XAUUSD OUTLOOK - September 14 2024
The markets have reacted on the recent changes and announcements in the fundamental aspects for the US dollar. We are now at levels of new ATH with further expectations of growth towards a target of 2600s. However, in the case we see faltering, we should see retracements down back to our lower levels before any new movements are made.
For the coming week, my outlook suggests that gold will likely experience mixed movements with a slight bearish bias due to potential downward corrections. Currently, gold is trading near $2,570, and recent technical indicators suggest a cooling off from the highs observed earlier this month. There are signs of an upcoming correction, possibly pushing prices down toward support levels around $2,500 and $2,470.
However, there remains bullish potential if support holds and global macroeconomic conditions, like U.S. inflation data or Federal Reserve policy signals, favor a flight to safe-haven assets like gold. If the price breaks above $2,600, it may resume its upward trend.
Keep an eye on significant resistance at around $2,606 and the potential for downward corrections toward $2,500. The market's reaction to upcoming economic data will be crucial in determining the trend.
For the coming week, my outlook suggests that gold will likely experience mixed movements with a slight bearish bias due to potential downward corrections. Currently, gold is trading near $2,570, and recent technical indicators suggest a cooling off from the highs observed earlier this month. There are signs of an upcoming correction, possibly pushing prices down toward support levels around $2,500 and $2,470.
However, there remains bullish potential if support holds and global macroeconomic conditions, like U.S. inflation data or Federal Reserve policy signals, favor a flight to safe-haven assets like gold. If the price breaks above $2,600, it may resume its upward trend.
Keep an eye on significant resistance at around $2,606 and the potential for downward corrections toward $2,500. The market's reaction to upcoming economic data will be crucial in determining the trend.
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