Gold price analysis today
Fundamental Analysis
Gold prices fell after hitting a fresh all-time high around the $2,640 region on Tuesday and slid to the lower end of its daily range heading into the European session. Rising US Treasury yields helped revive demand for the US Dollar (USD), prompting some profit-taking around the commodity amid a mildly overbought condition on the daily chart.
However, any meaningful corrective decline in Gold prices appears to be limited after the Federal Reserve (Fed) stepped up bets on more aggressive policy easing. Additionally, persistent geopolitical risks, US political uncertainty and a gloomy global economic outlook will support the safe-haven XAU/USD as traders look to Fed Governor Michelle Bowman’s speech for fresh impetus.
Technical Analysis
Gold retreats from the 2640 peak. Technically, wave 5 of the Elliot wave has completed and the ABC correction wave is forming towards 2604. If the 2624 zone where gold is currently located is broken, we will get the 2603 level when the US session jumps in. If the European session price cannot break 2625, we will still wait and prioritize the sell side when retesting the 2640 peak. The 2593-2595 zone is considered a good buy zone.
Upper resistance: 2640 - 2645 - 2650 - 2658
Support: 2615 - 2610 - 2605 - 2600 - 2688 - 2657
Sell 2654 - 2656. Stoploss 2659
Sell 2640-2642. Stoploss 2445
Canh BUY scalp 2615
Canh BUY 2604 - 2606. Stoploss 2600
Canh BUY 2593-2595. Stoploss 2590
Gold prices fell after hitting a fresh all-time high around the $2,640 region on Tuesday and slid to the lower end of its daily range heading into the European session. Rising US Treasury yields helped revive demand for the US Dollar (USD), prompting some profit-taking around the commodity amid a mildly overbought condition on the daily chart.
However, any meaningful corrective decline in Gold prices appears to be limited after the Federal Reserve (Fed) stepped up bets on more aggressive policy easing. Additionally, persistent geopolitical risks, US political uncertainty and a gloomy global economic outlook will support the safe-haven XAU/USD as traders look to Fed Governor Michelle Bowman’s speech for fresh impetus.
Technical Analysis
Gold retreats from the 2640 peak. Technically, wave 5 of the Elliot wave has completed and the ABC correction wave is forming towards 2604. If the 2624 zone where gold is currently located is broken, we will get the 2603 level when the US session jumps in. If the European session price cannot break 2625, we will still wait and prioritize the sell side when retesting the 2640 peak. The 2593-2595 zone is considered a good buy zone.
Upper resistance: 2640 - 2645 - 2650 - 2658
Support: 2615 - 2610 - 2605 - 2600 - 2688 - 2657
Sell 2654 - 2656. Stoploss 2659
Sell 2640-2642. Stoploss 2445
Canh BUY scalp 2615
Canh BUY 2604 - 2606. Stoploss 2600
Canh BUY 2593-2595. Stoploss 2590
Commento
Gold rallies to a new record high after US Consumer Confidence data falls well below expectations.
The data reinforces bets the Federal Reserve will have to take more drastic easing measures – a positive for Gold.
XAU/USD is overbought but rallying on all timeframes and, given “the trend is your friend,” it is likely to continue.
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