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GOLD MARKET ANALYSIS AND COMMENTARY - [Feb 17 - Feb 21]OANDA:XAUUSD have leveled off after a series of record increases, ending the week below 2,900 USD/oz due to strong profit-taking activities. The main reason is that geopolitical tensions in Eastern Europe have eased, reducing the need for safe havens. President Donald Trump had a phone call with Russian President Vladimir Putin about ending hostilities in Ukraine and suspending tariffs until a review is completed in April 2025. Gold prices may continue to adjust in the short term, but in the long term, safe haven demand due to economic instability and trade war will push prices up. In addition, central banks stepped up gold purchases, with more than 1,000 tons in 2024 - much higher than the average level in the 2010-2021 period, contributing to supporting the rise of gold. China launched a pilot project allowing 10 insurance companies to invest up to 1% of assets in gold. It is forecast that these companies can buy up to 28 billion USD of gold (about 300 tons), accounting for 6.5% of annual physical gold demand, contributing to boosting the market. SOME DATA THAT MAY AFFECT GOLD PRICES NEXT WEEK: Tuesday: Empire State Manufacturing Index (economic index measuring business conditions of the manufacturing industry in New York state, USA. This index is announced monthly by the US Federal Reserve (FED) New York branch, based on a survey of manufacturers in the region). Wednesday: US housing data (New homes and construction permits), FED meeting minutes. Thursday: US Weekly Jobless Claims, Philadelphia Fed Manufacturing Survey. Friday: S&P Flash PMI, US Existing Home Sales 📌Technically, on chart D1, after surpassing the peak at 2790, the gold price increased another 150 and tends to adjust again. Currently, the support level to pay attention to is around the dynamic resistance level as well as the hard resistance level at 2790, while the resistance level is set around 2942. Next week, if the gold price maintains the trading level above the 2800 threshold, it is expected that the momentum will increase to set a new record high price. In case the price declines and adjusts too deeply, there is a risk that the gold price will be subject to downward selling pressure. Notable technical levels are listed below. Support: 2,881 – 2,857USD Resistance: 2,900 – 2,942USD SELL XAUUSD PRICE 2951 - 2949⚡️ ↠↠ Stoploss 2955 BUY XAUUSD PRICE 2789 - 2791⚡️ ↠↠ Stoploss 2785
OANDA:XAUUSD
by Xayah_trading
1
GOLD steadies at high levels despite FOMC looks toughDuring the early morning trading session on Thursday (February 20), spot gold prices suddenly increased rapidly in the short term and gold prices stabilized above 2,940 USD/ounce, approaching the historic high set in the previous trading day. Trump just issued another tariff threat On Wednesday evening local time, US President Trump reiterated that he will announce tariffs on cars, semiconductors and pharmaceuticals. “I will announce tariffs next month or sooner on autos, semiconductors, chips, pharmaceuticals, lumber and a number of other items that have a significant impact on the United States,” Trump said. On Tuesday, Trump said he intended to impose tariffs of "about 25%" on autos, along with similar tariffs on imported semiconductors and pharmaceuticals. Earlier this month, the United States announced a 10% tariff on imports from China and a 25% tariff on steel and aluminum. Gold prices hit a record high on Wednesday, but the Fed meeting minutes sent gold prices down a bit Gold prices hit an all-time high in early trading on Wednesday as U.S. President Donald Trump's threat of tariffs rattled investors, but later retreated from record highs as the dollar strengthened following a tough Federal Reserve meeting minutes. "Participants said that, as long as the economy remains near maximum employment, they would like to see inflation progress further before making additional adjustments to the target range of the federal funds rate," minutes of the Federal Open Market Committee's Jan. 28-29 meeting said. Assessment: The meeting minutes highlight the cautious approach of policymakers after they cut interest rates by 100 basis points in the final months of last year. Some officials have said they want to see inflation continue to fall toward the Fed's 2% target before supporting another rate cut. Minutes from the Federal Reserve meeting showed concerns about inflation risks, dampening expectations for interest rate cuts. Gold prices decreased after the Fed meeting minutes, but in general this is not a significant impact because the market is still accepting risks from President Trump. Analysis of technical prospects for OANDA:XAUUSD Technically, gold is up 0.30% on the day, temporarily in front of the 0.382% Fibonacci extension considered the nearest resistance. Once gold breaks above $2,946, it will likely continue to renew its all-time high with a target then around $2,971 in the short term. The intraday technical outlook for gold is bullish, notable positions will be listed as follows. Support: 2,921USD Resistance: 2,942 – 2,971USD SELL XAUUSD PRICE 2971 - 2969⚡️ ↠↠ Stoploss 2975 →Take Profit 1 2963 ↨ →Take Profit 2 2957 BUY XAUUSD PRICE 2909 - 2911⚡️ ↠↠ Stoploss 2905 →Take Profit 1 2917 ↨ →Take Profit 2 2923
OANDA:XAUUSD
by Xayah_trading
GOLD rises above 2,900 USD again, attention to Trump and PutinOANDA:XAUUSD Spot delivery increased significantly due to factors such as a weaker US Dollar, geopolitical risks and uncertainty in US trade policy. As of the time this article was completed, spot gold increased to 2,909 USD/oz, an increase equivalent to 0.39% on the day. The World Gold Council revealed central banks purchased more than 1,000 tons of gold for the third consecutive year in 2024. According to the World Gold Council, central banks' gold purchases increased 54% year-on-year to 333 tons after Trump won the election. On Monday local time, at the suggestion of French President Macron, leaders of many European countries held an emergency meeting in the French capital Paris to discuss issues such as the situation in Ukraine and collective European security. According to French press reports, the biggest disagreement at the meeting that day was whether to send troops to Ukraine under the peacekeeping framework or not. British Prime Minister Starmer said the UK is ready to send ground troops if necessary. Germany and Spain objected. At the same time, Ukraine's peace negotiations also became the focus of market attention. Russian Foreign Minister Sergei Lavrov said on Monday that he would travel to the Saudi capital Riyadh and hold talks with US representatives on Tuesday. US President Donald Trump said on Sunday that he will soon meet Russian President Vladimir Putin in Saudi Arabia. If a peace agreement is reached between Russia and Ukraine, this may be the driving force for gold to be able to adjust significantly down in the near future. On the contrary, if the agreement "goes nowhere", gold will continue to increase in price because geopolitical risks once again increase. Analysis of technical prospects for OANDA:XAUUSD From the support level of 2,881 USD, note to readers in the previous issue that gold has surpassed the initial target level at the original price point of 2,900 USD and currently maintains price activity above this level. With the current position, gold has conditions to continue to increase in price with the goal of reaching an all-time peak rather than renewing the previously achieved all-time peak. The upward relative strength index shows that the bearish momentum is also weakening, giving way to overwhelming buying force. In general, in terms of the overall technical picture, gold still tends to be completely bullish, and notable positions will be listed as follows. Support: 2,900 – 2,881 – 2,857USD Resistance: 2,942USD SELL XAUUSD PRICE 2921 - 2919⚡️ ↠↠ Stoploss 2925 →Take Profit 1 2913 ↨ →Take Profit 2 2907 BUY XAUUSD PRICE 2849 - 2851⚡️ ↠↠ Stoploss 2845 →Take Profit 1 2857 ↨ →Take Profit 2 2863
