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GOLD is breaking bullish structure, pay special attention to FedOANDA:XAUUSD fell to its lowest level in 2 weeks when demand for the US Dollar in the market recovered. A Federal Reserve rate cut in September is looking less and less likely, which is causing some selling pressure on gold. Investors will focus on today's (Friday) speech by Federal Reserve Governor Waller, US durable goods orders and the University of Michigan's consumer confidence index report. Strong U.S. economic data pushed U.S. Treasury yields and the dollar higher, which in turn weighed on gold prices. S&P Global said the US Composite Purchasing Managers' Index (PMI), which tracks manufacturing and services sector activity, rose to 54.4 in May, its highest level since April 2022. Other data released on Thursday showed the number of people filing for unemployment benefits in the US fell to 215,000 last week, the biggest two-week drop since last September. Minutes from a Federal Reserve meeting released Wednesday showed that officials still believe price pressures will gradually ease over at least the next few months, but some officials said they were ready to support spending increases. borrowing costs if inflation spikes. Notable data and events of the day Fed Governor Waller is scheduled to speak on Friday. Hawkish comments from Federal Reserve policymakers could put pressure on gold prices. It's worth noting that higher interest rates typically hurt gold prices because they increase the opportunity cost of investing in gold. In addition, US durable goods orders and the University of Michigan's consumer confidence index will also be published. The preliminary value of US durable goods orders for April will be published, with the monthly rate expected to decrease by 0.8 %, after increasing 2.6% in March. The final value of the University of Michigan's Consumer Confidence Index for May will be announced and is expected to be 67.5. Fed Governor John Waller, who has been hawkish on the Fed's rate-hike cycle, said Tuesday that he would need to see good inflation data for several more months before starting to cut rates. “In the absence of significant weakness in the labor market, I would need to see good inflation data for several more months before I feel comfortable making a move,” Waller said at the Peterson Institute for International Economics in Washington. support the loose monetary policy stance." Waller and other Fed officials have recently emphasized that the central bank may need to keep interest rates steady for longer than previously expected. Policymakers have not adjusted the benchmark interest rate, currently at a 23-year high, since last July. Fundamentally, traders need to pay special attention to the speech of Fed Governor Waller, who is a hawkish Fed official and Waller is very likely to follow up with further comments. causing pressure on gold prices. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold broke most of the key technical levels and broke the technical structure that favors the upside. The drop below the trend and EMA21 is providing further downside risk to gold prices. In the immediate future, gold has a support at the technical level of 2,325 USD, and in case this technical level continues to be broken, gold will be eligible to move towards the level of 2,305 - 2,300 USD in the short term. The relative strength index (RSI) is pointing down but is still far from the oversold area, suggesting that gold prices still have room to decline further on the daily chart. From the technical level of 2,325 USD, the possibility of technical recovery is also limited by the EMA21 level which is currently the closest resistance, noticed by the technical point of 2,344 USD. During the day, gold's technical outlook leans more bearish with limited recovery and notable price levels are listed below. Support: 2,324 – 2,305USD Resistance: 2,344USD 🪙SELL XAUUSD | 2370 - 2368 ⚰️SL: 2374 ⬆️TP1: 2363 ⬆️TP2: 2358 🪙BUY XAUUSD | 2288 - 2290 ⚰️SL: 2284 ⬆️TP1: 2295 ⬆️TP2: 2300
OANDA:XAUUSD
by Xayah_trading
GOLD Rebounds as US Growth Slows: Detailed AnalysisGold experienced a notable rebound on Thursday after the second estimate of US first-quarter GDP growth revealed a downward revision to an annualized 1.3% from the initial estimate of 1.6%. This revision reflects weaker consumer spending, which has important implications for inflation and monetary policy. The slower GDP growth is attributed to a decline in consumer spending, a critical component of economic activity. This deceleration is expected to help contain inflationary pressures, thereby influencing the Federal Reserve's (Fed) policy trajectory. As a result of these developments, market participants now anticipate a more dovish stance from the Fed, potentially leading