GOLD hits 4-week high, eyes on NFP and Trump inauguration

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XAUUSD hit a near four-week high, although minutes from the Federal Reserve's meeting suggested it could take a more hawkish stance as inflationary pressures continue to mount.
As of the time of writing, spot gold is currently trading at around 2,659.78 USD/ounce. It rose to yesterday's high of $2,670.01, its highest since December 13.

It's worth noting that the previously released December private jobs report was weaker than expected, giving the market some confidence that the Federal Reserve may not be too cautious in cutting interest rates this year. .
ADP's national jobs report showed the U.S. economy added 122,000 private-sector jobs last month, while economists had expected a gain of 140,000.
A separate report from the Labor Department showed 201,000 people filed for unemployment benefits last week, below expectations of 218,000.

The more important factor is the US nonfarm payrolls data released on Friday, which is expected to change 163,000 jobs; Any data significantly higher than this number will have a negative impact on gold.

Markets will now be fully focused on the US Nonfarm Payrolls Data and Donald Trump's January 20 inauguration, where they expect Trump to announce a series of policy initiatives.
Minutes from the Fed's Dec. 17-18 meeting showed that officials expect inflation to ease this year but acknowledged the risk of continued price pressures, especially as they assess the potential impact from Trump's policy.
Trump's proposed tariffs could fuel inflation in the US, complicate the Federal Reserve's ability to cut interest rates and could pressure gold prices.
However, Fed Governor Christopher Waller said inflation will continue to decline in 2025 and allow the central bank to lower interest rates further, albeit at an uncertain pace.
Gold is considered an inflation hedge, but high interest rates have reduced the appeal of this non-returning asset, and in contrast to a low interest rate environment, gold will be the top choice.

Analysis of technical prospects for XAUUSD
On the daily chart, gold is still temporarily limited by the 0.50% Fibonacci retracement level, although yesterday's trading day there were times when it briefly jumped above this level.

However, overall, the trend is still neutral with price movements gradually moving towards the top of the purple price triangle.

However, with the current position, gold has conditions to increase in price with support from EMA21, POC Volume profile and the 0.618% Fibonacci retracement level. In the event that gold breaks the $2,664 level it is likely to increase further with a target then around $2,693 in the short term, a 0.382% Fibonacci retracement point.

During the day, neutral bias with bullish positioning conditions will be brought into focus again by the following technical levels.
Support: 2,634 – 2,640USD
Resistance: 2,664 – 2,693USD

SELL XAUUSD PRICE 2683 - 2681⚡️
↠↠ Stoploss 2687

→Take Profit 1 2676
↨
→Take Profit 2 2671

BUY XAUUSD PRICE 2637 - 2639⚡️
↠↠ Stoploss 2533

→Take Profit 1 2644
↨
→Take Profit 2 2649

kemarin

Catatan

ECB economic bulletin: Based on market expectations about future interest rate trends, loose financial conditions will also boost domestic demand.

7 jam yang lalu

Catatan

- Spot gold remains at 2,670.16 USD/ounce, expected to increase more than 1% this week, the best week since November 2024.
- US gold futures contracts increased slightly by 0.1%, reaching 2,694.50 USD/ounce.

2 jam yang lalu

Catatan

37 menit yang lalu

Catatan

Spot gold reached 2,680 USD/ounce, up 0.38% on the day.