OANDA:XAUUSD
by Xayah_trading
3
GOLD heads towards all-time levels with a more positive outlookOANDA:XAUUSD has recovered as US Treasury yields plummet amid a trade war, existential and dangerous. The increase in gold purchases by central banks has created more room for gold price increases. US real yields, which are inversely correlated with gold prices, fell 8 basis points to 2.072%, which is positive for gold. The 10-year US Treasury yield fell 10 basis points to 4.519%. Bloomberg said gold prices have stabilized near all-time highs after US President Trump ordered back-and-forth tariffs, increasing uncertainty in trade and the global economy. Trump announced on Thursday local time that the United States will impose "reciprocal tariffs" on all countries exporting goods to the United States to restore a fair competitive environment in global trade, but has not yet given a specific implementation timeline. This is a new escalation in the trade war after Trump announced an additional 25% tax on all steel and aluminum imported into the US. The World Gold Council (WGC) revealed that central banks purchased more than 1,000 tons of gold for the third consecutive year in 2024. According to the World Gold Council, the amount of gold purchased by central banks increased by more than 54% year-on-year to 333 tons after Trump won the election. Central banks, including China's increased gold holdings and expansion of exchange-traded funds backed by the metal, have also supported gold's 12% gain so far this year. Today's key financial data and events: Friday, February 14, 2025 ① 17:00 Eurozone revised annual GDP rate in the fourth quarter ② 17:00 Eurozone seasonally adjusted initial employment rate in the fourth quarter ③ 20:30 Canadian monthly wholesale rate for December ④ 20:30 US monthly retail sales rate in January ⑤ 21:30 US monthly import price index ratio for January ⑥ 21:15 US monthly industrial output rate for January ⑦ 22:00 US monthly commercial inventory ratio in December ⑧ 01:00 the next day Total number of oil rigs in the United States as of week ending February 14 Analysis of technical prospects for OANDA:XAUUSD Gold continues to rise for the second day after gaining support from the confluence of the upper channel edge and the 0.236% Fibonacci extension, and with its current position it has the conditions to continue rising with a target of all-time highs in the short term, more likely new era highs targeting around 2,952 USD. The bullish technical structure has not changed, with the short-term trend highlighted by the price channel, while the Relative Strength Index is still pointing up with the green uptrend showing no signs of a possible downside correction. During the day, as long as gold remains within the price channel, it still has a bullish outlook. Pullbacks do not see the RSI go below 80, and below EMA21 should only be considered a short-term correction and a short-term buying opportunity. Along with that, notable levels will be listed as follows. Support: 2,900 – 2,891USD Resistance: 2,927 – 2,942 – 2,952USD SELL XAUUSD PRICE 2951 - 2949⚡️ ↠↠ Stoploss 2955 →Take Profit 1 2943 ↨ →Take Profit 2 2937 BUY XAUUSD PRICE 2892 - 2894⚡️ ↠↠ Stoploss 2888 →Take Profit 1 2900 ↨ →Take Profit 2 2906
OANDA:XAUUSD
by Xayah_trading
1
Profit taking action, GOLD decreased significantlyOANDA:XAUUSD fell significantly as investors took profits after hitting record highs, but remained optimistic as US President Donald Trump's new tariffs raised fears of a global trade war. Trump has sharply increased tariffs on steel and aluminum imports to 25% with "no exceptions or exemptions," a move he hopes will help struggling U.S. industries but could also spark a trade war on multiple fronts. Traders will need to keep an eye on US inflation data today (Wednesday) for fresh clues on the outlook for interest rates in the world's largest economy. Federal Reserve Chairman Jerome Powell said the central bank is in no rush to cut interest rates because the economy is "strong overall" and inflation remains above its 2% target. Powell's comments were part of an opening statement he prepared for a Senate Banking Committee hearing. Inflation data is in focus this trading day, and higher-than-expected inflation data could extend the Fed's pause on interest rate hikes, which could lead to a slowdown in gold's performance in the short term. The impact is also reversed if inflation data is lower than expected, which further boosts market sentiment about the possibility of the Fed cutting interest rates next quarter. Gold is considered a hedge against inflation, but higher interest rates will reduce the appeal of this non-yielding asset. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold corrected sharply but in general the position and technical structure still support the possibility of price increases. While the trend from the short-term price channel remains stable and the Relative Strength Index has not provided a clear bearish signal. At the same time, the support levels from the 0.382% and 0.236% Fibonacci extension positions are also slowing down the correction momentum. As long as gold remains within the price channel, the short-term technical outlook remains bullish. The current downward corrections should be seen as an opportunity to buy. Notable locations will be listed as follows. Support: 2,881 – 2,869USD Resistance: 2,900 – 2,909USD SELL XAUUSD PRICE 2931 - 2929⚡️ ↠↠ Stoploss 2935 →Take Profit 1 2923 ↨ →Take Profit 2 2917 BUY XAUUSD PRICE 2859 - 2861⚡️ ↠↠ Stoploss 2855 →Take Profit 1 2867 ↨ →Take Profit 2 2873
OANDA:XAUUSD
by Xayah_trading
GOLD rises above $2,900 with further upside targetsUS President Donald Trump vowed to impose "retaliatory tariffs" on all countries that impose duties on US imports as early as Wednesday evening (February 12) local time, raising concerns about the expansion of the global trade war and possibly accelerating US inflation. This is beneficial for gold to recover quickly. Trump's latest round of tariffs unsettled markets comes just as Indian Prime Minister Narendra Modi prepares to visit the White House on Thursday. The Trump administration has complained that India's high tariffs have hindered U.S. imports. Economists generally view tariffs as an inflation risk, with data released Wednesday showing U.S. consumer prices rose the most in nearly a year and a half in January. OANDA:XAUUSD jumped $45 from Wednesday's low After the release of stronger-than-expected US CPI data on Wednesday, spot gold prices fell sharply to $2,864 per ounce in early New York trading on Wednesday. The U.S. Bureau of Labor Statistics reported Wednesday that the U.S. Consumer Price Index (CPI) rose 0.5% month-on-month and 3.0% year-over-year in January. Economists surveyed by Dow Jones expected the data to rise 0.3% month-on-month and 2.9% year-over-year. Excluding volatile food and energy prices, core CPI rose 0.4% month-on-month and 3.3% year-on-year in January, while economists expected increases of 0.3% and 3.1%, respectively. Economists have generally raised their inflation forecasts since Trump was elected out of concern that his policies, especially