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GOLD has corrections near record highs, main trendAfter Federal Reserve Chairman Jerome Powell gave a dovish signal, the market has finished pricing in an interest rate cut in September. At the same time, gold continues to be supported by safe-haven demand Due to geopolitical risks in the Middle East and Ukraine, gold prices are making certain adjustments near record highs. Last Friday, Mr. Powell supported the impending interest rate cut, saying that the continued cooling of the job market would not be positive and this is notable support that is easy to see. for gold in the current situation. Gold is a notable example where geopolitical risk aversion increases investor demand for safe-haven assets. • Israel and Lebanon's Hezbollah fired rockets at each other over the weekend in one of the biggest border clashes in more than 10 months. Hezbollah fired hundreds of missiles and drones into Israel early Sunday morning, and the Israeli military said to prevent a larger attack, it used about 100 warplanes to attack. Lebanon. Top US generals said on Monday that the short-term risk of a wider war in the Middle East had diminished following a firefight between Israel and Lebanon's Hezbollah, according to the latest news at Reuters. • On Monday morning, explosions occurred in many places across Ukraine. Ukraine's military has warned of a large-scale Russian missile and drone attack, following a wave of early morning drone attacks. The Ukrainian military said 11 Russian TU-95 strategic bombers were flying in the air and confirmed they had launched multiple missiles. The Kyiv Post said Russia launched the largest missile attack since the Russia-Ukraine war, and thousands of people in Kiev poured into the metro station. Although gold has adjusted downward, the basic factors still show that the upward trend in prices will continue to dominate the gold market and the basic trend in the near future. With support from policy, interest rate directions as well as geopolitical risks continue to appear new. Analysis of technical prospects for OANDA:XAUUSD Gold is experiencing bearish corrections during the Asian session today, Tuesday August 27 but the technical trend remains unchanged with conditions tilted strongly towards a bullish outlook. In the short term, as long as gold remains above the original price of $2,500 and the 0.786% Fibonacci extension, it still has bullish prospects with a short-term target of $2,531 and more to the $2,544 level. However, in case the 0.786% Fibonacci level is broken below, the impact of the technical correction could go a little deeper with a target drop to $2,484 in the short term. During the day, the upward trend of gold prices remains unchanged and notable levels are listed as follows. Support: 2,503 – 2,500 – 2,484USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2548 - 2546⚡️ ↠↠ Stoploss 2552 →Take Profit 1 2541 ↨ →Take Profit 2 2536 BUY XAUUSD PRICE 2493 - 2495⚡️ ↠↠ Stoploss 2489 →Take Profit 1 2500 ↨ →Take Profit 2 2505
OANDA:XAUUSDLong
by Xayah_trading
1
GOLD could still rally, even if PCE is higher than expectedThe weakening US Dollar, dovish comments from Federal Reserve Chairman Jerome Powell and geopolitical developments will still be the main driving forces driving gold prices to increase in the near future fundamentally. Last Friday, Mr. Powell said “it is time to adjust policy,” sending a strong signal about cutting interest rates. Rising tensions in the Middle East are also creating momentum for gold prices to recover. The conflict between Israel and Hezbollah escalated over the weekend and concerns that the conflict could widen will be a factor in boosting gold prices. On Tuesday, White House National Security Council spokesman John Kirby said that the United States believes Iran is “ready” to take retaliatory actions against Israel, so the United States has increased its military deployment. in the area. The US message to Iran is not to retaliate against Israel and there is no reason to escalate the situation or provoke a regional war, but if Iran attacks Israel, the US is ready to defend Israel. According to CME's FedWatch tool, traders see a 65.5% chance of a 25 basis point rate cut in September and about a 34.5% chance of a 50 basis point rate cut. The market is now awaiting the release of personal consumption expenditures (PCE) data, the key inflation report and the Fed's preferred inflation measure, on Friday. A surprise higher-than-expected inflation data could impact Fed policy expectations, but the Fed will certainly cut interest rates in September and could cut rates again this year. . Therefore, even if data shows a return of inflation, it will not be considered a pressure on gold, and may be an opportunity for a short-term correction in gold prices, opening up opportunities for those who wait buy. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is correcting gently in early Asia today (Wednesday, August 28) to 2,517USD/oz, equivalent to a decrease of about 0.29% as of the time of writing. However, the technical structure does not have any changes with the tendency to increase both the value in the short term and on average over a number of periods. In the short term, the gold zone remains above the 0.786% Fibobacci extension level, it still develops a bullish outlook towards the target of interest when you read the weekly output at 2,531USD in the short term, more Another 2,544 USD. There aren't any negative signs for gold prices and the intraday bullish trend will be noticed by the following notable devices. Support: 2,503 – 2,500USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2561 - 2559⚡️ ↠↠ Stoploss 2565 →Take Profit 1 2554 ↨ →Take Profit 2 2549 BUY XAUUSD PRICE 2482 - 2484⚡️ ↠↠ Stoploss 2478 →Take Profit 1 2489 ↨ →Take Profit 2 2494
OANDA:XAUUSDLong
by Xayah_trading
WTI is less affected by conflictAs tensions in the Middle East continue to emerge, oil prices may continue to be supported by short-term geopolitical risks. However, this sudden impact is gradually easing. Next, crude oil traders should still pay attention to the Federal Reserve's upcoming policy decision and further developments in the Middle East. Ceasefire talks in Cairo between Israel and Palestinian militia Hamas went ahead as scheduled on Sunday, showing relative calm after the exchange of fire. Israel eased security restrictions in the country on Sunday evening, hours after previously declaring a state of emergency and closing the main airport. Although the Middle East supplies about a third of the world's crude oil, oil market fundamentals have not been significantly affected by this conflict. Mainly for crude oil traders, they will still need to pay attention to the principle of supply and demand in the market "usually regulated by OPEC", and monetary policies related to USD when WTI crude oil is traded. priced in USD. Geopolitical risks and expectations that the Federal Reserve may cut interest rates next month combined to push WTI crude oil prices to a recovery late last week. In a speech at Jackson Hole on Friday, Federal Reserve Chairman Jerome Powell gave the clearest signal yet that the job of containing inflation is complete, saying “the time has come for change.” policy", reinforcing market expectations of a possible interest rate cut next month. On the daily chart, TVC:USOIL is still limited by pressure from the 21-day moving average (EMA21) and is still in a falling price channel. Although WTI crude oil has recovered significantly, current technical conditions are still more bearish than bullish, with a new bearish cycle possibly being ushered in as it falls. below the 0.236% Fibonacci retracement level, and the latter target is 72.32 in the short term and above that is 71.68SUSD. Meanwhile, for WTI crude oil to have enough bullish conditions, it would at least need to break above the technical level that acts as horizontal resistance at 77.58USD confluence with the upper edge of the price channel, then the short-term target is around 78.11USD and more than 79.62USD. The relative strength index (RSI) is showing signs of bending after recovering to the 50% level and this should be seen as a signal that there is still further downside ahead. During the day, the technical outlook for WTI crude oil is more bearish and notable levels are listed below. Support: 74.71 – 72.32SUSD Resistance: 75.66 – 76.59 – 77.58USD
TVC:USOIL
