GOLD accumulates and shrinks,the market lacks fundamental impact
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Scarce U.S. economic data will keep investors focused on Federal Reserve officials in the week following last Friday's U.S. jobs report.
Gold prices are trading around 2,312USD/oz after reaching a daily high yesterday of 2,321USD/oz. The story in financial markets focuses on when the Federal Reserve will begin easing policy after releasing weak economic data.
The U.S. Department of Labor revealed that nonfarm payroll employment in April was 175,000, lower than expected and lagging March's upwardly revised figure of 315,000.
"Lack of progress" in inflation has pushed back expectations for the Fed's first interest rate cut from July to September. However, the market still expects three interest rate cuts, each by 25 basis points. in this year.
The report said that the lack of progress since the beginning of this year means that it will take longer for Fed policymakers to believe that inflation is continuing to fall toward the 2% target.
They expect 3-month and 6-month annualized core PCE to be "near or below" 2% by the end of the year, in which case it would be "too late" to wait until after September to cut rates .
This week's economic calendar will take a closer look at news from Federal Reserve officials, as well as initial jobless claims for the week ending May 4 and a preliminary release of the index. University of Michigan consumer confidence numbers.
Analysis of technical prospects for
XAUUSD
On the daily chart, gold is generally still entering the stage of accumulating attention from readers in previous publications. However, gold prices are also becoming more narrowly accumulated as depicted by the green triangle on the chart.
In terms of overall factors, gold prices are more likely to decline because the main trend has not changed, noticed by the short-term downward price channel and the latest pressure from the 21-day moving average EMA21.
As long as the gold price remains below the EMA21, it still has enough room to fall in the short term. Meanwhile, gold could open a new bearish cycle if it breaks below the 0.236% Fibonacci level, then the target level is aimed around the lower channel edge and upper channel edge, more likely to be the 0.382 Fibonacci level %.
Temporarily, gold prices will continue to tend to accumulate without much macroeconomic impact on the market. But the technical conditions still favor the possibility of price reduction as mentioned above. During the day, notable technical levels are listed below.
Support: 2,300 – 2,284USD
Resistance: 2,330 – 2,340 – 2,345USD
🪙SELL XAUUSD | 2351 - 2349
⚰️SL: 2355
⬆️TP1: 2344
⬆️TP2: 2339
🪙BUY XAUUSD | 2268 - 2270
⚰️SL: 2264
⬆️TP1: 2275
⬆️TP2: 2380
Gold prices are trading around 2,312USD/oz after reaching a daily high yesterday of 2,321USD/oz. The story in financial markets focuses on when the Federal Reserve will begin easing policy after releasing weak economic data.
The U.S. Department of Labor revealed that nonfarm payroll employment in April was 175,000, lower than expected and lagging March's upwardly revised figure of 315,000.
"Lack of progress" in inflation has pushed back expectations for the Fed's first interest rate cut from July to September. However, the market still expects three interest rate cuts, each by 25 basis points. in this year.
The report said that the lack of progress since the beginning of this year means that it will take longer for Fed policymakers to believe that inflation is continuing to fall toward the 2% target.
They expect 3-month and 6-month annualized core PCE to be "near or below" 2% by the end of the year, in which case it would be "too late" to wait until after September to cut rates .
This week's economic calendar will take a closer look at news from Federal Reserve officials, as well as initial jobless claims for the week ending May 4 and a preliminary release of the index. University of Michigan consumer confidence numbers.
Analysis of technical prospects for
XAUUSD On the daily chart, gold is generally still entering the stage of accumulating attention from readers in previous publications. However, gold prices are also becoming more narrowly accumulated as depicted by the green triangle on the chart.
In terms of overall factors, gold prices are more likely to decline because the main trend has not changed, noticed by the short-term downward price channel and the latest pressure from the 21-day moving average EMA21.
As long as the gold price remains below the EMA21, it still has enough room to fall in the short term. Meanwhile, gold could open a new bearish cycle if it breaks below the 0.236% Fibonacci level, then the target level is aimed around the lower channel edge and upper channel edge, more likely to be the 0.382 Fibonacci level %.
Temporarily, gold prices will continue to tend to accumulate without much macroeconomic impact on the market. But the technical conditions still favor the possibility of price reduction as mentioned above. During the day, notable technical levels are listed below.
Support: 2,300 – 2,284USD
Resistance: 2,330 – 2,340 – 2,345USD
🪙SELL XAUUSD | 2351 - 2349
⚰️SL: 2355
⬆️TP1: 2344
⬆️TP2: 2339
🪙BUY XAUUSD | 2268 - 2270
⚰️SL: 2264
⬆️TP1: 2275
⬆️TP2: 2380
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The focus this week is US CPI data for April
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🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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