tariffs, could spark price pressures in the economy. Gold is considered an inflation hedge, but because gold does not earn interest, a higher interest rate environment reduces its investment appeal. However, fueled by safe-haven demand, gold prices have recovered strongly from lows. During the New York trading session on Wednesday, gold prices jumped above the original price of 2,900 USD and as of the time this article was completed it was trading at around 2,909 USD/ounce, up 45 Dollars compared to the level from yesterday's trading day. Central banks' gold demand has increased as the World Gold Council (WGC) reported that central banks bought more than 1,000 tons of gold for the third consecutive year in 2024. According to the World Gold Council, central banks' gold purchases increased more than 54% year-on-year to 333 tons after Trump won the election. Gold's recent rally has come alongside an influx of money into exchange-traded funds (ETFs) backed by the metal. According to Bloomberg calculations, global gold ETFs have grown more than 1% this year, reaching their highest level since November last year. Technically on the daily chart, after OANDA:XAUUSD took support from the Fibonacci extension confluence with the upper edge of the price channel, it quickly recovered above the original price point of 2,900 USD. This was noted to readers in yesterday's edition. Given its current position, it has room to continue rising with a target of around $2,927 in the short term, more than $2,952. As long as gold remains within the price channel, the short-term uptrend will still prevail, while the Relative Strength Index has not shown any clear signs of a potential correction. During the day, gold's uptrend will be noted again by the following technical levels. Support: 2,900 – 2,891 – 2,869USD Resistance: 2,927 – 2,952USD SELL XAUUSD PRICE 2931 - 2929⚡️ ↠↠ Stoploss 2935 →Take Profit 1 2923 ↨ →Take Profit 2 2917 BUY XAUUSD PRICE 2878 - 2880⚡️ ↠↠ Stoploss 2874 →Take Profit 1 2886 ↨ →Take Profit 2 2892
OANDA:XAUUSD
by Xayah_trading
1
Highlights of J.Powell's monetary policy testimony1. Interest rate outlook: Reiterating that there is no need to rush to adjust interest rates. If the economy remains strong and inflation does not get close to 2%, policy can remain prudent for longer. If the labor market weakens unexpectedly or inflation falls more than expected, policy could be loosened modestly. 2. Inflation situation: Long-term inflation expectations appear solid. Inflation is close to the 2% target, but still a bit high. Focus on achieving your dual goals. The Fed's framework review will not focus on inflation targeting. 3. Labor market: Unemployment rate remains low and stable. The labor market situation has cooled after the previous overheating period and remains solid, not becoming a source of inflationary pressure. The labor market situation in general remains balanced. 4. Banking supervision: Commit to adjusting banking supervision activities, avoiding creating excessive burdens for banks. It is necessary to reconsider the "non-bank" issue. Committed to the ultimate goal of completing Basel III. 5. Long-term interest rates: The Federal Reserve cannot control long-term interest rates, and the reason long-term interest rates are high has nothing to do with Federal Reserve policy. Long-term interest rates are determined by supply and demand in the bond market. 6. Tariff issue: I still maintain my previous view that countries implementing free trade will have faster economic growth. The Federal Reserve declined to comment on the Trump administration's tariff policy. 7. Housing issues: Fannie Mae and Freddie Mac may lower mortgage rates. Even as interest rates fall, the housing shortage continues. It is unclear whether interest rate cuts will lead to a reduction in housing inflation. 8. Other highlights: If the Consumer Financial Protection Bureau (CFPB) is shut down, there will be a gap in consumer compliance protections. There is no possibility of launching a central bank digital currency.
TVC:DXY
by Xayah_trading
GOLD skyrocketed then corrected down, main trend structureOANDA:XAUUSD Spot trading fluctuated strongly, sometimes soaring to a record high, but then plummeting nearly 40 dollars to the highest level. However, gold prices still increased during the day. On Monday local time, US President Trump signed an executive order announcing a 25% tariff on all steel and aluminum imports into the United States. Trump said there will be "no exceptions or exemptions" to these requirements. Trump also said he is considering imposing tariffs on cars, french fries and medicine, and will hold meetings on cars, medicine and french fries over the next four weeks. During the Asian trading session on Tuesday, gold prices soared to 2,942.72 Dollar/ounce, setting a new record high. But then the price of gold suddenly dropped sharply, to the lowest level of 2,905.10 Dollar/ounce. Gold prices then recovered and are currently at about 2,922 Dollar/ounce, up 0.49% on the day. A stronger dollar, coupled with overbought conditions on the daily chart, has prompted some gold profit-taking. However, Trump-related worries seem to be limiting the downside of gold prices and is still the most potential support at present, which can impact gold's price increase at any time. Federal Reserve Chairman Powell will attend congressional hearings on Tuesday and Wednesday, and the market is also paying attention to whether Powell's policy stance will affect gold price trends. Powell will testify before the Senate Banking Committee on February 11. Testify before the House Financial Services Committee the next day. This is the first time he has answered questions from congressional delegates since July last year. Powell's speech will be closely watched for clues about the Fed's interest rate cut roadmap, which will in turn affect the short-term dynamics of the US Dollar and create new directional momentum for gold prices. Analysis of technical prospects for OANDA:XAUUSD Gold has initially achieved the conditions for a new bullish cycle by breaking above the rising price channel, with a price action above the 0.618% Fibonacci extension level that will help it potentially move towards the $2,950 – 2,952 level which is the area of ​​the 0.786% Fibonacci extension. For the Relative Strength Index RSI, there is still no signal indicating the possibility of a downward correction. The signal for a downward correction is that the RSI bends and falls below the 80 level. During the day, as long as gold remains in/above the price channel, the main outlook remains technically bullish. Notable levels will be listed again as follows. Support: 2,909 – 2,900USD Resistance: 2,927 – 2,950 – 2,952USD SELL XAUUSD PRICE 2951 - 2949⚡️ ↠↠ Stoploss 2955 →Take Profit 1 2944 ↨ →Take Profit 2 2939 BUY XAUUSD PRICE 2861 - 2863⚡️ ↠↠ Stoploss 2857 →Take Profit 1 2868 ↨ →Take Profit 2 2873
OANDA:XAUUSD
