GOLD continues to refresh all-time highs, with no resistance
מעודכן
"Dovish" comments by Federal Reserve officials reinforced market expectations of a US interest rate cut in September. Investors flocked to gold, the safe-haven asset and Gold prices increased further and continuously reached new all-time records.
Federal Reserve Chairman Jerome Powell said Monday that recent inflation data has reinforced policymakers' confidence that price pressures are on track to remain low, reassuring markets. market that a US interest rate cut will take place in September.
San Francisco Federal Reserve President Mary Daly also said "confidence is rising" and inflation is moving toward the U.S. central bank's 2% target.
Lower US interest rates are putting pressure on the dollar and bond yields, increasing the appeal of non-yielding gold. Gold prices are up more than 19% this year after rising 13% in 2023.
According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in August is 93.3% and the probability of cutting interest rates by 25 basis points is 6.7%. The probability of the Fed keeping interest rates unchanged until September is 0.0%, the probability of a cumulative interest rate cut of 25 basis points is 93.3%, the probability of a cumulative interest rate cut of 50 basis points is 6, 7%.
According to a recent report from ANZ Bank, it is worth noting that India's gold demand could help prolong the current bull run and push gold prices even higher. India is the world's second largest gold market. In the first 5 months of 2024, India's gold imports increased by 26% over the same period last year, with 230 tons of gold flowing into the country. This is despite prices reaching record highs.
There are many reasons why gold has become the top choice at the present time, basically, readers can re-read recent publications via the link below to get more information.
Analysis of technical prospects for
XAUUSD
Gold has continued to make new all-time highs and looking ahead there is currently no technical resistance left, with all price structures still tilted strongly to the upside.
Currently, the closest support is the all-time high broken yesterday, the $2,449 level is notable support which if gold corrects below this level it is likely to retest the $2,431 area or more 2,400USD but the uptrend is unchanged. On the other hand, the Relative Strength Index (RSI) is also operating around the overbought area, showing that there is not too much room for price increases. A good signal for the downward adjustment momentum is that the RSI is bent downward. from the 80% area.
Overall, even though downward corrections may occur, the bullish structure and uptrend are unchanged, as long as gold remains within the price channel, and EMA21.
However, we (short-term traders) will have to face a very volatile market, the only thing that can make trading better is to be patient and control the intensity/appropriate trading volume to adapt to the current market context.
Gold's uptrend will be noticed by the following price levels.
Support: 2,449 – 2,431USD
Resistance: (No resistance level found)
🪙SELL XAUUSD | 2501 - 2499
⚰️SL: 2505
⬆️TP1: 2494
⬆️TP2: 2489
🪙BUY XAUUSD | 2417 - 2419
⚰️SL: 2413
⬆️TP1: 2424
⬆️TP2: 2429
Federal Reserve Chairman Jerome Powell said Monday that recent inflation data has reinforced policymakers' confidence that price pressures are on track to remain low, reassuring markets. market that a US interest rate cut will take place in September.
San Francisco Federal Reserve President Mary Daly also said "confidence is rising" and inflation is moving toward the U.S. central bank's 2% target.
Lower US interest rates are putting pressure on the dollar and bond yields, increasing the appeal of non-yielding gold. Gold prices are up more than 19% this year after rising 13% in 2023.
According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in August is 93.3% and the probability of cutting interest rates by 25 basis points is 6.7%. The probability of the Fed keeping interest rates unchanged until September is 0.0%, the probability of a cumulative interest rate cut of 25 basis points is 93.3%, the probability of a cumulative interest rate cut of 50 basis points is 6, 7%.
According to a recent report from ANZ Bank, it is worth noting that India's gold demand could help prolong the current bull run and push gold prices even higher. India is the world's second largest gold market. In the first 5 months of 2024, India's gold imports increased by 26% over the same period last year, with 230 tons of gold flowing into the country. This is despite prices reaching record highs.
There are many reasons why gold has become the top choice at the present time, basically, readers can re-read recent publications via the link below to get more information.
