XAUUSD ANALYSIS 22-8-24 #GOLD #SEMS

🚨 XAUUSD (Spot Gold) 🔖 22-8-2024 🚨

Selling Range : $2535-$2555-$2585-$2600
Buying Range: $2475-$2455-$2435-$2422

CMP - $2497.89 (as of writing) 📈

⚠️Warning: Do not risk more than 5% of your capital. Trading in gold and other financial markets involves significant risk and may result in substantial losses.

📊💹 Fundamentals that might impact XAUUSD: Date: 22 August 2024 📅
Over the past two days, XAU/USD has been consolidating within a narrow range following its recent all-time high of $2,531.67 and a low of $2,497. This range-bound behaviour is anticipated to continue as the market awaits critical events, including the Federal Reserve's interest rate outlook and the upcoming Jackson Hole Symposium. Fed Chair Jerome Powell's speech at the symposium on Friday is expected to trigger significant volatility, potentially leading to a breakout in either direction, with the price possibly moving towards $2,400 or $2,580, ahead of the Fed's rate decision.
In the past week, gold breached the $2,530 level amid concerns over a potential U.S. recession, geopolitical tensions, and anticipation surrounding the Fed's interest rate decision and Powell's appearance at Jackson Hole. As these events unfold, we can expect increased pressure on gold and other USD pairs.
The XAU/USD is projected to experience a movement range of $60 to $100 over the next 7 to 10 days.

Trading Strategy: Given the current market dynamics, we suggest the following:
🟢For Potential Rebound:
• Buy Entry Target Range: $2525(TP1)- $2545 (TP2)-$2560(TP3)
🔴For Potential Downtrend:
• Sell Entry Target Range: $2450 (TP1)- $2430 (TP2)- $2410 (TP3)

🔴Technical Status: XAUUSD: 📌
D1 SMA100-P (2357.38) Buy🔺
H4 SMA100-P (2419.00) Buy🔺
H1 SMA100-P (2470.15) Buy🔺
H4 SMA200-P (2420.14) Buy🔺