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [Feb 10 - Feb 14]This week, rising Treasury yields and the threat of a global trade war are contributing to a stagflation environment, causing investors to rush into gold, and spot gold prices at one point climbed as high as $2,886/oz. US President Donald Trump has launched trade war 2.0 with the imposition of strong tariffs on imports from Canada, Mexico and China. The 25% tariffs on Canada and Mexico were postponed for a month, but the 10% tariffs on China took effect. China responded with 10-15% tariffs on US energy and agricultural products, effective from February 10, 2025. Trade war 2.0 expands in scope compared to 2018, includes many major trading partners and takes place in parallel with the US-China technology war. Countries with large trade surpluses with the US face the risk of becoming new tariff targets. If negotiations between the US and its partners fail to reach an agreement, retaliation could escalate, disrupting global trade, weakening economic growth and creating inflationary pressures, leading to stagflation, thereby boosting gold prices. On the contrary, if the Trump administration "cools down" the trade war by reaching an agreement after imposing tariffs, gold prices may decrease due to weakening shelter demand. Some economic data affecting gold prices next week: Tuesday: US Federal Reserve (FED) Chairman Jerome Powell testifies before the Senate Banking Committee. Wednesday: US consumer price index (CPI), FED Chairman Jerome Powell testifies before the House Financial Services Committee. Thursday: US producer price index (PPI), US weekly unemployment benefit applications. Friday: US retail sales 📌Technically, gold prices still maintain an upward trend in the medium and long term. However, downward corrections can occur at any time considering shorter time frames such as H4, D1. On the H4 chart, the price can adjust to around the hard resistance level which is also the dynamic resistance level around 2790 before entering an upward trend again. Notable technical levels are listed below. Support: 2,844 – 2,834USD Resistance: 2,869 – 2,886 – 2,891USD SELL XAUUSD PRICE 2911 - 2909⚡️ ↠↠ Stoploss 2915 BUY XAUUSD PRICE 2789 - 2791⚡️ ↠↠ Stoploss 2785
OANDA:XAUUSD
by Xayah_trading
2
GOLD recovered strongly, Trump stimulated risk aversionDuring the Asian trading session on Monday (February 10), OANDA:XAUUSD Spot has recovered strongly after a short decline. Gold price has now recovered to about 2,874 USD/ounce, a sharp increase of about 15 USD during the day. US President Donald Trump said on Sunday local time that he would announce a 25% tariff on all imported steel and aluminum on Monday. Trump told reporters aboard Air Force One that the tariffs would apply to metal imports from every country. He did not specify when the tariffs would be applied. Trump also said he would announce corresponding tariffs later this week for countries that impose tariffs on U.S. imports. These comments stimulated the market's risk aversion, the Asia-Pacific stock market and the US stock futures market fell, and the two safe-haven assets, the US dollar and gold, recovered together. On the daily chart, OANDA:XAUUSD recovered after receiving support from the upper channel edge, and in terms of technical structure nothing changed from previous releases with a bullish bias dominating the technical chart. Maintaining price activity above the 0.236% Fibonacci extension provides the conditions for continued upside with the next target being at $2,891 the 0.382% Fibonacci extension, more so than the original price point of $2,900. With the price channel making a short-term uptrend, along with the Relative Strength Index providing no signs of a strong downside correction, gold is expected to continue searching for new all-time highs. The positions will be noted as follows. Support: 2,869 – 2,844 – 2,834USD Resistance: 2,891 – 2,900USD SELL XAUUSD PRICE 2906 - 2904⚡️ ↠↠ Stoploss 2910 →Take Profit 1 2899 ↨ →Take Profit 2 2894 BUY XAUUSD PRICE 2829 - 2831⚡️ ↠↠ Stoploss 2825 →Take Profit 1 2836 ↨ →Take Profit 2 2841
OANDA:XAUUSD
by Xayah_trading
Strong correction, quick recovery, pay attention to NFP dataOANDA:XAUUSD Strong correction then quickly recovered and returned to close to $2,878, an important technical level for a new up cycle to open. In economic data released Thursday, the U.S. Labor Department reported that initial jobless claims rose 11,000 to 219,000 last week, compared with an expected 213,000. The data has weighed on the US Dollar Index (Dxy) for some time, which hit a two-year high of 110.17 on January 13 but has fallen 2% since then. In the absence of tariff-related news, the market is focused on today's US nonfarm payrolls report, which will be the next big influence on the US monetary policy outlook. In the latest news, the Federal Reserve announced on Thursday local time that Federal Reserve Chairman Powell will testify in the US Congress next week. This will be the first time he has answered questions from members of Congress since last July. Powell will testify before the Senate Banking Committee next Tuesday and testified before the House Financial Services Committee the following day. Before the end of last year, the Fed cut interest rates by 100 basis points in three meetings. In January, the Fed voted to leave interest rates unchanged between 4.25% and 4.5%. At the press conference following last month's interest rate decision, Powell said the Fed was in no hurry to cut interest rates further.　 US President Trump has toned down his criticism of Powell and his colleagues, which may help Powell's appearance go more smoothly. On Sunday, Trump said the Fed "did the right thing" by pausing interest rates. According to LSEG data, the market now expects the Fed to cut interest rates by 25 basis points in July and a total of 46 basis points in December. Markets today belong to the US Nonfarm Payrolls (NFP) data, US nonfarm payrolls are expected to fall to 170,000 from 256,000 in January. The unemployment rate is expected to remain unchanged at 4.1%. The strong labor market is boosting economic growth and prompting the Fed to pause interest rate cuts as it assesses the inflationary impact of Trump's fiscal, trade and immigration policies. Analysis of technical prospects for OANDA:XAUUSD Gold decreased and corrected then recovered when it gained support from the upper edge of the price channel, the Fibonacci extension 0.618% and Fibonacci 0.50%. Now that the rapid recovery has brought it back close to the target level of $2,878, the Fibonacci extension position is 0.786% and if the gold price is trading above this key technical level it will have conditions for a new bullish cycle with a target of around $2,900 in the short term, more than $2,918. The relative strength index (RSI) is operating in the overbought area, but does not show any signs of a possible correction; a correction signal will be identified when the RSI folds below the 80 level. During the day, the uptrend still dominates the technical chart, so the current pullbacks should only be considered a short-term correction without changing the trend. Along with that, notable locations will be listed as follows. Support: 2,846 – 2,834 – 2,824USD Resistance: 2,878 – 2,900 – 2,918USD SELL XAUUSD PRICE 2878 - 2876⚡️ ↠↠ Stoploss 2882 →Take Profit 1 2871 ↨ →Take Profit 2 2866 BUY XAUUSD PRICE 2839 - 2841⚡️ ↠↠ Stoploss 2835 →Take Profit 1 2846 ↨ →Take Profit 2 2851
OANDA:XAUUSD
by Xayah_trading