Analysis of technical prospects for
XAUUSD Gold has continued to make new all-time highs and looking ahead there is currently no technical resistance left, with all price structures still tilted strongly to the upside.
Currently, the closest support is the all-time high broken yesterday, the $2,449 level is notable support which if gold corrects below this level it is likely to retest the $2,431 area or more 2,400USD but the uptrend is unchanged. On the other hand, the Relative Strength Index (RSI) is also operating around the overbought area, showing that there is not too much room for price increases. A good signal for the downward adjustment momentum is that the RSI is bent downward. from the 80% area.
Overall, even though downward corrections may occur, the bullish structure and uptrend are unchanged, as long as gold remains within the price channel, and EMA21.
However, we (short-term traders) will have to face a very volatile market, the only thing that can make trading better is to be patient and control the intensity/appropriate trading volume to adapt to the current market context.
Gold's uptrend will be noticed by the following price levels.
Support: 2,449 – 2,431USD
Resistance: (No resistance level found)
🪙SELL XAUUSD | 2501 - 2499
⚰️SL: 2505
⬆️TP1: 2494
⬆️TP2: 2489
🪙BUY XAUUSD | 2417 - 2419
⚰️SL: 2413
⬆️TP1: 2424
⬆️TP2: 2429
הערה
🟢TRUMP WARNS THE US FEDERAL RESERVE GOVERNOR AGAINST CUTTING INTEREST RATES BEFORE THE ELECTIONS!Donald Trump, the Republican presidential candidate for the US presidency, during an interview with Bloomberg Businessweek, yesterday evening, Tuesday, warned Federal Reserve Governor Powell against lowering interest rates before the elections.
הערה
🔻The current US President, Joe Biden, is stumbling on his way to the White House for a serious term, with a counter-campaign not only from his rival, Republican candidate Donald Trump, but also from his family in the Democratic Party, as calls for his withdrawal are increasing.הערה
הערה
🟢US Federal Reserve Member Goolsbee: The inflation mission is not over yet!The statements of the US Federal Reserve member in Chicago, Austin Goolsby, today, Thursday, addressed the following points:
🟢I feel much better after several months of improvement in the CPI, but the job of inflation is far from over.
🟢It is very clear that inflation has fallen a lot in the past 12 to 18 months, and that is the same rate as inflation has fallen at all times.
הערה
World gold prices dropped sharply last night and this morning (July 19), when the USD exchange rate rebounded from a 4-month low. Some experts predict that if former US President Donald Trump is re-elected, his economic policies will benefit gold prices.הערה
Thus, last week the world gold price lost more than 2% due to pressure from the recovery of the USD. The USD increased 0.1% against other currencies, while 10-year Treasury bond yields also increased, putting considerable pressure on bullion.In addition, profit-taking activities in the market increased after this precious metal reached an all-time high thanks to increasing expectations that the US Central Bank will cut interest rates in September. Factors pushing gold prices down.
הערה
🔴The Israeli army announces the interception of a missile launched from YemenThe Israeli army said on Sunday that it had intercepted a surface-to-surface missile that was approaching Israel from the Red Sea. He said that the missile was coming from Yemen and was shot down before crossing into Israeli territory. He added that the Arrow-3 air defense missile system shot down the missile before it crossed into Israeli territory.
הערה
- After hitting a record high around $2,480 per troy ounce, XAUUSD retraced near support at around $2,400 per troy ounce.- if XAUUSD bounces off the $2,400 per troy ounce support, the price could retest the previous high and reach an all-time high.
- However, if XAUUSD retraces further, the price could test the next support level at around $2,350 per troy ounce.
הערה
🟢The German Federal Bank explains the challenges of reducing inflation in the regionOn Monday, the German Federal Bank issued its monthly economic report, which made it clear that the strong wage growth rate makes it difficult to reduce inflation in the euro area, and also called on the central bank to adopt a more cautious approach to the cycle of interest rate cuts.
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🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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