👉Today Market Analysis
⭐️Product: XAU/USD
🎯Prediction: Increase
📊Fundamental Analysis:
Gold price (XAU/USD) rallied nearly 2% on Thursday and snapped a four-day losing streak in the wake of rising bets for bigger interest rate cuts by the Federal Reserve (Fed) in September. Apart from this, fears of a wider Middle East conflict turned out to be another factor that drove flows towards the safe-haven precious metal. The
strong intraday positive move, meanwhile, seems rather unaffected by some follow-through US Dollar (USD) buying, which tends to undermine demand for the commodity.
📊Technical Analysis:
From a technical perspective, the recent bounce from the 50-day Simple Moving Average (SMA) support and the subsequent move up favors bullish traders. Moreover, oscillators on the daily chart have again started gaining positive traction and suggest that the path of least resistance for the Gold price is to the upside. Hence, some follow-through strength towards the next relevant hurdle, near the $2,448-2,450 region, looks like a distinct possibility. The momentum could extend further towards challenging the all-time top near the $2,483-2,484 area touched in July. The latter is closely followed by the $2,500 psychological mark, which if cleared decisively will set the stage for a further near-term appreciating move
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