XAUUSD H1 Analysis on 27/08/2024
- Gold prices surged, but profit-taking limited the gains. Gold ETF holdings have been increasing since late June, providing support for prices. Despite a decrease in demand from the PBoC, other central banks, such as the National Bank of Poland, continue to buy, targeting 20% of reserves in gold. These inflows, along with expectations of interest rate cuts, are expected to continue driving gold prices.
- XAUUSD has narrowed its recent gains after retreating near record highs, coinciding with the 100% Fibonacci extension level. If XAUUSD extends its decline and closes below the EMA21, a deeper correction towards the 2480 support level could occur.
Conversely, if XAUUSD breaks above 2530 and the upper boundary of the ascending channel, prices could extend their rise to 2570.
- XAUUSD has narrowed its recent gains after retreating near record highs, coinciding with the 100% Fibonacci extension level. If XAUUSD extends its decline and closes below the EMA21, a deeper correction towards the 2480 support level could occur.
Conversely, if XAUUSD breaks above 2530 and the upper boundary of the ascending channel, prices could extend their rise to 2570.
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