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XAUUSD : Gold turned up slightly again after the USD newsYesterday on June 5, world prices increased to a high of 2,357 USD and reached 2,373 USD this morning, supported by the weakening of the USD and a decrease in US government bond yields after the latest data showed changes. The labor market is very hot. According to how high According to ADP, employers added 152,000 jobs in May, much lower than forecast and the number recorded last month, and also the lowest level since the beginning of the year. RJO Futures senior market strategist Bob Haberkorn said weak labor numbers such as the coronavirus outbreak could prompt the Fed to act somewhat. According to FedWatch CME, the market believes there is about a 67% chance that the Fed will conduct its first rate hike in September, up from less than 50% last week. A low interest rate environment reduces the cost of holding gold, thereby increasing the appeal of this precious metal amid global instability. In addition, the World Gold Council (WGC) said that net purchases by global central banks increased to 33 tons in April. This is also a big driving force pushing gold prices up recently.
OANDA:XAUUSDLong
by SantaTradeGold
XAUUSD : Gold will fall after today's dataThe price of gold (XAU/USD) yesterday fell more than 1.4% from a high of 2,352 USD to a low of 2,318 USD, a decrease of about 40 USD. This trend is partly due to the slight recovery of the USD, which has a negative correlation with gold. In addition, investors' attention may be shifting to the bond market as concerns about economic growth increase after recent poor data from the US. Job openings data according to the newly released JOLTS report were lower than expected with only 8.06 million in April, compared to the forecast of 8.34 million and 8.35 million in March (according to data from the US Bureau of Labor Statistics). ). This data shows that the US labor market is showing signs of weakness. The US non-farm payrolls (NFP) report scheduled to be released on Friday will be the most important event this week. JOLTS numbers lower than expected are considered a bad signal. If NFP also shows similar results, the USD will likely come under significant selling pressure, thereby supporting gold prices.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold is slightly decreasing after the increaseTechnically, the $2,360 area, corresponding to Friday's session high, is considered the closest barrier, followed by the $2,364 level. Overcoming these barriers in a convincing way can trigger the excitement of buyers and push the gold price to the $2,385 area, then towards $2,400. The upward momentum could even continue to extend to the $2,425 area, or even the historic peak recorded in May at $2,450. On the contrary, the SMA 50, currently fluctuating around 2,334 USD, will act as the first important support. The next support zone is around 2,325 USD and beyond is yesterday's session low near 2,314 USD. However, it should be noted that oscillators on the daily chart are starting to show negative signals. Therefore, a credible break-down above the 50 SMA could pave the way for stronger declines, sending gold prices to retest the $2,300 level and even the key support zone around 2,285 - 2,284 USD.
OANDA:XAUUSD
by SantaTradeGold
3
Gold will likely resume its upward trendThe recent short-term uptrend is showing signs of reversing when gold prices have dropped more than 4% from the historic peak of 2,450 USD, set just a few trading sessions ago. This adjustment shows that investor psychology is changing, as buyers tend to take profits and look for investment channels with higher profitability. Tonight, 19:30 Vietnam time, the US core PCE index will be announced. With the return of fundamental factors, gold may continue to decline in the short term. Persistent inflation will likely force the Fed to maintain a "hawkish" stance for longer, adding to the bearish bias in non-yielding assets, creating an unfavorable environment for the precious metal.
TVC:GOLDLong
by SantaTradeGold
XAUUSD : Gold stopped its upward trend this weekWorld gold price (XAU/USD) increased slightly to close at 2,343 USD after the second preliminary estimate of US Q1 GDP growth rate showed stagnation, increasing market expectations for Fed's future rate reduction. Meanwhile, recent negative technical news along with hawkish comments from Fed officials are still weighing on market sentiment. However, many experts agree that long-term dynamics such as geopolitical tensions, global economic instability, trade wars or demands from central banks, especially the PBOC, will continue. continue to support gold prices to rise.
