XAUUSD-Gold - Technical Analysis
מעודכן
The price of gold (XAU/USD) increases little during Today's Asian session, but there is little continuation as traders anxiously await the release of the US's much-needed monthly jobs report. The widely recognized Nonfarm Payrolls (NFP) data will impact the Federal Reserve's (Fed) upcoming policy choices in the midst of the uncertainties surrounding the potential start date of the rate-cutting cycle and give the precious metal more momentum.
Following yesterday's positive US macro data, investors are continuing to reduce their bets on the Fed easing policy more aggressively heading into the critical data risk. This continues to be positive for high US Treasury bond rates, which helps the USD maintain its stability just below a nearly three-week low that was reached on Wednesday and limits increases for the price of non-yielding gold. Nevertheless, a milder risk tone is observed to be supporting the safe-haven XAU/USD.
There are some main reasons for its limited movement:
From a technical perspective on daily chart gold has a bear flag which means it needs to break it properly for downward movement. Anyway gold is still moving within its range of 2030-2050. The said area should now act as a key pivotal point for intraday traders, which if cleared should lift the Gold price to the next relevant hurdle near the 2064-2065 zone. On the daily chart are still holding in the positive territory, the upward trajectory could get extended further towards the 2077 region.
On the down side, the weekly swing low, around the 2030 zone, seems to protect the immediate downside. This is followed by the 50 day Simple Moving Average (SMA), currently around the 2011-2010 region, and the 2000 psychological mark.
A convincing break below the 2000 would be interpreted by bearish traders as a new signal to sell and will pave the way for the continuation of the recent decline that has been going on for the past week or so.
Most Watchable areas:
2048-2060 for upward movement
2030-2015 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Following yesterday's positive US macro data, investors are continuing to reduce their bets on the Fed easing policy more aggressively heading into the critical data risk. This continues to be positive for high US Treasury bond rates, which helps the USD maintain its stability just below a nearly three-week low that was reached on Wednesday and limits increases for the price of non-yielding gold. Nevertheless, a milder risk tone is observed to be supporting the safe-haven XAU/USD.
There are some main reasons for its limited movement:
- Geopolitical risks and China’s economic woes.
- Reduced bets for more aggressive policy easing by the Fed
- US monthly jobs report (NFP)
From a technical perspective on daily chart gold has a bear flag which means it needs to break it properly for downward movement. Anyway gold is still moving within its range of 2030-2050. The said area should now act as a key pivotal point for intraday traders, which if cleared should lift the Gold price to the next relevant hurdle near the 2064-2065 zone. On the daily chart are still holding in the positive territory, the upward trajectory could get extended further towards the 2077 region.
On the down side, the weekly swing low, around the 2030 zone, seems to protect the immediate downside. This is followed by the 50 day Simple Moving Average (SMA), currently around the 2011-2010 region, and the 2000 psychological mark.
A convincing break below the 2000 would be interpreted by bearish traders as a new signal to sell and will pave the way for the continuation of the recent decline that has been going on for the past week or so.
Most Watchable areas:
2048-2060 for upward movement
2030-2015 for downward movement
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
הערה
Gold can move up before and after news for liquidating the accounts. In the end it will go down. So be careful and relaxed. Right now its main resistance is 2042 or 2048 and first support is 2030הערה
So data was awesome and as i mentioned earlier that it will liquidate the accounts as well.. Anyhow it will go down and may be today it will touch 2016-2009 as well. Lets see
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