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [26 August - 30 August]This week, international OANDA:XAUUSD continued to increase quite strongly from 2,485 USD/oz to 2,531 USD/oz. After that, the gold price dropped to 2,470 USD/oz, then increased to 2,518 USD/oz and closed at 2,512 USD/oz. Gold prices continued to rise sharply this week because FED Chairman Powell signaled his readiness to cut interest rates in the upcoming meetings at the Jackson Hole Conference. Mr. Powell said that it is time for interest rates to be adjusted downward to support economic recovery. Although Mr. Powell did not specify a specific timeline or scale of interest rate cuts in upcoming meetings, he emphasized that FED officials are laying the foundation for looser monetary policy. In the context that the FED will certainly cut interest rates in the upcoming meeting, many experts believe that short-term gold prices may continue to increase even higher. However, it may be difficult for gold prices to avoid times when investors take profits, causing gold prices to have downward corrections. Next week, the gold market will focus on the Personal Consumption Expenditure Index (PCE) for July; GDP in the second quarter; Consumer confidence... In particular, PCE is expected to increase only 0.2%; GDP remains at 2.8% as initially forecast. If as predicted, these data will not have much impact on gold prices next week. 📌Technically, technical indicators are still showing an upward trend in gold prices in the short term. Accordingly, the important support level for gold prices next week is at 2,470 USD/oz. Meanwhile, if it exceeds 2,530 USD/oz, next week's gold price will widen its path towards the 2,590-2,600 USD/oz range. The trading plan for next week will be to sell around the 2590 mark and buy if the price drops to 2442. Notable technical levels are listed below. Support: 2.470USD Resistance: 2.600 – 2.530USD SELL XAUUSD PRICE 2591 - 2589⚡️ ↠↠ Stoploss 2595 BUY XAUUSD PRICE 2441 - 2443⚡️ ↠↠ Stoploss 2437
OANDA:XAUUSD
by Xayah_trading
GOLD recovered after adjustmentOANDA:XAUUSD spot has adjusted down below the original price mark of 2,500SUSD and is trying to recover. This trading day, investors will have new information from Federal Reserve Chairman Powell's speech, which is expected to cause a major fluctuation in the gold market. Data released by the US Bureau of Labor Statistics (BLS) on Thursday showed that the number of initial unemployment claims in the United States for the week of August 17 was higher than expected and previous figures. . Data from S&P Global showed business activity remained steady even as US manufacturing activity fell for a second straight month. US manufacturing PMI fell to 48.0 again in August; Services PMI increased to 55.2, exceeding expectations. U.S. Treasury yields rose on Thursday, with the benchmark 10-year Treasury yield in particular rising 6.5 basis points to 3.865%. The US Dollar Index (DXY), which tracks the value of the USD against six other currencies, rose and profit-taking could be the main reason gold prices fell below $2,500/ounce ahead of Trump's speech. Powell. Previously, the minutes of the final meeting of the Federal Open Market Committee (FOMC) on Wednesday unexpectedly showed that the "vast majority" of FOMC participants supported easing policy at the September meeting. if the data matches expectations. The minutes show that policymakers are increasingly convinced that inflation risks are tilted to the downside, while risks to achieving maximum employment have increased. The "Jackson Hole Symposium", the annual meeting of global central banks, will be held starting Friday and the market focus will shift to the Federal Reserve Chairman's speech Jerome Powell at today's meeting (Surday). Federal Reserve Chairman Jerome Powell's speech in Jackson Hole is expected to lay the foundation for monetary policy direction for the remainder of 2024. Today (Friday), Federal Reserve Chairman Powell will deliver a speech on the economic outlook at the annual meeting in Jackson Hole. Traders need to pay close attention to this event, because it will bring much stronger volatility. In a context where the market is unpredictable and increases and decreases of 2-3% are no longer strange or rare, traders need to be prepared for scenarios of price movements of 2-3% in the short term. short time. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold has corrected below its original price of $2,500, the downside momentum has been limited and recovered from the 0.618% trend-following Fibonacci extension above $2,484, continuing support from the support level of 2,484USD towards a short-term increase at 2,500USD. As long as gold remains within the price channel, it still tends to increase in the short term, while the long-term trend is fixed by the price channel and medium-term support from EMA21. In the immediate future, the target will be 2,500 – 2,503 USD, the area of ​​​​the 0.786% Fibonacci extension. Once gold breaks the 0.786% Fibonacci level it will continue to qualify for a bullish outlook with the next target after that at around $2,531, more so than $2,544. During the day, the technical outlook for gold prices remains unchanged with the main trend being bullish and notable points are listed as follows. Support: 2,484 – 2,471USD Resistance: 2,500 – 2,503 – 2,510USD SELL XAUUSD PRICE 2502 - 2500⚡️ ↠↠ Stoploss 2506 →Take Profit 1 2495 ↨ →Take Profit 2 2490 BUY XAUUSD PRICE 2461 - 2463⚡️ ↠↠ Stoploss 2457 →Take Profit 1 2468 ↨ →Take Profit 2 2473
OANDA:XAUUSD
by Xayah_trading
4
GOLD corrects, accumulates around 2,500 USD, still positiveOANDA:XAUUSD adjusted slightly downward during the early Asian trading session on August 22, maintaining price activity around the original price of 2,500USD. But overall, the overall picture still shows that gold is fully supported and the price drops are only corrective after a long period of price increases. Minutes of the Federal Reserve's meeting released Wednesday showed policymakers were inclined to cut interest rates in September, and some participants believed the conditions for a rate cut had been set. Available in July. “Some believe that recent developments in inflation and rising unemployment support a 25 basis point reduction in the policy rate target range at the meeting,” the meeting minutes said. or they may support such a decision. If data continue to be in line with expectations, further policy easing at the next meeting may be appropriate.” The current U.S. unemployment rate is higher than the 4% unemployment rate that Federal Reserve officials predicted this year in their updated economic forecast in June. It is also higher than the unemployment rate. 4.2% that Fed policymakers expect by the end of next year. Additionally, revised nonfarm payrolls data released by the U.S. Department of Labor on Wednesday showed that the number of people employed in the United States over the past year through March was initially revised down to 818,000, here This is the largest downward adjustment since 2009. This trading day, traders will need to focus on US economic data, with initial jobless claims, PMI data from S&P Global and US housing data. The number of people applying for unemployment benefits in the US is expected to increase to 230,000 in the week of August 17, up from 227,000 the previous week. Business activity data published by S&P Global shows that the preliminary value of the US services PMI in August will decrease slightly from 55 to 54. The preliminary value of manufacturing PMI in August is expected to remain unchanged. changed at 49.6. In addition, US existing home sales in July are expected to increase from 3.89 million units to 3.93 million units. However, all macro focus will be on tomorrow's event, when Federal Reserve Chairman Jerome Powell will speak at the start of the Jackson Hole Symposium. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold continues to adjust cumulatively around the original price of 2,500 USD, in general the short, medium and long-term trends remain unchanged with an overall uptrend. On the other hand, gold is also maintaining above the 0.786% Fibonacci extension level and this is considered a positive signal for gold to continue towards its next short-term targets of around 2,531USD in the short term and beyond. target level 2,544USD. Even in the event that gold is sold below the 0.786% Fibonacci extension, it will still receive support from the previously broken era high of $2,484. During the day, the trend of gold prices did not change with an uptrend and the Relative Strength Index has not yet reached the overbought level, showing that there is still room for growth. Notable technical levels for the intraday uptrend are listed below. Support: 2,500 – 2,484USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2553 - 2551⚡️ ↠↠ Stoploss 2557 →Take Profit 1 2546 ↨ →Take Profit 2 2541 BUY XAUUSD PRICE 2468 - 2470⚡️ ↠↠ Stoploss 2464 →Take Profit 1 2475 ↨ →Take Profit 2 2480
OANDA:XAUUSD
by Xayah_trading
1