Trump's policy promotes safe asset purchasesOANDA:XAUUSD increased sharply and reached a record high as uncertainty about Trump's policies prompted buying of safe assets, along with a decline in the US Dollar and US Treasury bond yields. OANDA:XAUUSD renews record highs as traders seek safe haven. The escalation of the Sino-US trade war has caused investors to flock to gold as a safe haven. Earlier this week, China responded to the new round of US tariffs by imposing tariffs on US goods, further escalating the trade war. US President Trump's rhetoric and policies continue to push investors toward gold. Amid the uncertainty caused by Trump's policies, gold prices will likely continue to reach new all-time highs in the near term. As Trump postponed 25% tariffs on Mexico and Canada for 30 days but imposed 10% tariffs on China, the uncertainty has investors concerned about the potential for disruption to global trade. As a result, they continue to seek safety in precious metals and abandon the US Dollar. Investors are looking to Friday's US nonfarm payrolls report for more clues on the outlook for interest rates. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold corrected slightly after reaching the target level at the 0.786% Fibonacci extension noted by readers in yesterday's publication. However, gold can still continue to renew with new all-time highs, once the 0.786% Fibonacci extension is broken it will tend to continue rising with the target then around 2,900 USD in the short term, more than 2,918 USD. Although the Relative Strength Index is entering the overbought area, there is no sign of a correction yet; if the RSI slopes below 80, it will be considered a signal for a correction. During the day, as long as gold remains in/above the price channel, above EMA21, it still has a bullish outlook. Notable levels will be listed again as follows. Support: 2,846USD Resistance: 2,878 – 2,900USD SELL XAUUSD PRICE 2889 - 2887⚡️ ↠↠ Stoploss 2893 →Take Profit 1 2882 ↨ →Take Profit 2 2877 BUY XAUUSD PRICE 2844 - 2846⚡️ ↠↠ Stoploss 2840 →Take Profit 1 2851 ↨ →Take Profit 2 2856
OANDA:XAUUSD
by Xayah_trading
GOLD constantly renews ATH, global trade conflict risksOANDA:XAUUSD spiked to a new record high, with continued upward momentum pushing the relative strength index (RSI) into overbought territory. Upcoming changes in US trade policy could support precious metals prices as they will increase uncertainty about the outlook for global economic growth. Against this backdrop, monetary authorities may still face pressure to take measures to protect their economies, even though US President Donald Trump has postponed tariffs on Mexico and Canada. Additionally, the risk of policy mistakes by major central banks could push gold prices higher as gold becomes more attractive as an alternative to fiat currencies. After Mexico and the United States reached an agreement to postpone tariffs, Canada did the same and the world's attention immediately turned to China. However, a sudden easing appears unlikely after China retaliated against the US's comprehensive tariffs on Tuesday and warned some US companies, including Google, that they could face sanctions. While global markets welcomed the US postponement of tariffs on Mexico and Canada, the partial easing does not eliminate long-running trade tensions in Asia. A planned phone call between US President Donald Trump and Chinese President Xi Jinping on Tuesday did not take place, a sign that relations between the two sides remain frosty. However, China's tariff measures will not officially take effect until February 10, giving Trump and Xi Jinping time to reach a "deal." While currency markets still expect the Federal Reserve to cut interest rates twice this year (each time by 25 basis points), inflationary pressures from US tariffs are increasing, which makes the path of monetary policy through 2025 still very uncertain. On the daily chart, OANDA:XAUUSD renewed its all-time high after reaching the target increase at 2,846 USD, which readers noted in the previous issue. With that said, a break above this key technical level would qualify gold for a new bull run, and the target would then be around $2,878 in the short term rather than the original price point of $2,900. Although the RSI has entered the overbought zone, there are no signs of a decline indicating that the gold price may correct with the uptrend depicted by the line. As long as gold remains in/above the price channel, it still has a short-term trend to the upside, with the current position suitable for a new bull cycle to be opened. Notable locations will also be listed as follows. Support: 2,846 – 2,824USD Resistance: 2,878 – 2,900USD SELL XAUUSD PRICE 2863 - 2861⚡️ ↠↠ Stoploss 2867 →Take Profit 1 2856 ↨ →Take Profit 2 2851 BUY XAUUSD PRICE 2823 - 2825⚡️ ↠↠ Stoploss 2819 →Take Profit 1 2830 ↨ →Take Profit 2 2835
OANDA:XAUUSD
by Xayah_trading
2
GOLD MARKET ANALYSIS AND COMMENTARY - [Feb 03 - Feb 07]Gold prices have just completed an accumulation period and this week broke out to a record high. Specifically, gold price increased quite strongly from 2,732 USD/oz to 2,817 USD/oz, then decreased and closed the week at 2,799 USD/oz. The White House announced that from February 1, 2025, the US will impose a tax of 25% on imports from Canada and Mexico, and 10% on goods from China. This information caused global financial markets to fluctuate strongly. US stocks plunged, Treasury bond yields increased, while gold and USD became safe havens for cash flow. Gloomy US economic data and the risk of tariff escalation have pushed gold prices to a record high. After a week focusing on interest rates and inflation, the market next week will focus on the labor market with the December non-farm payrolls report. Gold traders will also monitor many other important data such as ISM manufacturing PMI, ADP employment report, and Bank of England policy decision, along with a preliminary consumer confidence index from the University of Michigan. Next week's gold price may still maintain an upward trend when supported by many factors, along with the positive views of investors who expect gold prices to reach higher levels in the near future. 📌Technically, after reaching a record price above the threshold of 2,817 USD/oz, on the weekly chart, the average price of gold has also exceeded the threshold of 2,335 USD/oz. This shows that the average price of gold is higher, creating room for further increases in gold prices. A shorter-term perspective with the H4 chart, if next week's gold price benefits from worse economic data, the price will break out of the old peak of 2817 and rise above the 2850 threshold. If the resistance level is not broken, the gold price will temporarily decrease and adjust to around the EMA89 moving average line of the H4 chart, around the 2738 mark. Notable technical levels are listed below. Support: 2,785 – 2,774 – 2,762USD Resistance: 2,802 – 2,817 – 2,824USD SELL XAUUSD PRICE 2851 - 2849⚡️ ↠↠ Stoploss 2855 BUY XAUUSD PRICE 2737 - 2739⚡️ ↠↠ Stoploss 2733
OANDA:XAUUSD
by Xayah_trading
2
GOLD corrected and recovered, as the US Dollar soaredOANDA:XAUUSD Spot prices fell below 2,780 USD/ounce and recovered slightly. As of the time this article was completed, gold prices were trading at around 2,783 USD/ounce, as the strong US Dollar overshadowed safe haven demand. after the United States announced tariffs on imports from Canada, Mexico and China. On February 1, US President Trump signed an executive order imposing a 10% tariff on goods imported from China. The United States will also impose a 25% tariff on goods imported from Mexico and Canada. On the evening of February 2 local time, Trump announced that he would "definitely" impose new tariffs on the European Union. While these developments typically boost safe-haven demand for precious metals, the stronger dollar and interest rate outlook have offset those pressures. The inflationary impact of tariffs could cause borrowing costs to remain high, which could put pressure on gold as it does not pay interest, while a stronger dollar makes dollar-denominated gold expensive. red and less attractive. However, the current price decline is not something to worry about for the uptrend of gold prices, and in terms of general fundamental assessment, it still has a positive outlook in the near future when there are too many risks. with the potential for a long-lasting trade war. On the daily chart, OANDA:XAUUSD recovered after approaching the 0.236% trendline Fibonacci extension and is currently trading around 2,783USD. With its current position, gold still has conditions to increase in price with the price channel as the main trend and main support from the EMA21. On the other hand, the Relative Strength Index (RSI) is still in the green uptrend. Although the room for growth is not much, it does not mean it is over. If gold breaks above the $2,785 technical level it will have upside conditions with a target then around $2,800 in the short term, more than the 0.50% Fibonacci extension. As long as gold remains within the price channel, above EMA21, it still has a bullish outlook and notable levels are listed below. Support: 2,774 – 2,762USD Resistance: 2,785 – 2,800USD SELL XAUUSD PRICE 2827 - 2825⚡️ ↠↠ Stoploss 2831 →Take Profit 1 2820 ↨ →Take Profit 2 2815 BUY XAUUSD PRICE 2767 - 2769⚡️ ↠↠ Stoploss 2763 →Take Profit 1 2774 ↨ →Take Profit 2 2779
