Gold August 2. Approaching all-time high
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🌿Fundamental Analysis
Gold prices showed absolute strength in the European session on Friday ahead of the US Non-Farm Payrolls (NFP) data for July. The official jobs data will indicate the current state of the labor market, which will influence market speculation about the US Federal Reserve (Fed) cutting interest rates in September.
Investors will also focus on Average Hourly Earnings data, a key measure of wage growth that boosts consumer spending and ultimately drives price pressures.
Meanwhile, the deepening risk of an all-out war between Iran and Israel has improved Gold’s appeal as a safe haven. Iran has vowed to retaliate for the assassination of Hamas leader Ismail Haniyeh with an Israeli airstrike in Tehran.
🌿Technical Analysis
In terms of Elliot wave, Gold may have formed wave 5 and is trading in an abc recovery wave. or a recovery could occur after Nonfarm pushing gold prices to the 2442-2430-2422 support zone to continue to return to wave 5 to break the all-time high.
The 14-day relative strength index (RSI) is rising to near 60.00. If RSI rises above that level, the momentum will continue to increase strongly.
We will wait for recovery waves to buy gold today, or look for resistance zones to catch the recovery wave.
SELL zone 2472 - 2474 SL 2478
SELL zone 2482-2484 SL 2487
BUY zone 2433 - 2431 SL 2427
BUY zone 2422 - 2420 SL 2416
Gold prices showed absolute strength in the European session on Friday ahead of the US Non-Farm Payrolls (NFP) data for July. The official jobs data will indicate the current state of the labor market, which will influence market speculation about the US Federal Reserve (Fed) cutting interest rates in September.
Investors will also focus on Average Hourly Earnings data, a key measure of wage growth that boosts consumer spending and ultimately drives price pressures.
Meanwhile, the deepening risk of an all-out war between Iran and Israel has improved Gold’s appeal as a safe haven. Iran has vowed to retaliate for the assassination of Hamas leader Ismail Haniyeh with an Israeli airstrike in Tehran.
🌿Technical Analysis
In terms of Elliot wave, Gold may have formed wave 5 and is trading in an abc recovery wave. or a recovery could occur after Nonfarm pushing gold prices to the 2442-2430-2422 support zone to continue to return to wave 5 to break the all-time high.
The 14-day relative strength index (RSI) is rising to near 60.00. If RSI rises above that level, the momentum will continue to increase strongly.
We will wait for recovery waves to buy gold today, or look for resistance zones to catch the recovery wave.
SELL zone 2472 - 2474 SL 2478
SELL zone 2482-2484 SL 2487
BUY zone 2433 - 2431 SL 2427
BUY zone 2422 - 2420 SL 2416
Trade attivo
Nota
SELL zone 2473 2474 + 600 pipsNota
Gold struggles below $2,450 despite looming Mid-East geopolitical risksGold price is on the back foot below $2,450 early Monday during the early Asian session. Gold price is unable to capitalize on rising expectations of a 50 bps Fed rate-cut in September and the risk-off mood amid escalating geopolitical tensions in the Middle East.
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