GOLD slows down but the trend remains unchangedUS dollar falls to 7-month low and yen hits one-week high, Federal Reserve's Kashkari (hawkish) says he is optimistic about interest rate cuts, a a change from the official's stance in June. OANDA:XAUUSD Spots hit another record high on Monday, and although they later fell, a weaker US dollar and tensions in the Middle East limited the extent of the correction. TVC:DXY , which tracks the US dollar against six major currencies, fell to 101.97 and touched 101.85, its lowest since January 2, on Monday's trading day. The market's focus will be on whether Powell's speech in Jackson Hole on Friday indicates that the Fed could cut interest rates by 25 or 50 basis points. Another key focus will be whether Powell signals that a rate cut is possible at each meeting. Powell also may not be in a hurry to release details this week, as August employment and inflation data have yet to be released before the Fed's September meeting. Minneapolis Fed President Neel Kashkari of the Federal Reserve, recently stated that he is open to cutting interest rates at the next meeting due to the growing possibility of excessive labor market weakness. This is a change from his stance in June. Kashkari said the discussion about cutting interest rates has changed because “inflation is progressing and the labor market is showing some worrying signs.” He believes there is no reason to cut interest rates by more than 25 basis points because the layoff rate remains low and the number of people applying for unemployment benefits is not showing a clear worsening trend. Geopolitically Russia's Investigative Committee announced on Monday that a bridge on the Sem river, which flows through the Kursk region, was destroyed in a Ukrainian attack. The Ukrainian military said the attack was aimed at disrupting Russian supply lines and making it more difficult to mobilize Russian troops and weapons. Later, Ukrainian President Zelensky elaborated on his goals, saying in his speech: "Now, the top priority in our overall defense operations is to destroy the as much of Russia's war potential as possible and carry out maximum counter-offensive operations. This includes establishing a buffer zone within Russia's territory." Hamas rejects the ceasefire agreement in the Middle East Hamas accused the US of "continuing the fight for Israel" after US Secretary of State Antony Blinken announced that Israeli Prime Minister Benjamin Netanyahu had accepted transitional proposals for a ceasefire in Gaza and called on Palestinian groups to do the same on one's own. However, Hamas spokesman Osama Hamdan said the Palestinian group would only “agree to implement” Biden's UN Security Council-backed proposal, which was accepted last month. Medical sources said Israeli forces had killed at least 35 Palestinians in Gaza in the past 24 hours and Kamal Adwan Hospital warned that 11 children were at risk of death due to fuel shortages, which could lead to close the door. Analysis of technical prospects for OANDA:XAUUSD After renewing its all-time peak, gold had certain but insignificant adjustments and maintained its price activity around the original price of 2,500 USD. In terms of structure on the daily chart, gold is still being supported for an uptrend with the main trend being noticed by the price channel and main support by EMA21. Meanwhile, the nearest support level is noticed in the area of ​​2,484 – 2,471 USD, sent to readers in the weekly publication. As long as gold remains above the 0.618% Fibonacci extension level, it still has short-term bullish prospects. On the other hand, once gold maintains stability above the 0.786% Fibonacci extension level, it will tend to continue to increase for a period of time. new period and the target after that is about 2,544USD. During the day, the technical outlook for gold prices remains bullish. But traders also always need to be ready for strong and widespread fluctuations in the current market context. Notable price points are listed below. Support: 2,484 – 2,471USD Resistance: 2,503 – 2,509 – 2,544USD SELL XAUUSD PRICE 2536 - 2534⚡️ ↠↠ Stoploss 2540 →Take Profit 1 2529 ↨ →Take Profit 2 2524 BUY XAUUSD PRICE 2474 - 2476⚡️ ↠↠ Stoploss 2470 →Take Profit 1 2481 ↨ →Take Profit 2 2486
OANDA:XAUUSD
by Xayah_trading
WTI has a lot of technical pressureTVC:USOIL weakened in early trading in Asian markets on Monday (August 19), fluctuating near its lowest level in more than a week. Currently WTI crude oil is trading around 75 USD/barrel. That added to traders' concerns about falling demand in the Asian giant, where refiners cut crude processing capacity last month amid sluggish fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) last week lowered its forecast for oil demand growth this year due to weakness in the Asian giant's economy. The Paris-based International Energy Agency (IEA) last Tuesday lowered its oil demand growth forecast for 2025, citing weak demand from major countries in Asia. On the other hand, according to the Lebanese National News Agency, the Israel Defense Forces carried out airstrikes on the 18th. Lebanon's Hezbollah armed forces claimed to have attacked multiple targets in southern Lebanon, including Israeli military spy facilities. On the 18th, the Israeli army launched multiple attacks on several towns on the Lebanese side of the temporary border between Lebanon and Israel. Market sentiment this week will be determined by speeches from global central bankers at the Jackson Hole Economic Symposium. The Jackson Hole Economic Symposium will be held from August 22 to 24 and Fed Chairman Powell will speak on the economic outlook on Friday as US inflation weakens but remains difficult and markets Weakened job market. Easing is imminent, but is unlikely to confirm continued expectations of significant interest rate cuts. On the daily chart, WTI USOIL moved narrowly after falling below the price channel and structurally it has not yet formed a specific trend. But technical factors are leaning more towards the possibility of price decline with the nearest resistance being noticed at the confluence area of ​​the 0.382% Fibonacci retracement and EMA21. As long as WTI crude oil cannot break and move above the 0.50% Fibonacci level, it does not have enough conditions for bullish expectations. Meanwhile, once WTI crude oil continues to be sold below the 0.236% Fibonacci level and returns to the price channel, it will open a new technical down cycle. The notable point is that the Relative Strength Index is pointing down from the 50 level but has not yet reached the oversold level, showing that there is still room for technical price declines ahead. During the day, the technical outlook for WTI crude oil leans towards a downside with notable levels listed as follows. Support: 75.71USD Resistance: 76.59 – 77.58USD
TVC:USOIL
by Xayah_trading
All-time high, GOLD prospects continue to increaseThe market fluctuated wildly in the past week, OANDA:XAUUSD skyrocketed from the week's low of 2,423USD to the weekend closing price of 2,508USD/oz and set a new all-time high. However, Iran could retaliate and attack Israel next week. Federal Reserve Chairman Powell's speech at the annual meeting in Jackson Hole is a market highlight that could once again cause volatility. Next week, all eyes will be on the Federal Reserve symposium in Jackson Hole. The focus will be on Friday, when Powell gives a keynote speech on the economic outlook. First, they want confirmation that the Fed will cut interest rates in September. But as the Fed faces risks to both inflation and employment through recent macro data, the next move and the pace The next rate cut will become more complicated and of course this will bring even more intense fluctuations in the market in general and gold trading in particular. The US economic calendar will not release any important data in the first half of next week. Next Wednesday, the Federal Reserve will release the minutes of its July 30-31 meeting. At the post-meeting press conference, Fed Chairman Powell admitted there was “real discussion” about tapering interest rate at the July meeting. Investors will pay attention to comments surrounding interest rate cut discussions. If the minutes show some policymakers favor a sudden rate cut in July, the USD could face fresh selling pressure and gold continues to be supported and pushed to renew levels. all time. At the Jackson Hole meeting, even if Powell confirms a rate cut in September, it is unlikely to trigger a market reaction because such a decision is already fully priced in. In what could be a shock to markets, Powell will likely dismiss market expectations that the Fed could cut policy rates by 50 basis points at a future meeting, noting that they could will loosen policy at a steady pace. In this scenario, US Treasury bond yields could rise higher, putting gold prices under pressure to adjust in the short term. Powell will likely use his speech in Jackson Hole to announce that the 'appropriate' time to cut interest