Currently buy xauusd still has the overall short-term technical
Global gold prices continued to fall this morning, with the spot gold price down $10.9 to $2,018.7 per ounce. Gold futures were trading at $2,037.5 per ounce, down $4.7 from the previous day.
Global gold remains under profit-taking pressure after hitting a record high of $2,152.3 an ounce on Monday. Gold's sharp drop following the sell-off resulted in a "significant trend reversal" on the chart. Daver. The chart shows that the uptrend has ended and a short-term market top has formed.
Experts at Canadian bank TD Securities believe that gold could come under selling pressure in the near future. After hitting a new all-time high, the precious metal has failed to maintain its gains and is currently trading near $2,000 an ounce, a key psychological level.
Gold began to soar in March when markets started expecting the US Federal Reserve to cut interest rates. According to the CME FedWatch tool, the market expects there is a 50% chance the Fed will cut rates. Rate cut in the first quarter of 2024. Experts at TD Securities said market expectations for rate cuts may be premature and warned that gold's bull run is over.
For now, the bulls still have the overall technical advantage in the near term and are aiming to break above the solid resistance at the all-time high of $2,152.30 per ounce. The bears' objective is to push futures prices below solid technical support of $2,000 per ounce.
Investors are awaiting next Friday's release of U.S. non-farm payrolls. This is an important employment report that is expected to influence the US interest rate outlook.
entry xauusd
buy 2013-2015
tp 2035
sl 2005
sell 2035-2040
tp 2020
sl 2045
Global gold remains under profit-taking pressure after hitting a record high of $2,152.3 an ounce on Monday. Gold's sharp drop following the sell-off resulted in a "significant trend reversal" on the chart. Daver. The chart shows that the uptrend has ended and a short-term market top has formed.
Experts at Canadian bank TD Securities believe that gold could come under selling pressure in the near future. After hitting a new all-time high, the precious metal has failed to maintain its gains and is currently trading near $2,000 an ounce, a key psychological level.
Gold began to soar in March when markets started expecting the US Federal Reserve to cut interest rates. According to the CME FedWatch tool, the market expects there is a 50% chance the Fed will cut rates. Rate cut in the first quarter of 2024. Experts at TD Securities said market expectations for rate cuts may be premature and warned that gold's bull run is over.
For now, the bulls still have the overall technical advantage in the near term and are aiming to break above the solid resistance at the all-time high of $2,152.30 per ounce. The bears' objective is to push futures prices below solid technical support of $2,000 per ounce.
Investors are awaiting next Friday's release of U.S. non-farm payrolls. This is an important employment report that is expected to influence the US interest rate outlook.
entry xauusd
buy 2013-2015
tp 2035
sl 2005
sell 2035-2040
tp 2020
sl 2045
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