Gold Analysis September 9
☘️Fundamental Analysis
Gold prices witnessed an intraday reversal from an all-time high and fell below the psychological $2,500 level after the release of key US monthly employment data on Friday. The mixed US employment report reduced the chances of the Federal Reserve (Fed) cutting interest rates by 50 basis points, which prompted some cover in the US dollar (USD) prices and weighed on the precious metal.
That said, concerns about a US recession dampened investors’ appetite for riskier assets and acted as a driver for safe-haven Gold prices. Additionally, the lack of progress in ceasefire talks between Israel and Hamas became another factor supporting XAU/USD during the Asian session on Monday. This warrants caution for bearish traders amid the prospect of an impending Fed rate cut cycle.
☘️Technical Analysis
Gold is below the 2500 round port level, in fact this port area is no longer strong enough to push gold prices lower. The area of interest in today's European session is around the 2507 Fibonacci 0.5 retracement zone and the 2512 Fibonacci final extension zone. These are two areas of interest for a SELL plan. When 2512 is broken, the downtrend on Friday is reversed. The main candle h4 is broken and ATH comes early this week, the expected level is 255x. The 2331 area is no longer valuable when gold pushes up. In the opposite direction, the 2470-2460 2433 area plays an important support role.
🌸Trading signal
SELL zone 2505 - 2507 Stoploss 2511
BUY zone 2484 - 2482 Stoploss 2479
BUY zone 2473 - 2471. Stoploss 2467
Gold prices witnessed an intraday reversal from an all-time high and fell below the psychological $2,500 level after the release of key US monthly employment data on Friday. The mixed US employment report reduced the chances of the Federal Reserve (Fed) cutting interest rates by 50 basis points, which prompted some cover in the US dollar (USD) prices and weighed on the precious metal.
That said, concerns about a US recession dampened investors’ appetite for riskier assets and acted as a driver for safe-haven Gold prices. Additionally, the lack of progress in ceasefire talks between Israel and Hamas became another factor supporting XAU/USD during the Asian session on Monday. This warrants caution for bearish traders amid the prospect of an impending Fed rate cut cycle.
☘️Technical Analysis
Gold is below the 2500 round port level, in fact this port area is no longer strong enough to push gold prices lower. The area of interest in today's European session is around the 2507 Fibonacci 0.5 retracement zone and the 2512 Fibonacci final extension zone. These are two areas of interest for a SELL plan. When 2512 is broken, the downtrend on Friday is reversed. The main candle h4 is broken and ATH comes early this week, the expected level is 255x. The 2331 area is no longer valuable when gold pushes up. In the opposite direction, the 2470-2460 2433 area plays an important support role.
🌸Trading signal
SELL zone 2505 - 2507 Stoploss 2511
BUY zone 2484 - 2482 Stoploss 2479
BUY zone 2473 - 2471. Stoploss 2467
Note
Gold price drifts lower for the second straight day amid reduced bets for a larger rate cut by the Fed.
An uptick in the US bond yields underpins the USD and further contributes to the intraday downfall.
Worries about an economic downturn in the US and geopolitical tensions should limit further losses.
Note
Plan sell 2505 -2507 + 100 pips full TP
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