rates is approaching. With the support of the approaching interest rate cut environment and the increasingly complicated geopolitical developments and successive escalating moves, basically, the gold price is being absolutely supported by investors. increasing trend. This has been mostly noticed by readers throughout the publications since the beginning of this year, all macro fundamentals will support gold to continue to increase in price, as it is a safe haven asset. leading in all cases of risk or monetary policy that does not support the USD. Analysis of technical prospects for OANDA:XAUUSD With outstanding strength from all fundamental factors, gold's technical chart also has all the important conditions necessary for an upward price trend. The main trend is highlighted by the price channel and support from EMA21, which was brought to your attention in recent publications. On the other hand, gold has rallied to break the plateau and stay above the $2,500 level after achieving last week's upside price target in the $2,500 - $2,505 area. The fact that gold closed above the 0.786% Fibonacci extension allows gold to continue to increase in price towards $2,544 in the short term when the Relative Strength Index points up but has not yet reached the overbought level. shows that there is still wide room for price increases ahead. However, in the current market context, traders must be ready for huge fluctuations, when gold can also face strong correction sessions with the nearest support being the The previous all-time peak was broken at 2,484 USD. In the coming time, gold will continue to have the main trend of increasing prices with notable technical levels that will be listed as follows. Support: 2,484 – 2,471USD Resistance: 2,544USD 🪙SELL XAUUSD | 2541 - 2539 ⚰️SL: 2545 ⬆️TP1: 2534 ⬆️TP2: 2529 🪙BUY XAUUSD | 2474 - 2476 ⚰️SL: 2470 ⬆️TP1: 2481 ⬆️TP2: 2486
OANDA:XAUUSDLong
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [19 August - 23 August]This week, international gold prices have increased quite strongly. After falling slightly to 2,432 USD/oz, international gold prices soared to over 2,500 USD/oz and closed the week at 2,507 USD/oz. International gold prices increased sharply this week because the market expected the FED to definitely cut interest rates at its September meeting. In addition, tensions between Israel and Iran have escalated, causing many investors to worry that this tension could lead to a war in the Middle East, increasing the haven demand for gold. In addition, the USD declined as the Atlantic Council's USD Dominance Monitor Report said the USD's share in global reserves reached 58% by 2024, down 14% compared to 2002 as many countries Countries, especially members of the BRICS bloc, seek to stay away from the USD. The focus for the gold market next week will be the Jackson Hole conference. The FED Chairman will provide assessments and updates on the US economy and the outlook for the FED's monetary policy. If at the Jackson Hole conference, the FED Chairman continues to affirm that he will cut interest rates in September, it may push gold prices higher next week. However, if the FED Chairman changes his tone again, saying that the FED needs to continue monitoring the economic situation before cutting interest rates, it will cause gold prices to decline next week. 📌Technically, on the H4 technical chart, the extended Fibonacci shows that the gold price can reach the Target around 2,590-2,600 USD/oz. Short-term trading plan for next week will be to buy if the price returns around 2470, and sell around 2590. Notable technical levels are listed below. Support: 2.470 – 2.484USD Resistance: 2.4600 – 2.544USD SELL XAUUSD PRICE 2591 - 2589⚡️ ↠↠ Stoploss 2595 BUY XAUUSD PRICE 2469 - 2471⚡️ ↠↠ Stoploss 2465
OANDA:XAUUSD
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [12 August - 16 August]This week, OANDA:XAUUSD continued to fall sharply on Monday due to the Nikkei index falling 12%, leading to a sharp decline in global stock markets, forcing investors to sell gold to supplement their deposits. stock investment. At one point, the international gold price dropped to 2,364 USD/oz. However, immediately after that, gold prices continuously recovered because investors expected the FED to cut interest rates by up to 50 basis points in September. Accordingly, gold price climbed to 2,436 USD/oz and closed at 2,430 USD/oz. This may be a stepping stone for gold price increases next week. In the coming week, there are quite a few important economic data that can strongly impact gold prices, such as the US Producer Price Index (PPI) released on Tuesday, followed by the Consumer Price Index (CPI). ) announced on Wednesday, followed by retail sales, a preliminary survey of consumer sentiment by the University of Michigan for August... In which, PPI, CPI are forecast to continue to decrease slightly, creating favorable Conditions for the FED to cut interest rates next September may support gold prices next week. In addition, many FED officials, such as Mr. Bostic, Musalem, Harker, and Goolsbee, will give speeches on monetary policy. However, according to many experts, most of these officials support the FED in cutting interest rates. This is also considered one of the driving forces for gold prices next week. Technically, from a long-term perspective, gold prices still show an upward trend across time frames when prices are still above the moving average lines (EMA34, 89). However, a divergence signal has appeared on the D1 frame, while on the Weekly frame, the price of gold is quite far away from the EMA lines (the price can adjust to or move sideways with a wide range waiting to intersect with the average lines). The above 2 signals recommend that we should not join the buying side at this time. If we are buying, we should wait for price corrections. Notable technical levels are listed below. Support: 2.408 – 2.400USD Resistance: 2.437 – 2.453 – 2.484USD SELL XAUUSD PRICE 2501 - 2499⚡️ ↠↠ Stoploss 2505 BUY XAUUSD PRICE 2374 - 2376⚡️ ↠↠ Stoploss 2370
OANDA:XAUUSD
by Xayah_trading
1
GOLD still has all the conditions for price increasesUS economic data was stronger than expected and markets predict these data could influence the extent of interest rate cuts by the Federal Reserve. The USD and US bond yields increased, causing gold prices to encounter some difficulties for expectations of price increases. OANDA:XAUUSD gave up gains earlier this week, after US inflation data showed inflation eased in July. However, gold remains near all-time highs set last month. Since the beginning of this year, gold prices have increased 19%, mainly due to optimistic market expectations about loosening monetary policies and gold purchasing activities of central banks. The latest data released by the United States shows that the core consumer price index (CPI) in July, which is a price index that excludes food and energy costs, fell to its lowest level compared to the same month last year. since the start of 2021. This suggests inflationary pressures have eased, supporting the Federal Reserve to cut interest rates next month. U.S. retail sales rose 1.0% last month after falling 0.2% in June, the U.S. Commerce Department's Census Bureau said. In particular, a report from the US Department of Labor showed that the number of Americans newly applying for unemployment benefits last week fell to its lowest level in a month. According to CME's "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points in September is 70.5% and the probability of cutting interest rates by 50 basis points is 29.5%. The probability that the Fed will cut interest rates by 50 basis points cumulatively until November is 59.1%, the probability that the Fed will cut interest rates by 75 basis points cumulatively is 36.2%, and the probability that the Fed will cut interest rates The cumulative yield of 100 basis points is 4.8%. As a non-interest-paying asset, gold prices typically increase when interest rates fall. As inflation slows, expectations of interest rate cuts by the Federal Reserve will increase, further boosting gold's appeal. In addition, gold purchasing activities of central banks around the world have also become reliable support for gold prices. In addition to monetary policy, geopolitical instability is also a major factor driving gold demand. Tensions in the Middle East and conflict between Russia and Ukraine have increased gold's appeal as a safe haven asset. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is slowing down after a string of highly volatile trading days with price activity around the key technical area of ​​$2,455 – $2,448. Although gold has strong downward corrections at times, in terms of the overall technical chart, it still has the main prospect of price increase. With the price channel as the main trend and main support from the EMA 21. The fact that gold keeps its price activity above the 0.50% Fibonacci extension level allows it to continue to increase with a short-term target of around 2,471USD, the price point of the 0.618% Fibonacci extension. As long as gold remains within the price channel and above the 21 EMA, its technical outlook remains bullish, while the Relative Strength Index has not yet reached overbought levels and is above 50 indicating There is still a lot of room for price increases ahead. Note: From 2023 until now, gold has had huge fluctuations because traders must always be ready for trading sessions with large amplitudes. Unlike previous years, when 2-3% trading days were very rare and it took a lot of time for gold to fluctuate like that. But in a market context with many sudden fundamental impacts, the price of gold can completely change 2-3% in just a few hours. The best advice is just to be patient and look for solid positions and strictly manage the trade size relative to the trading account. During the day, the technical outlook for gold prices remains bullish with notable levels listed below. Support: 2,448 – 2,426USD Resistance: 2,471USD
