Gold Price Analysis: Factors and Forecast 🟡
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Gold Shows Signs of Recovery Despite Stronger USD
Gold prices have shown some recovery on Friday, despite the strength of the US Dollar (USD). However, the upside potential for the yellow metal might be constrained by diminishing expectations of a rate cut by the US Federal Reserve (Fed) in September. Nonetheless, safe-haven flows due to rising geopolitical tensions in the Middle East could provide support to gold prices.
Key Factors Influencing Gold Prices
Federal Reserve's Influence: Gold investors will closely monitor comments from Federal Reserve officials, with Fed's Waller set to speak on Friday. Hawkish remarks from Fed policymakers could further weigh on gold prices. It is important to note that higher interest rates generally exert downward pressure on gold prices by increasing the opportunity cost of holding the non-yielding metal.
US Economic Data: Investors will also look to upcoming US economic indicators, including the Durable Goods Orders and the Michigan Consumer Sentiment Index. These data points can provide further insights into the economic outlook and influence gold price movements.
Technical Analysis: Footprint and RSI Insights
A footprint analysis indicates a potential recovery in gold value as the price resides in a discount area, accompanied by divergence on the H4 RSI. This divergence suggests that selling pressure might be waning, increasing the likelihood of a price rebound. Additionally, the imbalance observed in the footprint analysis supports the expectation of a recovery in gold prices.
Outlook
While the strong USD and hawkish Fed stance may limit gold's upside, geopolitical tensions and technical indicators suggest potential support for a price rebound. Investors should watch Fed commentary and economic data releases closely, as these will provide further direction for gold prices.
Daily Footprint Analysis:
Gold prices have shown some recovery on Friday, despite the strength of the US Dollar (USD). However, the upside potential for the yellow metal might be constrained by diminishing expectations of a rate cut by the US Federal Reserve (Fed) in September. Nonetheless, safe-haven flows due to rising geopolitical tensions in the Middle East could provide support to gold prices.
Key Factors Influencing Gold Prices
Federal Reserve's Influence: Gold investors will closely monitor comments from Federal Reserve officials, with Fed's Waller set to speak on Friday. Hawkish remarks from Fed policymakers could further weigh on gold prices. It is important to note that higher interest rates generally exert downward pressure on gold prices by increasing the opportunity cost of holding the non-yielding metal.
US Economic Data: Investors will also look to upcoming US economic indicators, including the Durable Goods Orders and the Michigan Consumer Sentiment Index. These data points can provide further insights into the economic outlook and influence gold price movements.
Technical Analysis: Footprint and RSI Insights
A footprint analysis indicates a potential recovery in gold value as the price resides in a discount area, accompanied by divergence on the H4 RSI. This divergence suggests that selling pressure might be waning, increasing the likelihood of a price rebound. Additionally, the imbalance observed in the footprint analysis supports the expectation of a recovery in gold prices.
Outlook
While the strong USD and hawkish Fed stance may limit gold's upside, geopolitical tensions and technical indicators suggest potential support for a price rebound. Investors should watch Fed commentary and economic data releases closely, as these will provide further direction for gold prices.
Daily Footprint Analysis:
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