GOLD continues to refresh all-time highs, with no resistance
Diupdate
"Dovish" comments by Federal Reserve officials reinforced market expectations of a US interest rate cut in September. Investors flocked to gold, the safe-haven asset and Gold prices increased further and continuously reached new all-time records.
Federal Reserve Chairman Jerome Powell said Monday that recent inflation data has reinforced policymakers' confidence that price pressures are on track to remain low, reassuring markets. market that a US interest rate cut will take place in September.
San Francisco Federal Reserve President Mary Daly also said "confidence is rising" and inflation is moving toward the U.S. central bank's 2% target.
Lower US interest rates are putting pressure on the dollar and bond yields, increasing the appeal of non-yielding gold. Gold prices are up more than 19% this year after rising 13% in 2023.
According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in August is 93.3% and the probability of cutting interest rates by 25 basis points is 6.7%. The probability of the Fed keeping interest rates unchanged until September is 0.0%, the probability of a cumulative interest rate cut of 25 basis points is 93.3%, the probability of a cumulative interest rate cut of 50 basis points is 6, 7%.
According to a recent report from ANZ Bank, it is worth noting that India's gold demand could help prolong the current bull run and push gold prices even higher. India is the world's second largest gold market. In the first 5 months of 2024, India's gold imports increased by 26% over the same period last year, with 230 tons of gold flowing into the country. This is despite prices reaching record highs.
There are many reasons why gold has become the top choice at the present time, basically, readers can re-read recent publications via the link below to get more information.
Analysis of technical prospects for
XAUUSD
Gold has continued to make new all-time highs and looking ahead there is currently no technical resistance left, with all price structures still tilted strongly to the upside.
Currently, the closest support is the all-time high broken yesterday, the $2,449 level is notable support which if gold corrects below this level it is likely to retest the $2,431 area or more 2,400USD but the uptrend is unchanged. On the other hand, the Relative Strength Index (RSI) is also operating around the overbought area, showing that there is not too much room for price increases. A good signal for the downward adjustment momentum is that the RSI is bent downward. from the 80% area.
Overall, even though downward corrections may occur, the bullish structure and uptrend are unchanged, as long as gold remains within the price channel, and EMA21.
However, we (short-term traders) will have to face a very volatile market, the only thing that can make trading better is to be patient and control the intensity/appropriate trading volume to adapt to the current market context.
Gold's uptrend will be noticed by the following price levels.
Support: 2,449 – 2,431USD
Resistance: (No resistance level found)
🪙SELL XAUUSD | 2501 - 2499
⚰️SL: 2505
⬆️TP1: 2494
⬆️TP2: 2489
🪙BUY XAUUSD | 2417 - 2419
⚰️SL: 2413
⬆️TP1: 2424
⬆️TP2: 2429
Federal Reserve Chairman Jerome Powell said Monday that recent inflation data has reinforced policymakers' confidence that price pressures are on track to remain low, reassuring markets. market that a US interest rate cut will take place in September.
San Francisco Federal Reserve President Mary Daly also said "confidence is rising" and inflation is moving toward the U.S. central bank's 2% target.
Lower US interest rates are putting pressure on the dollar and bond yields, increasing the appeal of non-yielding gold. Gold prices are up more than 19% this year after rising 13% in 2023.
According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in August is 93.3% and the probability of cutting interest rates by 25 basis points is 6.7%. The probability of the Fed keeping interest rates unchanged until September is 0.0%, the probability of a cumulative interest rate cut of 25 basis points is 93.3%, the probability of a cumulative interest rate cut of 50 basis points is 6, 7%.
According to a recent report from ANZ Bank, it is worth noting that India's gold demand could help prolong the current bull run and push gold prices even higher. India is the world's second largest gold market. In the first 5 months of 2024, India's gold imports increased by 26% over the same period last year, with 230 tons of gold flowing into the country. This is despite prices reaching record highs.
There are many reasons why gold has become the top choice at the present time, basically, readers can re-read recent publications via the link below to get more information.
Analysis of technical prospects for
XAUUSD Gold has continued to make new all-time highs and looking ahead there is currently no technical resistance left, with all price structures still tilted strongly to the upside.
Currently, the closest support is the all-time high broken yesterday, the $2,449 level is notable support which if gold corrects below this level it is likely to retest the $2,431 area or more 2,400USD but the uptrend is unchanged. On the other hand, the Relative Strength Index (RSI) is also operating around the overbought area, showing that there is not too much room for price increases. A good signal for the downward adjustment momentum is that the RSI is bent downward. from the 80% area.
Overall, even though downward corrections may occur, the bullish structure and uptrend are unchanged, as long as gold remains within the price channel, and EMA21.
However, we (short-term traders) will have to face a very volatile market, the only thing that can make trading better is to be patient and control the intensity/appropriate trading volume to adapt to the current market context.
Gold's uptrend will be noticed by the following price levels.
Support: 2,449 – 2,431USD
Resistance: (No resistance level found)
🪙SELL XAUUSD | 2501 - 2499
⚰️SL: 2505
⬆️TP1: 2494
⬆️TP2: 2489
🪙BUY XAUUSD | 2417 - 2419
⚰️SL: 2413
⬆️TP1: 2424
⬆️TP2: 2429
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- After hitting a record high around $2,480 per troy ounce, XAUUSD retraced near support at around $2,400 per troy ounce.- if XAUUSD bounces off the $2,400 per troy ounce support, the price could retest the previous high and reach an all-time high.
- However, if XAUUSD retraces further, the price could test the next support level at around $2,350 per troy ounce.
Catatan
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🧩Account management
🧩Forex signals have a high win rate
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