OANDA:XAUUSD
by Xayah_trading
GOLD recovers after adjustment by CPI dataOANDA:XAUUSD recovered after a slight decline when the latest US CPI report dampened expectations that the Federal Reserve will cut interest rates sharply next month. The U.S. Bureau of Labor Statistics released a report Wednesday saying the U.S. Consumer Price Index (CPI) rose 0.2% month-over-month and 2.9% year-over-year in July. Economists surveyed previously expected the index to increase 0.2% month-on-month and 3% year-on-year. Excluding food and energy costs, U.S. core CPI in July rose 0.2% month-on-month and 3.2% year-over-year, both in line with expectations. . The Chicago Mercantile Exchange's "Fed Tracker" shows that the market now expects a 35% chance of the Federal Reserve cutting interest rates by 50 basis points in September, compared with a 50% chance before the data release. US CPI data. However, a rate cut in September is a certainty; Current data shows that the Federal Reserve initially only intended to cut interest rates by 25 basis points, which has disappointed markets where expectations for a 50 basis point cut were previously higher. Cutting interest rates will more or less bring support to gold prices when the USD loses important support from the high interest rate environment. On the other hand, the geopolitical situation still has many potential risks and gold is always a safe haven asset when geopolitical developments become complicated. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold has corrected downwards before, maintaining price activity above the 0.50% Fibonacci extension is a positive signal for the short-term uptrend. In the immediate future, gold will be limited by the technical level of 2,455 USD noted by readers in yesterday's edition and once gold breaks this level, it has the potential to increase further to the target level then around. Fibonacci extension level 0.618%. In a negative case, gold could be sold below the $2,426 technical level if support at $2,448 is broken below. So traders who buy gold should be prepared for this scenario, but the main trend will still be bullish because 2,426USD is also the confluence of Fibonacci 0.382% and EMA21. As long as gold remains above the EMA21 and within the price channel, its technical outlook remains bullish with notable positions listed below. Support: 2,448 – 2,426USD Resistance: 2,471USD 🪙SELL XAUUSD | 2461 - 2459 ⚰️SL: 2465 ⬆️TP1: 2454 ⬆️TP2: 2449 🪙BUY XAUUSD | 2424 - 2426 ⚰️SL: 2420 ⬆️TP1: 2431 ⬆️TP2: 2436
OANDA:XAUUSD
by Xayah_trading
1
Ready, focus on CPI data this trading dayThe US dollar and US bond yields rose slightly after US producer price data reinforced hopes of a Federal Reserve rate cut in September, while gold prices hovered near highs all-time record set in July. OANDA:XAUUSD attracted some profit-taking as it approached monthly highs tested earlier on Tuesday and pared Monday's sharp gain of more than 1%. Overall positive sentiment in equity markets has dampened demand for traditional safe-haven assets and weighed on precious metals amid a market focus on closely watched inflation data. of America. In terms of the fundamental picture, gold still has a lot of support to become a top priority Investors remain concerned about the possibility of broader conflict in the Middle East and the impact of the protracted Russia-Ukraine conflict. In addition, the dovish expectations of the Federal Reserve (Fed) will no longer support the US Dollar (USD) and will act as a favorable tailwind for gold prices. Data released Tuesday showed U.S. producer prices rose less than expected in July, suggesting inflation continued to slow. Traders now await US consumer price index (CPI) data for July today (Wednesday) and retail sales data due (Thursday) for further impetus to the move. The next policy stance of the US central bank. Today (Wednesday), investors will receive more important US consumer price index (CPI) data. Markets generally expect that if inflation continues to show signs of slowing, the Federal Reserve may adopt a more accommodative monetary policy stance. Surveys show that the annual US CPI increase in July is expected to remain at 3.0%. Annual core CPI growth is expected to slow to 3.2% from 3.3% last month. If the CPI data is lower than expected, this will further pave the way for the Federal Reserve to cut interest rates, and support gold prices. On the geopolitical side According to sources from Reuters, Iranian officials said: Only a ceasefire in Gaza can delay retaliation Three senior Iranian officials said that only a ceasefire in Gaza during negotiations expected to take place this week will prevent Iran from retaliating against Israel's assassination of Hamas leader Ismail Haniyeh on its territory, Reuters reported. news on Wednesday. A senior Iranian security official, said Iran would launch a direct attack with allies such as Hezbollah if the Gaza talks fail or if Iran believes Israel is delaying the talks. . Over the weekend, Hamas expressed doubts whether ceasefire negotiations could continue. Israel and Hamas have held several rounds of talks in recent months but have failed to reach a final ceasefire agreement. Analysis of technical prospects for OANDA:XAUUSD After gold decreased and corrected from the 0.618% Fibonacci extension towards 2,455 USD, as noted by readers in yesterday's edition, it has now recovered slightly and lost the corrective downward momentum. In the short, medium and long term, the technical structure as well as the trend is still an uptrend. With gold breaking above the 0.618% Fibonacci level, it will open a new uptrend. With a short-term target at 2,484 USD (all-time high) and more than the original price of 2,500 – 2,505 USD. As long as gold remains above the $2,455 – $2,448 area, it will still have a bullish short-term technical outlook, and the main trend is noticed by the price channel and the main support is noticed by the EMA21. During the day, the technical outlook for gold prices is still bullish as the Relative Strength Index is still a long way from reaching the oversold area, showing that there is still room for growth ahead. And the notable prices will be listed again as follows. Support: 2,455 – 2,448USD Resistance: 2,471 – 2,484 – 2,500USD 🪙SELL XAUUSD | 2501 - 2499 ⚰️SL: 2505 ⬆️TP1: 2494 ⬆️TP2: 2489 🪙BUY XAUUSD | 2424 - 2426 ⚰️SL: 2420 ⬆️TP1: 2431 ⬆️TP2: 2436
OANDA:XAUUSD
by Xayah_trading
