move, especially if the estimated change in the number of employed people during the previous month, excluding the farming industry and government will be less than the forecast or the previous month.
OANDA:XAUUSDLong
by FOREXN1
10
GOLD:New BULLISH Setup FIBO 100% Extension as Target LONG !GOLD has turned sideways around $1,844.00 ( as predicted by us ) in the early European session after surpassing the $1,840.00 hurdle. The precious metal continues its struggle for breaking above the crucial resistance of $1,850.00. The gold price is expected to display a decisive move after the release of United States ISM Manufacturing PMI data. According to the estimates, the ISM Manufacturing PMI is expected to deepen further to 48.5 from November’s release of 49.0. Shrinking manufacturing activities in the United States are expected to deliver signals of further downside in the inflation projections, which could compel the Federal Reserve (Fed) to slow down the policy tightening measures. However, investors will get more clarity on the monetary policy outlook through Federal Open Market Committee (FOMC) minutes, which will release on Thursday. We Are looking for a new Bullish setup with the extension of 100% Fibonacci level from the last impulse as a target.
OANDA:XAUUSDLong
by FOREXN1
6
GOLD:SELL Price In Divergence After $1,835 Spike SHORT SetupGOLD After the last bullish impulse the price is trying to mitigate again the value. The precious metal has been trading lower on Tuesday, giving away gains after a spike high to $1,835 seen on Tuesday. The moderately positive market mood, triggered by news that China is scrapping quarantine for inbound travelers has lifted the market mood in an otherwise quiet post-Christmas market. In the chart, we can see a Divergence and the price may have a new Bearish impulse.
OANDA:XAUUSDShort
by FOREXN1
15