Gold benefits after FOMC announcement
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☘️Fundamental analysis
Gold prices hovered around the $2,450 region on Thursday and are currently trading just below a two-week high. Traders were bullish amid the prospect of the Federal Reserve (Fed) rate-cutting cycle coming to a head, underpinning the yellow metal without yield.
Bets were reaffirmed by the Fed’s relatively dovish outlook on Wednesday, which sent US Treasury yields to multi-month lows and boosted the US Dollar (USD). Geopolitical tensions in the Middle East also added to the upside. Positive Outlook for Safe-haven Gold That said, the risk-on tone is generally seen as a drag and cap on XAU/USD.
☘️Technical Analysis
From a technical perspective, the breakout above the 2430 resistance last night has officially put gold in the bullish phase of wave 3 of the Elliot Wave pattern. Furthermore, if there is a move above 2450, a return to the old highs is not far away. Hence, some further strength towards the next relevant hurdle near the $2,468-2,469 region, en route to $2,483-2,484.
On the other hand, today’s Asian low, around the $2,437 region, now seems to protect the immediate downside ahead of the $2,432 region. Any further declines can now be viewed as buying opportunities and remain capped near the resistance breakout point of $2,413-2,412.
The RSI is in the overbought zone, indicating that buying interest is still high and the possibility of a push higher for gold remains in favor. The bullish channel is still holding strong with major support around 2422. The two EMAs are expanding with EMA 34 above EMA 89. Overall the market is still in a strong uptrend and we will wait for recovery points to BUY.
Resistance: 2452 - 2459 - 2464 - 2475
Support: 2433 - 2425 - 2420 - 2412
SELL zone 2472 - 2474 stoploss 2478
BUY zone 2433 - 2431 stoploss 2427
BUY zone 2422 - 2420 stoploss 2416
Gold prices hovered around the $2,450 region on Thursday and are currently trading just below a two-week high. Traders were bullish amid the prospect of the Federal Reserve (Fed) rate-cutting cycle coming to a head, underpinning the yellow metal without yield.
Bets were reaffirmed by the Fed’s relatively dovish outlook on Wednesday, which sent US Treasury yields to multi-month lows and boosted the US Dollar (USD). Geopolitical tensions in the Middle East also added to the upside. Positive Outlook for Safe-haven Gold That said, the risk-on tone is generally seen as a drag and cap on XAU/USD.
☘️Technical Analysis
From a technical perspective, the breakout above the 2430 resistance last night has officially put gold in the bullish phase of wave 3 of the Elliot Wave pattern. Furthermore, if there is a move above 2450, a return to the old highs is not far away. Hence, some further strength towards the next relevant hurdle near the $2,468-2,469 region, en route to $2,483-2,484.
On the other hand, today’s Asian low, around the $2,437 region, now seems to protect the immediate downside ahead of the $2,432 region. Any further declines can now be viewed as buying opportunities and remain capped near the resistance breakout point of $2,413-2,412.
The RSI is in the overbought zone, indicating that buying interest is still high and the possibility of a push higher for gold remains in favor. The bullish channel is still holding strong with major support around 2422. The two EMAs are expanding with EMA 34 above EMA 89. Overall the market is still in a strong uptrend and we will wait for recovery points to BUY.
Resistance: 2452 - 2459 - 2464 - 2475
Support: 2433 - 2425 - 2420 - 2412
SELL zone 2472 - 2474 stoploss 2478
BUY zone 2433 - 2431 stoploss 2427
BUY zone 2422 - 2420 stoploss 2416
Nota
Gold holds near $2,450 as US yields turn southAfter falling to $2,430 earlier in the day, Gold regains its traction and trades at around $2,450 in the American session. The benchmark 10-year US Treasury bond yield is down more than 1% on the day below 4% after weak US data, allowing XAU/USD to hold its ground.
Nota
Gold price gains ground due to increased risk aversion amid raised concerns about the US economy.The safe-haven demand for the yellow metal received support from escalated geopolitical tensions in the Middle East.
The dovish mood surrounding the Fed’s policy outlook supports non-yielding assets like Gold.
Nota
sell 2472-2474 + 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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