GOLD fell slightly, but the target is the all-time highOn the Asian market on Tuesday (August 13), gold was delivered immediately OANDA:XAUUSD A slight decrease after a pressure increase close to the all-time peak is the price increase target sent to readers recently. Concerns about escalating tensions in the Middle East have fueled safe-haven buying, with gold now aiming for $2,500 an ounce once its all-time peak is surpassed. Gold jumped amid growing speculation that the Federal Reserve is unlikely to delay any more interest rate cuts. The Federal Reserve is expected to cut interest rates for the first time at its upcoming September meeting, possibly by 50 basis points. Gold started the new week positively in the context of slowing demand for the US Dollar. Meanwhile, concerns about escalating tensions in the Middle East are boosting gold demand. Western countries warn that Iran could launch an attack on Israel, which would reduce the possibility of a ceasefire. The Wall Street Journal reported Monday that Israel placed its military on high alert Monday after learning of preparations by Iran and the militant group Hezbollah. The Wall Street Journal said: "Israel put its military on high alert for the first time this month after witnessing Iran and Hezbollah preparing to launch attacks. Israel does not know whether an attack is imminent." happening or not but they are taking action". Israeli military spokesman Hagari issued a statement Monday evening local time, saying that the Israeli military is “Closely monitoring developments in the region, especially the activities of Hezbollah and Iran in Lebanon, and prepare defenses to respond to attacks.” Rising tensions in the Middle East have also created some safe-haven demand, and gold has always been a top choice for traditional haven demand. As we have sent to readers throughout recent publications, gold is receiving active support by the two most important fundamental factors: - On the one hand, the USD has less attractive prospects when the Fed is very close to its first interest rate cut, and the market also has many speculations that the Fed will have more cuts this year. . The cutting cycle begins, the USD's correlation with gold weakens and this is an important driving force supporting gold prices. - On the other hand, gold always reacts positively to market risks, especially geopolitical risks that always create surprises that cause gold prices to skyrocket. Analysis of technical prospects for OANDA:XAUUSD For the time being, gold is limited by its all-time high and also the 0.618% trend-following Fibonacci extension. However, the gold price has all the technical conditions for a bullish outlook with the main trend being noticed by the trend price channel, the main support is also noticed by the 21-day moving average (EMA21). As long as gold remains above the EMA21 and within the price channel, the short to medium term technical outlook remains bullish, while the RSI crosses above 50 and remains bullish but has not yet reached the overbought, showing that there is still plenty of room for price increases ahead. During the day, the technical outlook for gold prices is bullish with notable levels listed below. Support: 2,450 – 2,448USD Resistance: 2,477 – 2,484USD 🪙SELL XAUUSD | 2501 - 2499 ⚰️SL: 2505 ⬆️TP1: 2494 ⬆️TP2: 2489 🪙BUY XAUUSD | 2424 - 2426 ⚰️SL: 2420 ⬆️TP1: 2431 ⬆️TP2: 2436
OANDA:XAUUSD
by Xayah_trading
Ready for a new trading week with CPI data in focusOANDA:XAUUSD closed slightly down last week, but a recovery over the past two trading days has helped gold prices narrow their losses this week. Investors will receive US CPI and retail sales data next week, which is expected to cause major fluctuations in the gold market. In addition, developments in the Middle East are also the focus of investors' attention. Yesterday's US unemployment claims data eased fears of a recession and boosted gold prices. Additionally, Federal Reserve commentary this week also supports the view that an interest rate cut may be imminent. After a volatile week, traders' expectations that the Federal Reserve would cut interest rates in an unusually aggressive way have also weakened. Globally, risk appetite also gradually recovered as the week progressed, tempered by demand for gold, considered a top safe-haven asset. However, Fed policymakers are increasingly confident that inflation has cooled enough to allow interest rate cuts. They will decide the size and timing of interest rate cuts based on economic data rather than stock market turmoil. A big storm is coming, the US CPI will be announced this week as the market focus This week's economic calendar will release US inflation data for July. The US Consumer Price Index (CPI) is expected to increase 0.2% month-on-month in July, while core CPI , excluding fluctuating food and energy prices, will also increase 0.2% month-on-month. On an annual basis, the headline CPI inflation rate is expected to moderate to 2.9% from 3% in June. If CPI rises higher than expected compared to last month, investors can reassess the possibility of cutting interest rates by 50 basis points in September and help the Dollar strengthen and of course this will be the immediate reaction. immediately because it is expected to decrease. On the other hand, if the data meets or misses market expectations, it could put pressure on the US Dollar, opening the door for another bullish wave for gold. On Thursday, the US Census Bureau will release retail sales data for July. US retail sales are expected to increase 0.3% month-over-month in July after flat change in June. Significant growth in retail sales could ease fears of a US recession and weigh on gold by supporting the dollar, while negative data would have the opposite effect. CME's "Fed Watch Tool" shows that the market expects the probability of the Federal Reserve cutting interest rates by 50 basis points in September to be 49%. It is also important to note that in addition to economic data being the focus of attention, readers, investors, and traders also need to pay attention to geopolitical developments. In the current context, focus should be on the situation in the Middle East as signs of escalation continuously appear in the market. Information will be updated with readers through short comments or daily publications. Analysis of technical prospects for OANDA:XAUUSD After receiving support from the key technical area for the uptrend that readers noticed throughout the publication over the past week, the confluence area of ​​the 0.50% Fibonacci retracement, the lower edge of the price channel and the The $2,378 technical has pushed gold to achieve its near-term upside target at $2,437. Temporarily, gold's upside momentum is limited at the 0.236% Fibonacci retracement level, price point of $2,437, but it has also achieved full bullish conditions. With the closest support currently noticed by the EMA21 and the 0.382% Fibonacci retracement level, as long as gold remains above the EMA21 the near-term bullish outlook prevails. On the other hand, once gold breaks $2,437 it will continue towards an all-time high with no significant technical resistance beyond this level ahead. All technical and fundamental conditions are supportive of price increases, so cases expecting a correction should be opened with very short-term positions. This week's market is expected to have more complex fluctuations from macro data, and the uptrend of gold prices will be noticed by the following price points. Support: 2,408 – 2,400USD Resistance: 2,437 – 2,484USD 🪙SELL XAUUSD | 2443 - 2441 ⚰️SL: 2447 ⬆️TP1: 2436 ⬆️TP2: 2431 🪙BUY XAUUSD | 2404 - 2406 ⚰️SL: 2400 ⬆️TP1: 2411 ⬆️TP2: 2416
OANDA:XAUUSD
by Xayah_trading
1
GOLD is stable with an uptrendEarly in the Asian trading session on August 9, OANDA:XAUUSD slightly down about 5dollars, currently trading at 2,421USD/oz, equivalent to 0.23% on the day. Gold had earlier rallied on Thursday, supported by solid safe-haven demand and growing expectations that the Federal Reserve would cut interest rates sharply in September. Spot gold closed trading on Thursday up sharply at 44.51 USD, equivalent to 1.87%, at 2,427.11 USD/ounce, ending the previous 5 consecutive days of decline. Gold has benefited from speculation that the Federal Reserve will cut interest rates more sharply than previously estimated. This sentiment was reinforced when the latest macroeconomic data showed that the US economy could face a recession, sparking speculation that interest rates could be cut. 3 times before the end of this year. According to data from CME's "FedWatch" tool, the market sees a 56.5% chance that interest rates will decrease by 50 basis points in September, with a further cut expected in December. Meanwhile, there is about a 43.5% chance that interest rates will be cut by 50 basis points in September. % chance that the Fed will cut 25 basis points. Big news about attacks on Israel Gold's appeal is supported by geopolitical risks that Iran and Lebanon could retaliate against Israel. The latest developments in the Middle East increase geopolitical risks. While market sentiment remains positive, there are concerns about impending retaliation by Iran and Lebanon against Israel. On August 8 local time, Hezbollah in Lebanon announced that it had used Katyusha rockets, heavy artillery shells and guided weapons to attack many Israeli military targets that day. The targets of the attack included the launch pad of Israel's Iron Dome system, the Israeli military barracks in Zarit and the Israeli military base in Kfar Shuba. Israel TV Channel 12 reported that Israel hoped to send a message in this way that Israel was prepared for the conflict to escalate into a full-scale war. Gold is considered a hedge against geopolitical and economic instability. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold has recovered rapidly from the key support confluence area noted by readers in previous publications, highlighted by the 0.50% Fibonacci retracement level, the lower edge of the price channel and horizontal support level 2,378USD. Currently, gold's move above the original price of 2,400 USD and EMA21 are positive conditions for an uptrend with the next target at 2,437 USD, the price point of the 0.236% Fibonacci retracement. In case gold breaks above the 0.236% Fibonacci retracement level, the target will once again be aimed at the all-time high at $2,484 price point when there is no notable technical resistance ahead. During the day, the trend of gold prices is still bullish and as long as gold remains above 2,400 USD, the short-term technical outlook will continue to be bullish. The prices will be noticed again as follows. Support: 2,416 – 2,400 – 2,385USD Resistance: 2,437 – 2,484USD 🪙SELL XAUUSD | 2444 - 2442 ⚰️SL: 2448 ⬆️TP1: 2437 ⬆️TP2: 2432 🪙BUY XAUUSD | 2404 - 2406 ⚰️SL: 2400 ⬆️TP1: 2411 ⬆️TP2: 2416
