Gold (20/8) sets new ATH around 2520
Diupdate
Fundamental Analysis
Gold prices extended their bullish momentum with a new high just set around 2520. Traders now appear reluctant and want to wait for further signals on the Federal Reserve’s (Fed) interest rate cut roadmap before positioning for the next step of a directional move. Therefore, the focus will remain on the release of the July FOMC meeting minutes on Wednesday and Fed Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Friday.
The risk of further escalation of geopolitical tensions in the Middle East and the protracted war between Russia and Ukraine will continue to support XAU/USD. This, in turn, warrants some caution for bearish traders.
Technical Analysis
From a technical perspective, the price action within the range has broken out of the bullish consolidation phase, After breaking out around the $2,509-2,510 area to set a new ATH, gold is now stabilizing around 2,520. Our SELL entries are focused on the round port areas and the best Fibonacci resistance around 2,533
On the other hand, the horizontal resistance of $2,472-2,470 now looks to protect the immediate downside. Any further declines could attract new buyers and remain limited to the $2,448-2,446 area.
Resistance 2533 2540
Support: 2494 - 2488 - 2481 - 2475
SELL price zone 2533 - 2535 stoploss 2539
BUY price zone 2477 - 2375 stoploss 2471
Gold prices extended their bullish momentum with a new high just set around 2520. Traders now appear reluctant and want to wait for further signals on the Federal Reserve’s (Fed) interest rate cut roadmap before positioning for the next step of a directional move. Therefore, the focus will remain on the release of the July FOMC meeting minutes on Wednesday and Fed Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Friday.
The risk of further escalation of geopolitical tensions in the Middle East and the protracted war between Russia and Ukraine will continue to support XAU/USD. This, in turn, warrants some caution for bearish traders.
Technical Analysis
From a technical perspective, the price action within the range has broken out of the bullish consolidation phase, After breaking out around the $2,509-2,510 area to set a new ATH, gold is now stabilizing around 2,520. Our SELL entries are focused on the round port areas and the best Fibonacci resistance around 2,533
On the other hand, the horizontal resistance of $2,472-2,470 now looks to protect the immediate downside. Any further declines could attract new buyers and remain limited to the $2,448-2,446 area.
Resistance 2533 2540
Support: 2494 - 2488 - 2481 - 2475
SELL price zone 2533 - 2535 stoploss 2539
BUY price zone 2477 - 2375 stoploss 2471
Trade aktif
Gold advances to new record high above $2,520
Gold extends its uptrend and trades at a fresh record high above $2,520 on Tuesday. The benchmark 10-year US Treasury bond yield stays in negative territory below 3.9%, allowing XAU/USD to continue to stretch higher.
Komentar
Komentar
Gold prices remain confined to the familiar range they have held since the start of this week.
The positive risk sentiment has limited upside, although a combination of factors continues to support.
The Fed’s rate cut, coupled with geopolitical risks, will help limit any meaningful correction.
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