OANDA:XAUUSDLong
by SantaTradeGold
XAUUSD : Gold turned down sharply and hung for two daysGold prices have broken the support level around $2,335, where the rising trendline intersects the 38.2% Fibonacci retracement level of the March-May rally. Combined with higher-than-average trading volume will be a signal for change. Many traders are selling gold and the bearish trend may continue. In the event that XAU/USD plummets below $2,335, the 50-day SMA at $2,325 will be the bearish guard for the next bearish curve. While breaking this support may be difficult, if successful, there is room for a pullback to $2,265. Conversely, if gold prices reverse upward, resistance will be at $2,365, followed by $2,377. If the gold price breaks through the resistance level at $2,377, the possibility of a decline will be significantly reduced. This breakout could open the door for further price increases to $2,420.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will increase strongly againAlthough the price of gold is slightly decreasing today, looking at the technical level, the prospect of an increase in price of this precious metal is still very high as XAU/AUD is trading actively above the 100 EMA today. However, the indicator RSI 14 is currently at an intermediate level around the 50 line, showing the possibility that XAU/USD will move sideways or not have a clear trend in the short term. The first upside price target will appear at the upper border of the Bollinger band at $2,427. If gold's momentum is sustained, prices could head towards an all-time high of $2,450. Breaking through this resistance level, gold could rise to the psychological level of $2,500. Conversely, the $2,325 level will be the initial support zone for XAU/USD. The next key support level is $2,300. Any sell-off below this level would send gold prices closer to the lower edge of the Bollinger band at $2,277, followed by the 100-day EMA at $2,222.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold is recovering againWorld gold price (XAU/USD) yesterday increased more than 25 USD to a high of 2,358 USD. Although expectations about the Fed cutting interest rates recently have many negative changes, gold has a lot of momentum and one of the measurements is that the world geopolitical situation is becoming more complicated with military conflicts. There is increasing tension between Israel and Hamas forces. But analysts predict that investors are still betting on gold prices to increase in the near future. Forecasts say that by the end of the week, gold price will increase to 2,375 USD.
OANDA:XAUUSDLong
by SantaTradeGold
Gold will turn around and continue to riseGold prices rose during the Asian session on Monday. The metal's rise is supported by a weak USD and rising geopolitical risks in the Middle East. Speeches from Fed officials such as Fed Chair Michelle Bowman, Cleveland Fed President Loretta Mester and Minneapolis Fed President Kashkari on Tuesday will be notable. However, lower bets on a Fed rate cut this year and a hawkish stance from Fed officials could weigh on gold prices. On Monday, US banks will be closed due to the Memorial Day holiday. Gold traders will wait for further cues from the Fed's statements on Tuesday. Of particular interest will be US GDP data for the first quarter on Thursday, which is expected to increase 1.5% in the first quarter. Stronger-than-expected data could strengthen the dollar and weaken gold prices.
TVC:GOLDLong
by SantaTradeGold
Gold continues to decline after 2 daysSpot gold prices continued to decline on Thursday, with the lowest trading level at 2,327.28 USD. The precious metal fell sharply for the second straight week, with the USD initially taking advantage of the hawkish FOMC meeting minutes. Documents released on Wednesday showed officials expressed concern about the lack of progress in achieving the 2% inflation target, but remained confident that inflation would fall. However, a rate cut seems unlikely before September. The announcement weighed on the stock market, pushing Wall Street to close lower.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold will have a reversal todayAfter only 2 consecutive falling sessions, world gold price (XAU/USD) has dropped more than 100 USD if calculated from the high on May 22. Since the historic peak of 2,450 USD, XAU/USD has dropped more than 120 USD in just 4 sessions. Gold has been at a disadvantage since Wednesday's hawkish FOMC meeting minutes. Just yesterday, preliminary PMI data were released with a spike in the services sector, which accounts for about two-thirds of US economic activity. Data shows the US economy remains strong, despite high interest rates, further pushing back investor expectations for the Fed to cut interest rates soon this year. TD Securities commodity strategist Daniel Ghali said that although the greenback's recovery and the weakening interest rate outlook have triggered a sell-off in the gold market, the correction will not be too deep. According to him, gold is adjusting to the view that the Fed will maintain high interest rates for a longer period of time, while at this meeting, the Fed mentioned the possibility of raising interest rates if inflation remains "persistent". UBS Bank recently raised its gold price forecast to 2,600 USD by the end of 2024 and advised investors to wait to buy at about 2,300 USD or lower.