OANDA:XAUUSD
by Xayah_trading
DXY and Bond Yield still limit GOLDAs market expectations of the Federal Reserve adopting easing policies continue to solidify, higher US Dollar and US Treasury bond yields have sent gold into a correction cycle. significantly reduced. However, bets on a US interest rate cut in September continuing to increase as well as rising geopolitical tensions in the Middle East will still be a solid fulcrum for the possibility of gold price increases. US Treasury yields continued the previous day's rise, recording the largest increase since early June and supporting the US Dollar, which weakened the upward momentum and appeal of gold. non-profit. The US Dollar Index (DXY), which tracks the dollar's performance against six other currencies, rose to 103.1. Gold is considered a hedge against economic and geopolitical instability and tends to thrive in low interest rate environments. As market concerns about the situation in the Middle East continue to grow, gold will likely continue to show its appeal as a safe haven. US economic data is sparse this week, traders may focus on today's (Thursday) data on initial jobless claims. In other notable news, China's central bank did not buy gold as reserves for the third consecutive month in July, official data released showed on Wednesday. According to CME's "Fed Watch" data, the probability of the Fed cutting interest rates by 25 basis points in September is 26.5% and the probability of cutting interest rates by 50 basis points is 73.5%. The probability that the Fed will cut interest rates by 50 basis points cumulatively until November is 15.5%, the probability that the Fed will cut interest rates by 75 basis points cumulatively is 51.8%, and the probability that the Fed will cut interest rates The cumulative 100 basis point yield is 32.7%. Analysis of technical prospects for OANDA:XAUUSD Gold is still trying to hold above key technical levels in the area of ​​the 0.50% Fibonacci retracement confluence with the lower edge of the trend channel and the $2,378 horizontal support, after testing resistance at the confluence of Fibonacci 0.38% and Ema21 were noted to readers in previous publications. The fact that gold maintains its performance above the above support confluence area only shows that the bullish trend still exists on the daily technical chart. However, for gold to have enough conditions for a stable uptrend, it needs to bring price activity above the original price level of 2,400 USD and then the target level will be noticed at EMA21, more than 2,437 USD points. price of Fibonacci 0.236%. During the day, gold is still trending up with the price channel as the main trend and notable technical levels will be listed as follows. Support: 2,385 – 2,378USD Resistance: 2,400 – 2,408 – 2,437USD 🪙SELL XAUUSD | 2407 - 2405 ⚰️SL: 2411 ⬆️TP1: 2400 ⬆️TP2: 2395 🪙BUY XAUUSD | 2363 - 2365 ⚰️SL: 2359 ⬆️TP1: 2370 ⬆️TP2: 2375
OANDA:XAUUSD
by Xayah_trading
USDJPY recovers, downtrend conditionsA sharp shift in Japan's monetary policy, geopolitical tensions in the Middle East and disappointing US jobs data have pressured global markets since last Friday. . The yen's rapid rise began last Wednesday, when the Bank of Japan raised interest rates and laid out a plan to gradually taper its bond-buying program. The US dollar fell nearly 5% against the yen last week and fell further on Monday. However, it recovered slightly by 0.09% on Tuesday and continued to recover on Wednesday. USD/JPY is currently trading around 147. There is a reason the yen could give up recent gains as the market may accept expectations of a US interest rate cut, but it will be more difficult to digest expectations of Japan continuing increase interest rates. Tuesday's data showed Japanese households remained cautious and will struggle to boost aggregate demand enough to keep inflation at 2%. Therefore, it will be difficult for the Bank of Japan to fulfill its desire to continue the cycle of increasing interest rates. However, this is only a subjective assessment, because everything from Japan needs additional information from the BOJ to be able to fully evaluate the path. On the weekly chart, OANDA:USDJPY recovered above 146.385 and above the 0.50% Fibonacci retracement level. However, these recovery levels are not enough for USD/JPY to have bullish conditions when the confluence of the trend price channel (a) and the 0.382% Fibonacci level will be the current closest resistance. For USD/JPY to gain further upside it needs to bring price activity above the 0.382% Fibonacci retracement level and then the target level of around 153,760 price points is the confluence of Ema21 and 0.236% Fibonacci retracement. Meanwhile, once USD/JPY is sold off again below 144.520 it will continue to move towards 140.401 in the short term. Currently, technical position conditions for USD/JPY remain bearish with notable technical levels listed below. Support: 144,992 – 144,520 Resistance: 148,654
by Xayah_trading
GOLD is under pressure as Stocks, DXY, Bond yield increaseOANDA:XAUUSD Right at the opening session (August 7), it decreased by 5Dollar to 2,384USD, equivalent to a decrease of 0.25% on the day, as of the time this article was completed. The strength of the US Dollar and US Treasury bond interest rates are the main reasons leading to the sell-off in gold prices. In addition, the recovery in global equity markets has revived the market's risk appetite, which also affected the safe-haven asset gold. However, geopolitical tensions in the Middle East, coupled with attacks by Hezbollah in northern Israel, could support safe-haven gold. U.S. stocks rallied on Tuesday, as a jump in Japanese stocks helped boost sentiment. The Dow increased 294.39 points, or 0.76%, to 38,997.66 points; Nasdaq index increased 166.77 points, equivalent to 1.03%, to 16,366.85 points; The S&P 500 increased 53.70 points, or 1.04%, to 5,240.03 points. On the European stock front, Germany's DAX30 index closed up 0.08% on Tuesday; Britain's FTSE 100 index closed up 0.23% and Europe's Stoxx 50 index closed up 0.08%. The Dxy index, which tracks the strength of the US Dollar, also increased to 103,199, equivalent to an increase of 0.26% on the day, a continued increase from the trading day on August 6. Gold is under pressure partly because bond yields continue to increase, with USD10Y increasing to 3,909, equivalent to an increase of 0.33%, similar to Dxy, it also continued the increase of the previous trading session. However, geopolitical issues remain after Hezbollah launched attacks in northern Israel, Valencia added. An escalation of the conflict could boost gold's outlook and even pave the way for a return to $2,400 an ounce. Lebanon's armed group Hezbollah has launched a series of drone and missile attacks on northern Israel. According to CME's "FedWatch" tool, the market sees a 100% chance that the Fed will cut interest rates in September. Analysis of technical prospects for OANDA:XAUUSD Gold returned to test the support level noted by readers in the previous issue. The area is the confluence of the 0.50% Fibonacci retracement, the horizontal support of 2,378USD and the lower edge of the price channel. The above confluence area is an important support area, because if gold is sold below the 0.618% Fibonacci level, it will be a negative signal for the uptrend, because this means that the uptrend from the inner price channel The medium term was broken under the same double top pattern that formed. Previously, the fact that gold was operating below EMA21 was a technical disadvantage as the EMA21 level would now become resistance in the short term. However, in terms of trend, gold is currently still trending up because the supporting factors are still working well. During the day, the bullish technical outlook from the price channel will be noticed by the following price levels. Support: 2,385 – 2,378 – 2,362USD Resistance: 2,400 – 2,408USD 🪙SELL XAUUSD | 2416 - 2414 ⚰️SL: 2420 ⬆️TP1: 2409 ⬆️TP2: 2404 🪙BUY XAUUSD | 2363 - 2365 ⚰️SL: 2359 ⬆️TP1: 2370 ⬆️TP2: 2375