OANDA:XAUUSD
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [January 27 - January 31]Last week, the gold market continued to benefit from concerns related to tariffs and US President Donald Trump's statements on interest rates, along with a decrease in US bond yields and the USD, and gold prices traded. trading near a 3-week high of above 2,750 USD/ounce. Ahead of the monetary policy meeting next week, it is predicted that the US Central Bank will keep interest rates unchanged and there will only be one interest rate cut this year, while Mr. Trump called on banks to Global central banks lower interest rates. This means there may be disagreements between Mr. Trump and the Fed. This is something that traders are paying attention to and gold prices are likely to benefit from its role as a safe haven asset. This week's economic calendar will focus on central banks globally, with the US Federal Reserve and Bank of Canada announcing interest rate decisions on Wednesday, followed by an announcement from the European Central Bank. Europe on Thursday. The market will also pay attention to some US economic data, including the December new home sales report released on Monday, durable goods and consumer confidence reports on Tuesday, GDP Fourth quarter weekly unemployment claims and pending home sales on Thursday, and PCE, personal income and personal spending on Friday morning. 📌Technically, on the H4 chart, this week's gold price has broken out of the Downtrend line and the important resistance level at 2725, gaining momentum to near the 2790 resistance threshold. Next week, if the 2790 resistance mark is broken, broken, gold prices will continue to set record high prices for early 2025. Notable technical levels are listed below. Support: 2,730USD Resistance: 2,770 – 2,762 – (All-time high) SELL XAUUSD PRICE 2831 - 2829⚡️ ↠↠ Stoploss 2835 BUY XAUUSD PRICE 2712 - 2714⚡️ ↠↠ Stoploss 2708
OANDA:XAUUSD
by Xayah_trading
GOLD heads for all-time record levelsOANDA:XAUUSD held steady near record highs on Thursday (Jan. 23) as investors awaited further guidance from the new Trump administration on trade policies and potential tax cuts. Gold prices remain near their highest levels since last October as investors consider the impact that President Trump's latest tariff threats against China and the European Union could have on with the global economy. OANDA:XAUUSD currently trading at nearly $2,752, $40 below its all-time high and up about 2% in the week to date. Gold was supported by safe-haven demand as investors weighed the new administration's stance on trade. US President Donald Trump has named China, the European Union, Canada and Mexico as potential import tariff targets, although there remains uncertainty about whether he will do so. Trump said he is considering imposing a 10% tariff on goods imported from China starting February 1. He also promised to impose tariffs on imports from Europe but did not provide further details. He had previously said that Mexico and Canada could face tariffs of around 25% on February 1. The Federal Reserve will meet next week as economic growth continues and inflation declines but faces uncertainty from the new administration's policies. The central bank is expected to leave the key interest rate unchanged at its next policy meeting on January 28-29. High interest rates reduce the appeal of non-interest-bearing gold, but with the current market context, the Fed keeping interest rates unchanged is not a potential pressure for gold to adjust significantly. European Central Bank policymakers unanimously backed further interest rate cuts on Wednesday, signaling that a rate cut next week is almost a foregone conclusion. will be implemented even as the Federal Reserve remains cautious. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold corrected very slightly but now it has all the conditions for expectations to reach an all-time high. The main uptrend is reinforced by the break above the green price channel combined with price activity above the $2,750 level noticed by readers in yesterday's edition, along with that the Strength Index Relative RSI also shows that there is still room for price growth ahead. Currently, the upside momentum is being blocked by the $2,762 technical level and once this level is broken gold could continue to rise with a subsequent target at the all-time high of $2,790. As long as gold remains above the EMA21, and above the green price channel, it remains bullish in the short to medium term and notable levels are listed below. Support: 2,750 – 2,730 – 2,725USD Resistance: 2,762 – 2,790USD SELL XAUUSD PRICE 2776 - 2774⚡️ ↠↠ Stoploss 2780 →Take Profit 1 2769 ↨ →Take Profit 2 2764 BUY XAUUSD PRICE 2720 - 2722⚡️ ↠↠ Stoploss 2716 →Take Profit 1 2727 ↨ →Take Profit 2 2732
OANDA:XAUUSD
by Xayah_trading
Approaching 2,750 USD, the prospect of a new bull cycleInfluenced by Trump's tariff threats, investors flocked to the safe-haven asset gold. Gold prices soared to their highest level in more than two months. As of the time of writing, spot gold was trading at 2,749 USD/oz, an increase equivalent to 0.17% on the day and close to the target level of 2,750 USD. US President Trump said he is considering imposing 25% tariffs on Mexico and Canada: "I think we will do this on February 1." According to Reuters, Trump confirmed that general tariffs on all US imports are also being considered and will be implemented at a later stage. During Trump's election campaign, he proposed a "comprehensive tariff" of 10% to 20% on all imported goods. Trump also threatened to impose tariffs on the continent soon, saying he would "resolve the deficit with the EU by imposing tariffs or asking the EU to buy our oil and gas". Trump's sweeping trade tariffs are expected to spur further inflation and spark a trade war, which could increase gold's safe-haven appeal. Looking back at history in 2017, the first year of Trump's final term in the White House, gold prices rose 13%, marking the best year in seven years. In addition, the US Dollar index fell sharply from its peak on Tuesday and only recovered slightly at the beginning of today's Asian trading session Wednesday, January 22 which is also considered a favorable condition for prices. Yellow. In the Middle East, the ceasefire agreement between Israel and Hamas stalled when Israeli forces began operations in the West Bank city of Jenin. In response, Hamas called for an escalation of fighting against Israel. Gold is considered a safe investment in times of economic and geopolitical instability, and this Middle East factor is also seen as a supportive factor for gold prices in the current context. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold achieved a target gain at $2,730 then broke out and approached the next target loss at $2,750. In the short term, if gold continues to break above $2,750 it is likely to continue its uptrend with a target that could be an all-time high. In terms of conditions, gold still has the main prospect of rising prices with the green price channel as the main trend, main support from EMA21 and the Relative Strength Index RSI showing that there is still wide room for growth in the market. front. During the day, as long as gold remains above the green price channel, it remains bullish with expectations for a new bull run once $2,750 is broken and notable levels will be listed again as follows. Support: 2,730 – 2,725USD Resistance: 2,750 – 2,790USD SELL XAUUSD PRICE 2773 - 2771⚡️ ↠↠ Stoploss 2777 →Take Profit 1 2766 ↨ →Take Profit 2 2761 BUY XAUUSD PRICE 2708 - 2710⚡️ ↠↠ Stoploss 2704 →Take Profit 1 2715 ↨ →Take Profit 2 2720
