waiting for new ATH XAU !! 8/26

26 ago

The Gold price (XAU/USD) trades with mild losses near the $2,500 psychological support on Monday. However, the downside of the precious metal might be limited amid rising expectations that the US Federal Reserve (Fed) will begin lowering borrowing costs in September. Lower interest rates are generally positive for Gold as it reduces the opportunity cost of holding the non-interest paying asset.

Furthermore, the escalating geopolitical tensions in the Middle East and the economic uncertainty are likely to boost the safe-haven demand, benefiting Gold price. On the other hand, the sluggish demand in the Chinese economy might undermine the yellow metal as China is the largest producer and consumer of gold worldwide. Later on Monday, the US July Durable Goods Orders are due. The highlights for this week will be the preliminary US Gross Domestic Product Annualized (GDP) for the second quarter and the Personal Consumption Expenditures-Price Index (PCE) for July, which will be released on Thursday and Friday, respectively.

2024 will be the year of the strongest increase of Gold: old ATH 2531 and continue the upward trend

According to the M30 trendline, wait for the price to retest the supply zone. then increase again

BUY XAU: ZONE 2517 - 2515

SL: 2511

TP: 40 - 80 - 150 PIPS ( 2530 )

Safe and profitable trading

26 ago

Trade attivo

Sideway price range 2520-2530. There will be big fluctuations during the US session