OANDA:XAUUSD
by Xayah_trading
1
GOLD MARKET ANALYSIS AND COMMENTARY - [05 August - 09 August]This week, the international gold price has continuously increased sharply after opening the week at 2,382 USD/oz due to increasing concerns about the US economic recession and the FED's announcement that it would cut interest rates in September. The gold price climbed to 2,477 USD/oz at one point, but then fell to 2,410 USD/oz and closed at 2,442 USD/oz. The US labor market has been deteriorating further, with the economy adding just 114,000 jobs in July, well below economists' forecasts of 176,000, according to the US Bureau of Labor Statistics. More worryingly, the US unemployment rate in July jumped to 4.3%. This has increased expectations that the Fed will cut interest rates at its September meeting without any further promises. The above economic data will be the echo for the recovery of gold prices next week. From a technical perspective, gold prices still show an upward trend on long-term time frames, although there are corrections in the short-term frame. Gold prices may continue to maintain wave 5 corresponding to the Weekly chart, increasing above the 2500 round resistance level next week if it breaks through the old peak at 2483. If it fails to break through this resistance level, gold prices will move sideways within the range of 2385-2485. Notable technical levels are listed below. Support: 2,437 – 2,431 – 2,408USD Resistance: 2,484 – 2,475USD SELL XAUUSD PRICE 2501 - 2499⚡️ ↠↠ Stoploss 2505 BUY XAUUSD PRICE 2384 - 2386⚡️ ↠↠ Stoploss 2380
OANDA:XAUUSD
by Xayah_trading
GOLD trend remains positive, data week is lightDue to weaker-than-expected US employment data and market expectations of interest rate cuts, OANDA:XAUUSD increased more than 1% at the beginning of last week's trading session when the market took profit. As tensions in the Middle East lead to increased safe-haven demand and expectations of interest rate cuts by the Federal Reserve, gold has become more attractive to investors. It is up 2.35% this week, showing an overall uptrend. Federal Reserve Chairman Jerome Powell said Wednesday that the Fed could cut interest rates as early as September if the U.S. economy grows as expected. Gold is seen as a hedge against geopolitical and economic risks, with lower interest rates reducing the opportunity cost of holding the asset and making gold attractive. The latest US Department of Labor released jobs data and 114,000 new workers were added in July, less than the 175,000 expected. The previous data was revised down from 206,000 to 179,000. The data also showed the unemployment rate rose from 4.1% to 4.3% and average hourly earnings fell by a tenth from 0.3% to 0.2%. According to CME Group's FedWatch tool, markets now see a 22% chance the Fed will cut interest rates by 50 basis points on September 18, up from 12% previously. The market shows that the Fed will cut interest rates by 86 basis points at the remaining 3 meetings this year. Tensions in the Middle East increased, demand for gold as a safe haven increased, and Hamas leader Haniyeh was assassinated in Iran, leading to further escalation of conflict. Haniyeh was killed in the Iranian capital after attending the inauguration of the new Iranian president, and both Iranian and Hamas officials blamed Israel for the attack. These developments further support gold prices as investors seek safe haven assets amid uncertainty. In terms of short-term forecasts, gold is expected to maintain its bullish trend, driven by risk aversion and dovish Federal Reserve policies. Geopolitical tensions and weak US economic data will support gold prices, Another piece of data to note is U.S. Commodity Futures Trading Commission (CFTC) data showing that for the week ending July 30, speculative net long positions in COMEX gold futures contracts were reduced by 9,535 lots to 188,909 lots; Futures contracts decreased by 9,535 lots to 188,909 lots. Economic data and events to watch out for next week Focusing on the market next week, investors will pay attention to the following important events. Monday: ISM Services PMI: to be released on Monday, will provide the market with more information on the state of the services sector in the US. Tuesday: Reserve Bank of Australia monetary policy decision: will be announced on Tuesday and investors will closely monitor its impact on the global monetary policy environment. Wednesday and Thursday: U.S. Bond Auctions: Wednesday and Thursday's 10-year and 30-year Treasury auctions will be closely watched, especially after the strong gains of the bond market this week. Analysis of technical prospects for OANDA:XAUUSD Gold corrects after approaching target level at all-time peak. Note to readers in previous publications that the only closest resistance level was found technically. However, the profit-taking motivation did not cause gold to correct longer, while the support level at the confluence of EMA21 and the 0.382% Fibonacci retracement pushed gold prices to recover above the 0.236% Fibonacci, which should be considered a positive signal for gold prices. On the daily chart, the near-term target for gold prices will still be highlighted by the all-time high, price point of $2,484. As long as gold remains above the EMA21 and within the trend price channel, its technical outlook remains bullish and notable technical levels are listed below. Support: 2,431 – 2,408USD Resistance: 2,484 – 2,452USD 🪙SELL XAUUSD | 2461 - 2459 ⚰️SL: 2465 ⬆️TP1: 2454 ⬆️TP2: 2449 🪙BUY XAUUSD | 2494 - 2496 ⚰️SL: 2490 ⬆️TP1: 2401 ⬆️TP2: 2406
OANDA:XAUUSD
by Xayah_trading
GOLD recovered after a large correctionOANDA:XAUUSD recovered to above the original price of 2,400 USD after suffering a general decline in the market during the bloody trading session on August 5. In general, in terms of basic and technical trends, the uptrend for gold prices is still will prevail. Investors flocked to safe-haven assets and bet that the Federal Reserve now needs to sharply cut interest rates to spur economic growth. In addition, geopolitical developments in the Middle East are showing more and more signs that escalation is also a huge driving force for gold prices. Economic data US services sector activity recovered in July Activity in the U.S. services sector rebounded from a four-year low in July as orders and employment increased, data showed. The services sector expanded again in July, exiting its worst recession in four years, which may help ease fears of a widespread economic slowdown. The Institute for Supply Management's (ISM) comprehensive services industry index rose 2.6 points to 51.4, above 50, the index's key boundary. The July data was slightly higher than the average forecast of economists surveyed. The index was boosted by a rebound in services employment, orders and business activity, showing modest growth in the services sector, the economy's biggest pillar. Previously, US Department of Labor data released on Friday showed the unemployment rate rose to a nearly three-year high of 4.3% and job growth slowed significantly. The jobs report increases the likelihood that the Federal Reserve will make more aggressive interest rate cuts before the end of the year. According to CME's FedWatch tool, a 50 basis point interest rate cut by the Federal Reserve in September is certainly imminent. The data also showed that the Federal Reserve is expected to cut lending rates by more than 100 basis points this year. Political geography Gold prices remain significantly supported by rising geopolitical tensions and growing concerns about a global economic slowdown. The conflict in the Middle East appears to have widened, with Iran-backed Hezbollah saying it fired multiple missiles at Israel on Saturday in retaliation for an Israeli airstrike in Tehran aimed at assassinating Hamas leader Ismail Haniyeh. In terms of fundamentals, geopolitical tensions have increased gold's appeal as a safe-haven asset. Analysis of technical prospects for OANDA:XAUUSD Gold recovered significantly after suffering a large correction yesterday with another retest of the 0.618% Fibonacci retracement level. Currently, keeping price activity above the $2,400 raw price is a positive signal for gold prices and staying above EMA21 opens up the prospect of a more extended upside with a short-term target around 2,431 – 2,437 USD. Looking at the overall picture, the structure for the uptrend of gold prices has not been affected with the price channel being the main trend in the medium term. During the day, the technical outlook for gold prices is bullish with notable price levels listed below. Support: 2,408 – 2,400 – 2,385USD Resistance: 2,431 – 2,437USD 🪙SELL XAUUSD | 2426 - 2424 ⚰️SL: 2430 ⬆️TP1: 2419 ⬆️TP2: 2414 🪙BUY XAUUSD | 2394 - 2396 ⚰️SL: 2390 ⬆️TP1: 2401 ⬆️TP2: 2406
OANDA:XAUUSD
by Xayah_trading