GOLD could still rally, even if PCE is higher than expected
The 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
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
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
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
הערה
Gold prices slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut.הערה
Gold peaked, approaching $2,530 during the Asian session, but then retraced all of its gains this week and extended its decline below $2,500.הערה
The dollar rallied 0.48% on Wednesday, perhaps as short sellers were liquidating their positions ahead of key data releases on Thursday and Friday.הערה
הערה
- The dollar rose on Thursday after better-than-expected Initial and Continuing Jobless Claims figures showed the job market remains strong.
- At the same time, an adjustment in Q2 GDP supports the prospect of the Fed cutting interest rates by 0.25%, supporting the dollar.
הערה
Gold prices dipped on Monday as the dollar strengthened, while investors awaited key U.S. jobs data to firm their bets on the size of the Federal Reserve’s interest rate cut expected this month.הערה
The situation becomes even more complicated when considering recent moves by the BoE. Although the BoE has pioneered interest rate cuts, ahead of the Fed, this does not seem to have had the expected effect. Since the interest rate cut on August 1, UK long-term government bond yields have tended to increase, reflecting market skepticism about the effectiveness of current monetary policy.הערה
Gold prices fell to their lowest level in more than a week in the early trading session of September 3, under pressure from a stronger USD, while investors waited for US employment data to determine the scale of interest rate cuts. potential yields at the Fed's September policy meeting.
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🧩Account management
🧩Forex signals have a high win rate
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