GOLD corrects, possibility remains optimistic as FOMC is coming

לפני 7 ימים

XAUUSD eased the correction significantly, which was partly due to the market taking profits after gold prices hit a five-week high and rushing to close positions ahead of next week's Federal Reserve meeting. In addition, higher US bond interest rates also affect gold prices.

XAUUSD fell sharply on Thursday and was limited this trading day (Friday), as of press time, as traders booked profits following the release of US PPI data.
PPI data exceeded expectations, suggesting the fight against inflation may be stalling. In addition, the 10-year US Treasury bond interest rate increased slightly by 1.5 basis points to 4.289%, which also put pressure on gold.
The US producer price index (PPI) rose higher than expected in November due to soaring food costs. The U.S. Department of Labor reported on Thursday that the U.S. PPI rose 3% year-on-year and 0.4% month-on-month in November. Previous market expectations were 2% .6% and 0.2%.
Although Wednesday's US Consumer Price Index (CPI) was in line with expectations, it still rose at a seven-month high.

However, gold is expected to hold onto gains this week as optimism grows that the Federal Reserve could cut interest rates by 25 basis points next week. Traders' attention is turning to the prospect that the Federal Reserve may pause policy easing as early as 2025. Lower borrowing costs typically benefit gold because gold itself does not create out yield.

According to a report released by the World Gold Council (WGC) on Thursday, gold's gains are expected to slow in 2025 as concerns about growth and inflation during Donald Trump's presidency have can affect the ability to increase the price of gold.
Gold prices have risen more than 30% year-to-date and are on track for their biggest annual gain since 1979. The rapid rise has been fueled by the Federal Reserve's easing policy, demand safe-haven demand and continued buying activity by global central banks.

Analysis of technical prospects for XAUUSD
On the daily chart, gold has corrected but overall it still has all the conditions for a technical upside with price activity outside the channel and above the EMA21 level.

Currently, gold's uptrend is temporarily limited by resistance at $2,693, the 0.382% Fibonacci retracement price point, more than the 0.236% Fibonacci level noticed by previous readers.

On the other hand, the Relative Strength Index also maintains activity above the 50 level, which should be considered a positive signal for the bullish outlook in the near future.

As long as gold remains above the EMA21 and outside the price channel, in the short term it is still likely to increase with notable points listed below.
Support: 2,676 – 2,663 – 2,644USD
Resistance: 2,693 – 2,700 – 2,730USD

SELL XAUUSD PRICE 2706 - 2704⚡️
↠↠ Stoploss 2710

→Take Profit 1 2699
↨
→Take Profit 2 2694

BUY XAUUSD PRICE 2659 - 2661⚡️
↠↠ Stoploss 2655

→Take Profit 1 2666
↨
→Take Profit 2 2671

לפני 7 ימים

הערה

🔴Gold SPOT lost $2,670 an ounce, down 0.40% on the day.

לפני 5 ימים

הערה

Gold price decreased by 70 USD in the last 2 sessions of the week, falling below the mark of 2,650 USD/ounce. The direction of gold prices next week will depend on the message the Fed gives at the upcoming policy meeting.

לפני 5 ימים

הערה

לפני 4 ימים

הערה

Gold prices are expected to continue to retain their position as a safe-haven asset in 2025, as rising geopolitical and economic uncertainties, along with strong buying demand from central banks, are expected to continue. Expected to support prices

לפני 4 ימים

הערה

Preliminary PMI for the United States:
- Preliminary services PMI: 58.5 (Forecast: 55.7; Previous: 56.1)
- Preliminary manufacturing PMI: 48.3 (Forecast: 49.4; Previous: 49.7)
- Composite PMI: 56.6, previous: 54.9

לפני 3 ימים

הערה

🔴Gold is currently under greater pressure.
Some of the most important recent factors are:
1. Wall Street expects the FED to give a "hawkish" signal;
2. Trump "talks" to Zelensky: Ready to reach an agreement to end the conflict between Russia and Ukraine;
3. Israel claims that it has “never come close to an agreement” on the hostage issue in Gaza.

שלשום

הערה

World gold prices fell in the trading session on Tuesday (December 17) after better-than-forecast US retail sales data increased the possibility that the Federal Reserve (Fed) may reduce interest rates less than expected. expectations in 2025. The USD exchange rate and US Treasury bond yields simultaneously increased after this report, also putting pressure on precious metals to depreciate.