OANDA:XAUUSDLong
by Xayah_trading
GOLD skyrocketed, Trump's influence provided strong supportIn the Asian market today, Tuesday, January 21, influenced by Trump's tariff comments that stimulated risk aversion, OANDA:XAUUSD suddenly jumped to 17 USD in the short term and are currently approaching the mark of 2,725 USD/ounce. Trump was sworn in as the 47th President of the United States in the Oval Office of the Capitol. US President Trump recently announced that he plans to impose tariffs on Mexico and Canada no later than February 1, possibly up to 25%, and reiterated his view that the two neighboring countries America's neighbors are allowing illegal immigration and drugs into the United States. Complaining about fentanyl and migrants crossing the northern U.S. border, Trump called Canada a “very bad abuser” and said the target date for tariffs would be “I think February 1st. " Trump made the remarks shortly after returning to the Oval Office to sign a series of executive orders. The executive orders cover everything from regulation to energy to immigration. This is an early sign that Trump has increasingly focused on trade since taking office. These comments have stimulated risk aversion in the market to increase rapidly. Not only did gold strengthen, but the safe-haven Dollar also increased strongly. Impacting the market, we can see that recently both gold and Dollar, which have a negative correlation, have increased in price together. Trump's sweeping trade tariffs are expected to spur further inflation and spark a trade war, which could increase gold's safe-haven appeal. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold has approached the $2,725 level that was the initial upside target noticed by readers in the previous issue, followed by the $2,730 price point of the 0.236% Fibonacci retracement. Technically, gold still has all the conditions for price increases with the trend being noticed by the green price channel, main support from EMA21 and the nearest support is the 0.382% Fibonacci retracement level. Meanwhile, the uptrend of the Relative Strength Index also creates an uptrend and is still quite far from the overbought level, showing that there is still wide room for price growth ahead. Moving forward, the technical outlook for gold remains bullish and notable levels are listed below. Support: 2,700 – 2,693USD Resistance: 2,725 – 2,730 – 2,750USD SELL XAUUSD PRICE 2746 - 2744⚡️ ↠↠ Stoploss 2750 →Take Profit 1 2739 ↨ →Take Profit 2 2734 BUY XAUUSD PRICE 2684 - 2686⚡️ ↠↠ Stoploss 2680 →Take Profit 1 2691 ↨ →Take Profit 2 2696
OANDA:XAUUSD
by Xayah_trading
GOLD is supported, but watch out for TrumpIn the weekend trading session on Friday (January 17), OANDA:XAUUSD Spot price decreased by 12 USD due to factors such as the recovery of the US Dollar and profit-taking activities of investors, along with some pressure from important technical areas. TVC:DXY Rising prices have put pressure on gold prices, but with uncertainty over incoming President Donald Trump's policies and markets once again betting on further interest rate cuts, Gold remains in favor. Weakly tilted to the upside as prices broke above the key level of $2,700. OANDA:XAUUSD hit a new high in more than a month on Thursday, just $65.60 shy of October's all-time high of $2,790.15. Gold prices rose 0.5% this week, the third straight weekly gain, after weaker-than-expected U.S. core inflation data on Wednesday fueled speculation that the Federal Reserve will cut interest rates. capacity many times. The market expects the Fed to cut interest rates twice before the end of this year, with Fed Governor Christopher Waller saying there could be further interest rate cuts if economic data weakens further. Trump's policies make the market worried The market is currently eagerly awaiting Mr. Trump's inauguration on January 20, which is expected to bring challenges to the gold market. Trump's strong rhetoric about supporting US manufacturing through trade tariffs continues to keep the US Dollar Index (Dxy) above 109 points, while also raising concerns about inflation and anxiety about a global trade war. Aggressive markets will pay close attention to tariffs and fiscal spending policies, as these policies will directly affect economic growth, fiscal deficits and expectations of interest rate cuts by the Fed. This week has been a pretty quiet data week. However, the event of Trump taking over the White House will be the focus, bringing expected market fluctuations that are huge fluctuations that traders need to pay special attention to. Economic data to watch out for this week Monday: US Presidential Inauguration, World Economic Forum Annual Meeting Thursday: US weekly unemployment claims, Friday: S&P Flash PMI data, US Existing Home Sales Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold has not yet been able to surpass the 0.236% Fibonacci retracement level, a position that is important resistance for a continued uptrend that readers noticed in the previous issue. Gold has also decreased and corrected since being under pressure from the 0.236% Fibonacci level, but in general, the downward momentum is not significant with technical conditions still tilting in favor of price increases. In the coming time, as long as gold remains in the orange price channel, above EMA21 and POC Volume Profile, it still has a bullish outlook. Meanwhile, the up trending RSI maintained its activity above the 50 level, showing that there is still wide room for price growth ahead. Once gold breaks the 0.236% Fibonacci retracement level it could open a new bullish cycle targeting $2,750 in the short term, more than the all-time high. The technical uptrend of gold will be noticed again by the following levels. Support: 2,693 – 2,676USD Resistance: 2,730 – 2,750USD SELL XAUUSD PRICE 2741 - 2739⚡️ ↠↠ Stoploss 2745 →Take Profit 1 2734 ↨ →Take Profit 2 2729 BUY XAUUSD PRICE 2659 - 2661⚡️ ↠↠ Stoploss 2655 →Take Profit 1 2666 ↨ →Take Profit 2 2671
OANDA:XAUUSD