OANDA:XAUUSDLong
by SantaTradeGold
XAUUSD : Gold will be an interesting thing in this marketSince the shock increase and decrease on Monday following the speeches of Fed officials, the gold price (XAU/USD) has had almost no significant fluctuations, fluctuating around 2,420 USD/ounce. Many experts believe that the reason gold does not fluctuate much after officials' hawkish speeches is because the Fed's monetary policy only has a secondary impact on gold prices. Currently, investors are still concerned about inflation risks, economic instability along with geopolitics and that makes them rush into this precious metal to hedge against risks. According to data from the World Gold Council (WGC), since the beginning of the year, gold prices have increased more than 16%, reaching a record high of 2,450 USD/ounce earlier this week. Some experts believe that gold prices will increase further. Citibank analysts recently optimistically commented that gold could reach 3,000 USD/ounce within the next 6 - 18 months. Despite that optimism, most are not sure when gold will hit the $3,000/ounce mark. The driving force that can bring gold to that level is probably the "nod" to loosen monetary policy from the Fed.
OANDA:XAUUSDLong
by SantaTradeGold
Gold will create a big surprise at the end of the yearGold prices have risen to a new all-time high, hitting $2,440 in the morning and $2,450 in the afternoon Vietnam time due to shelter demand as geopolitical tensions increase. According to Reuters, the reason is that Iranian President, Ebrahim Raisi, and other high-ranking Iranian politicians were killed in a helicopter crash in the North of the country over the weekend. This increases instability in an already tense region because of the Israel-Hamas conflict. Factors supporting gold prices Geopolitical tensions escalate: Russia opens a second front in Kharkiv and close ties between Russian President Putin and Chinese President Xi Jinping during Putin's recent visit to Beijing add to concerns about the formation of a new order, seriously affecting world peace and free trade. Demand from BRICS countries and central banks in emerging economies: According to the IMF, gold demand from BRICS countries and central banks in emerging economies has increased significantly in recent years as a preventive measure against Western sanctions. This trend is expected to continue to increase in light of recent instability in the world. Expectations for a Fed rate cut: Gold also benefits from the general expectation that the Fed will maintain interest rates at their current high levels for longer. This is beneficial for gold because it will reduce the opportunity cost of holding this non-interest-bearing asset compared to USD or government bonds. April CPI and Retail Sales data: This change in outlook comes from April CPI and Retail Sales data released last week. Although Fed members are still avoiding revealing when the Fed might cut interest rates, the market still predicts a 65% chance that the Fed will cut the first time in September, based on the CME FedWatch tool. Currently, Fed Chairman Jefferson will give his final speech of this Monday. However, there probably won't be too many fluctuations because the previous three speeches seem to partly reflect the Fed's current hawkish stance and gold prices have also dropped sharply from the historic peak of 2,450 USD.
TVC:GOLDLong
by SantaTradeGold
2
XAUUSD : Gold increased and decreased unusually stronglyWorld gold prices (XAU/USD) soared yesterday, reaching 2,440 USD in the morning session, then had another increase, reaching a new high again at 2,450 USD in the afternoon session and holding near this mark before when it fell sharply after the somewhat hawkish speech of Fed officials in the evening session. Kitco Metals experts said that the news that Iranian President Ebrahim Raisi died in a plane crash has raised concerns and that has triggered the role of precious metals as a haven. Market strategist Colin Cieszynski of SIA Wealth Management is among the experts who are bullish on gold in the short term. According to him, both the USD and US government bond yields seem to be in a downward trend and that will provide support for this precious metal. Besides, gold surpassing the psychological threshold of 2,400 USD/ounce will be a stepping stone for this precious metal towards the 2,500 USD/ounce mark. In addition, Senior Market Strategist Daniel Pavilonis of RJO Futures said that, in addition to "persistent" inflation, the US public debt burden is also a factor driving gold's recovery. With the same opinion, experts from ROTH Capital Partners also predict that gold prices will increase further in the coming months, even exceeding 2,600 USD/ounce.
OANDA:XAUUSDLong
by SantaTradeGold