Gold analysis week 27
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The gold market maintained a steady recovery ahead of the weekend, but the overall trend remains unclear as US consumer confidence continues to decline and inflation expectations remain high. The new divergence between the Fed's interest rate forecast and market expectations could bring some volatility to the gold market in the short term.
China is the main driving force behind the increase in gold prices over the past year, and China's gold purchases have only been assessed as temporary and there has not been any move to show that they have "stopped". could also be a move to avoid paying a record high purchase price. The market will get some preliminary and regional manufacturing data as well as some US housing data next week.
Gold has recovered from the support level of 2,305 - 2,300 USD but in general the recovery momentum is still limited and the downtrend has not been broken yet.
The recovery momentum of gold price is limited by the confluence area of technical point 2,340 in the trendline area which is also the nearest peak, followed by resistance level 2355 where gold breaks the bullish structure,
As long as gold remains below the 34 EMA and 89 EMA, the technical outlook for gold prices remains bearish, while if gold breaks below $2,324 it will have room for more downside with the following target level. That's around $2,305 - $2,300 in the short term. A new bearish cycle is expected to open once gold breaks below the original price of $2,300, and the target level is then 2286 and then 2270.
Support: 2,324 – 2,305 – 2,300 - 2286
Resistance: 2,340 – 2,355
China is the main driving force behind the increase in gold prices over the past year, and China's gold purchases have only been assessed as temporary and there has not been any move to show that they have "stopped". could also be a move to avoid paying a record high purchase price. The market will get some preliminary and regional manufacturing data as well as some US housing data next week.
Gold has recovered from the support level of 2,305 - 2,300 USD but in general the recovery momentum is still limited and the downtrend has not been broken yet.
The recovery momentum of gold price is limited by the confluence area of technical point 2,340 in the trendline area which is also the nearest peak, followed by resistance level 2355 where gold breaks the bullish structure,
As long as gold remains below the 34 EMA and 89 EMA, the technical outlook for gold prices remains bearish, while if gold breaks below $2,324 it will have room for more downside with the following target level. That's around $2,305 - $2,300 in the short term. A new bearish cycle is expected to open once gold breaks below the original price of $2,300, and the target level is then 2286 and then 2270.
Support: 2,324 – 2,305 – 2,300 - 2286
Resistance: 2,340 – 2,355
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Gold price drifts lower on Fed rate jitters, $2,300 mark holds the key for bullsGold price kicks off the new week on a weaker note amid the Fed's hawkish outlook. Geopolitical risks and political uncertainty could lend support to the safe-haven metal. The recent repeated failures near the 50-day SMA support prospects for deeper losses.
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Gold price struggles to capitalize on modest intraday uptick amid reviving USD demandGold price edges higher on Tuesday, albeit the uptick lacks any follow-through buying. Signs of easing inflation keep a September Fed rate cut on the table and lend support. A modest USD strength caps the upside for the XAU/USD ahead of the US Retail Sales.
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Gold price advances to over one-week top, closer to 50-day SMA pivotal resistanceGold price gained some positive traction on Thursday amid September Fed rate cut bets. Geopolitical risks and political uncertainty in Europe also lend support to the XAU/USD. Rebounding US bond yields and a positive risk tone might cap any further positive move.
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Gold glows as prices surge amid elevated US yields and strong US DollarGold prices advanced sharply by more than 1% on Thursday during the North American session as US Treasury bond yields advanced to underpin the Greenback. Data from the United States was softer than expected, boosting traders' confidence that the Federal Reserve will ease policy at least twice in 2024.
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