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [January 20 - January 24]This week, OANDA:XAUUSD fluctuated strongly, increasing from 2,656 USD/oz to 2,724 USD/oz, then decreasing and closing at 2,702 USD/oz. The main reason is due to the prediction that Donald Trump may implement his tariff commitments after his inauguration, increasing the risk of inflation in the context of the FED maintaining current interest rates. If this policy is implemented, the risk of a US-China trade war and global economic instability will increase, even leading to stagflation. These factors may continue to support gold prices to increase next week. Mr. Trump can promote expansionary fiscal policy, increasing US public debt and the risk of global financial instability, thereby strengthening gold's role as a haven. However, next week's gold price may decrease if Mr. Trump delays or delays the imposition of tariffs, although this possibility is considered very low. In the short term, gold prices may increase with the USD due to the impact of Mr. Trump's policies, instead of having a negative correlation as before. However, in the long term, if inflation increases sharply, forcing the FED to raise interest rates to curb inflation, this will put downward pressure on gold prices. Next week, in addition to Mr. Trump's inauguration, the US will also release weekly unemployment claims and S&P Flash PMI data and existing home sales... However, these economic data may will not have much impact on the gold price trend next week. 📌In terms of technical analysis, if the gold price next week surpasses the threshold of 2,725 USD/oz, it can continue to conquer the strong resistance area at 2,790 USD/oz, and the gold price next week could even exceed 2,800 USD/oz. /oz if Mr. Trump's tariff commitment comes true after his inauguration. Meanwhile, the important support level for gold price next week is at 2,650 USD/oz. (Around the moving average EMA34, 89) Notable technical levels are listed below. Support: 2,700 – 2,693 – 2,676USD Resistance: 2,730 – 2,750USD SELL XAUUSD PRICE 2791 - 2789⚡️ ↠↠ Stoploss 2795 BUY XAUUSD PRICE 2649 - 2651⚡️ ↠↠ Stoploss 2645
OANDA:XAUUSD
by Xayah_trading
GOLD is close to the target level of 2,730 USDIn the Asian trading session, today's weekend January 17, OANDA:XAUUSD Spot delivery maintains a strong trend, gold price is currently around 2,716 USD/ounce, close to the previous target increase at 2,730 USD/ounce. OANDA:XAUUSD rose to a more than one-month high on Thursday as the latest U.S. economic data weighed on U.S. Treasury yields and dovish comments from Federal Reserve officials. The U.S. Department of Labor reported Thursday that initial jobless claims for the week ended Jan. 11 increased by 14,000 to a seasonally adjusted level of 217,000. Economists had expected 210,000 initial jobless claims last week. Slightly weaker-than-expected US core CPI data led to a sharp fall in real yields, which should support further gains in gold prices on inflation fears and repricing of taper expectations interest rate. Federal Reserve officials said data showed inflation in the US was continuing to slow, but they also noted growing uncertainty in the coming months as they wait for early policy signs. from the incoming administration of US President Donald Trump. Potential tariffs from the Trump administration could exacerbate inflationary pressures. The dollar fell, moving slightly from recent highs, as cooling US inflation data pulled bond yields down, continuing to support gold prices. And this is what we can most easily see about the alignment in these correlations in the market. Meanwhile, geopolitically, the ceasefire and hostage agreement between Israel and Hamas has weakened demand for gold as a safe haven asset. Last year, as tensions in the Middle East increased, gold hit several new highs on safe-haven demand and expectations that major central banks like the Federal Reserve would ease monetary policy further. again. But this is not enough because geopolitical factors can have a sudden impact, but they are never sustainable long-term causes. Analysis of technical prospects for OANDA:XAUUSD Gold has continued to break out, approaching the target level of 2,730 USD. Note to readers in the previous edition the price point of the 0.236% Fibonacci retracement level. Along with that, the uptrend is still dominating the daily chart, the uptrend price channel is highlighted by the green price channel, and the uptrend RSI maintains its above activity. The 50 level is still quite far from the overbought area, showing that there is still wide room for price increases ahead. The main support is still at the POC Volume Profile level and the EMA21 line. As long as gold remains above the EMA21, it still has the potential to increase in price in the near future. Currently, the 0.382% Fibonacci retracement level has also become the closest support currently. During the day, the uptrend of gold prices will be noticed again by the following notable technical levels. Support: 2,700 – 2,693USD Resistance: 2,730USD SELL XAUUSD PRICE 2736 - 2734⚡️ ↠↠ Stoploss 2740 →Take Profit 1 2729 ↨ →Take Profit 2 2724 BUY XAUUSD PRICE 2684 - 2686⚡️ ↠↠ Stoploss 2680 →Take Profit 1 2691 ↨ →Take Profit 2 2696
OANDA:XAUUSD
by Xayah_trading
Supported by data, GOLD skyrocketed with room to increaseDue to weaker-than-expected US core inflation data, the US Dollar TVC:DXY weakened and the market also rekindled expectations that the Federal Reserve's interest rate cuts may not be over yet, gold prices increased sharply. Technical factors also continue the upward price structure. US inflation is lower than expected The U.S. Bureau of Labor Statistics reported on Wednesday that the U.S. consumer price index (CPI) rose 0.4% month-over-month in December, slightly above the 0.3% forecast. of economists. The overall CPI inflation rate increased by 2.9% over the same period last year, in line with expectations. Core CPI inflation, which excludes food and energy, rose 3.2% year-on-year, slower than November data and below economists' median estimate of 3.3%. economic survey by Dow Jones. Gold prices were supported and jumped by weaker-than-expected US core inflation data, causing US Treasury yields to fall sharply. Core CPI was slightly lower than expected. This is a positive signal for gold because the corollary is that the Fed will not necessarily rule out cutting interest rates, although the possibility of cutting interest rates in January is not high, but some rate cuts Capacity is still expected before the end of the year. Gold is considered a hedge against inflation, but because it earns no interest, its appeal to investors diminishes in higher interest rate environments and vice versa in low interest rate environments. Focus on key US economic data Today (Thursday), financial markets focus on US retail sales, data on initial jobless claims and speeches from Federal Reserve officials. Economists expect U.S. retail sales to rise 0.6% month-over-month in December, down from 0.7% in November. Initial jobless claims are expected to rise from 201,000 to 210,000 in the week ending January 11. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after ending the technical correction and receiving support from the 0.50% Fibonacci retracement level that readers should pay attention to in previous publications, gold has continued to increase to continue. current bullish cycle. With an active position above the 0.382% Fibonacci retracement level gold is likely to continue rising with a subsequent target at around $2,730 upon breaking the $2,700 base price. In the short term, gold has achieved its target increase at 2,700 USD, however, the room for price increases is still quite wide ahead with the Relative Strength Index pointing up, operating above 50 and still at quite far from the overbought level. During the day, the technical outlook for gold prices is still bullish with notable points listed as follows. Support: 2,693 – 2,676USD Resistance: 2,700 – 2,730USD SELL XAUUSD PRICE 2721 - 2719⚡️ ↠↠ Stoploss 2725 →Take Profit 1 2714 ↨ →Take Profit 2 2709 BUY XAUUSD PRICE 2672 - 2674⚡️ ↠↠ Stoploss 2668 →Take Profit 1 2679 ↨ →Take Profit 2 2684
OANDA:XAUUSD
by Xayah_trading
1