XAU/USD Update: Bear...من Gurdip Singh

07 Aug 2024, 13:56 · Views 2,389

XAU/USD Update: Bearish Trend Ahead? Prediction: Increase Fundamental Analysis: XAU/USD continues to dip, trading around $2,380 as market panic subsides. Stock markets are rebounding, reducing gold’s appeal, while US bond yields rise, strengthening the US Dollar. Despite concerns about the US economy, expectations for significant interest rate cuts persist. Technical Analysis: Gold is testing the 50% Fibonacci retracement of its June/July rally at $2,388.70, with technical indicators suggesting a bearish outlook. Recent support around $2,411.20 may weaken, while the 4-hour chart shows stronger bearish signals. Support Levels: 2,372.90, 2,366.00, 2,352.40 Resistance Levels: 2,411.20, 2,424.10, 2,438.80 For detailed insights, click the link: https://shorturl.at/Fwn9p

إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.

الرد 0

اترك رسالتك الآن

انضم إلى مجتمع التداول

اكتشف أفضل الاستراتيجيات

تابع المتداولين الخبراء

انسخ الصفقات على الفور

أكثر من 1 مليون متداول في جميع أنحاء العالم

ذات الصلة

Gurdip Singh

89 Posted · 258 Followers

Business Development Manager At KVB Can find me at WhatsApp : +601131429510

المزيد

Product: XAU/USD Prediction: Increase Fundamental Analysis: * Recently, the glitter of spot gold dimmed as it slipped below $2,400, despite briefly touching highs above $2,430. Initially fueled by a weaker dollar and hopes of a Fed rate cut, the precious metal lost its shine due to profit-taking and a surge in U.S. Treasury yields, closing down 0.51% at $2,396.86. * A notable rise in the U.S. 10-year Treasury yield to 4.274% added pressure, traditionally unfavorable for gold. The focus now shifts to upcoming U.S. economic data—Thursday’s Q2 GDP and Friday’s PCE price index—to gauge inflation, crucial for the Fed's policy stance. Technical Analysis: * On the technical front, the Relative Strength Index (RSI) remains bullish but is showing signs of flattening, indicating uncertainty among traders. * Key support levels are identified: A drop below $2,384 could trigger a deeper correction towards the 50-day Simple Moving Average (SMA) at $2,359, with further downside potential to the 100-day SMA around $2,315. * Conversely, breaking above Wednesday's high of $2,430 would pave the way for resistance levels at $2,450, the all-time high of $2,483 per ounce, and potentially targeting the psychological barrier of $2,500. In summary, while challenges persist with rising yields and profit-taking, the technical setup suggests potential upward momentum if key resistance levels are breached, making the journey to $2,500 an enticing prospect for gold bulls.

Gurdip Singh

Product: XAU/USD Prediction: Increase Fundamental Analysis: Gold rose to $2,395 due to expectations of a Federal Reserve rate cut following soft US inflation data. Despite a brief drop below $2,400 due to profit-taking and concerns over China’s economy, gold’s outlook remains positive. Upcoming US core PCE inflation data may support gold prices. Technical Analysis: Gold sellers are currently in control, with the 14-day RSI below 50. Key support is at the 50-day SMA ($2,360) and $2,350. Immediate resistance is at $2,387, with potential recovery targets at $2,412 and $2,425. The market shows a volatile mix of buyer and seller activity around these levels.

Gurdip Singh

Product: XAU/USD Prediction: Increase Fundamental Analysis: The price of gold has recently encountered a three-day decline, settling around $2,410 per ounce. This dip can be attributed to several influencing factors: A slight weakening of the US dollar. Speculation surrounding the upcoming US presidential election, particularly the potential resurgence of a "Trump trade" scenario favoring the US dollar and Treasury bond yields. Anticipation of a Federal Reserve interest rate hike in September, reducing the allure of non-yielding assets like gold. Despite these pressures, the outlook remains dynamic, shaped by ongoing market developments. Technical Analysis: Technically, gold has seen a recent downturn, touching approximately $2,410 during Friday's European trading session. This drop followed an inability to sustain above the critical $2,450 threshold. However, the short to long-term exponential moving averages continue to trend upward, underscoring a positive near-term outlook. Moreover, a significant support level is anticipated near the rising trendline from the February low of $1,984.30, reinforcing bullish sentiment. Although the 14-day Relative Strength Index (RSI) has declined to 58, signaling reduced upward momentum, the overall bias towards gold remains favorable. 📊 Key Takeaways: Fundamentals: Watch for US dollar strength and election-related speculations. Technicals: Support levels near the $2,410 mark and upward trending moving averages suggest resilience. 🔍 Stay informed as market dynamics unfold, and seize opportunities wisely! For more insights and updates: 🌐 Explore our official website: www.kvbplus.com 🔗 Register your account now: https://shorturl.at/kuscX #KVB #KVBOfficial #KVBGlobal #GoldAnalysis #MarketInsights #TradingTips #EconomicOutlook

Gurdip Singh

Product: XAU/USD Prediction: Increase Fundamental Analysis: Gold prices fell slightly, hitting $2,430 to $2,462, due to a stronger US Dollar from weak economic data and risk aversion. US manufacturing and job data were poor, causing volatility. Asian and European markets also declined on weaker data and central bank policies. Technical Analysis: XAU/USD is above the 23.6% Fibonacci retracement at $2,438.75, with near-term support around $2,410 from the 20 SMA. Although short-term momentum is pausing, the technical indicators and moving averages suggest the uptrend could continue.

Gurdip Singh

Product: XAU/USD Prediction: Increase Fundamental Analysis: Gold prices are near a recent low due to improved global risk sentiment. US dollar strength persists despite political uncertainties. Investors await key US economic data for further direction. Technical Analysis: Daily chart: XAU/USD holding above 20-day SMA, suggesting correction may end soon. 4-hour chart: Bearish trend persists below 20-SMA, indicating ongoing selling pressure. Overall Outlook: Short-term outlook remains cautious due to bearish signals on the 4-hour chart. Long-term bullish bias supported by daily chart indicators and SMA levels.

Gurdip Singh