to lower interest rates in the near future. The impact of the revised GDP figures was immediately felt in the bond markets. The yield on the US 10-year Treasury note, which had reached a four-week peak of 4.63%, retreated to 4.55%. This decline in yields made the US Dollar less attractive, providing support for gold prices. From a technical perspective, our analysis aligns with previous forecasts that anticipated a bullish impulse for gold. The price action is currently finding significant liquidity from key demand areas, suggesting that the market is preparing for a further upward movement. Our initial target remains at $2,400, based on the technical signals and market conditions. The footprint analysis reinforces this outlook. It shows that gold prices are drawing liquidity from the demand zones established in the previous trading sessions. This accumulation of liquidity is a positive sign, indicating that buyers are stepping in at these levels, thus supporting a higher price trajectory. In summary, the combination of weaker-than-expected US GDP growth, reduced consumer spending, and declining Treasury yields has created a favorable environment for gold. The technical indicators also support a bullish outlook, with the price action confirming our expectations of a continued upward trend. Investors should monitor upcoming economic data and Fed communications for further insights into the potential direction of gold prices. Gold Futures H4 Footprint Gold Futures Daily Footprint Chart
OANDA:XAUUSDLong
by FOREXN1
2
Gold Market Update: Geopolitical Tensions and Fed Rhetoric On Tuesday, the US Dollar gained renewed strength during the American trading session as risk sentiment deteriorated due to escalating geopolitical tensions between Israel and Gaza. Concurrently, hawkish comments from Minneapolis Federal Reserve (Fed) President Neel Kashkari drove US Treasury bond yields higher, which in turn boosted the Greenback from its weekly lows against major currencies. Geopolitical Developments Israeli forces shelled a tent camp in a designated “safe zone” west of Rafah, resulting in the deaths of at least 21 people, including 13 women and girls. This incident marks another mass killing of Palestinian civilians. In response, the UN Security Council convened an emergency meeting to address Israel’s ground invasion of Rafah. Additionally, Spain, Ireland, and Norway formally recognized the state of Palestine, further intensifying geopolitical tensions. Market Reaction These developments led investors to seek safety in the US Dollar, reducing the appeal of Gold as a traditional safe-haven asset. The flight to the Greenback underscores the market's preference for stability amid heightened uncertainty. Technical Analysis: Gold From a technical perspective, Gold is currently retesting areas with a high concentration of bullish orders on the Footprint Daily chart. Despite the recent pullback, the outlook remains positive, and we maintain a long position on Gold. The ongoing geopolitical tensions and fluctuating risk sentiment are expected to continue influencing Gold prices in the near term. Summary The combination of escalating geopolitical tensions and hawkish Fed rhetoric has reinforced the US Dollar's position, while the technical setup for Gold suggests potential for further gains following the recent correction. Investors should closely monitor developments in the Middle East and upcoming Fed statements for further market cues.
OANDA:XAUUSDLong
by FOREXN1
1
GOLD → The news will determine the medium-term outlookFX:XAUUSD is updating the low and forming a false break of support. Fundamental and technical background is negative. A quick retest of 2328 may lead to a fall, but there is NEWS ahead! Before the news, gold goes into a local flat 2360 - 2330. The market is gathering potential and liquidity before the news. GDP and Initial Jobless Claims are ahead. This time traders expect an extremely low GDP: 1.6% This is generally negative for the US market, in general this figure is logical based on general market indicators, but traders pay attention to the actual data. It is also worth paying attention to Initial Jobless Claims. Technically, under the current circumstances, a decline is possible after a retest of resistance. But, if the news is contradictory, the price may break the resistance, consolidate above 0.236 Fibo and head towards 0.618 (25-30% probability). Resistance levels: 2343, 2347, 2354 Support levels: 2335, 2328, 2306 The gold market is dominated by bears on the background of general economic conditions. Globally, the trend is still bearish and a correction is forming within it. Today is a purely fundamental day and you should not get into the market before the news. Regards R. Linda!
FX:XAUUSDShort
by RLinda
7
GOLD → Break of the support of consolidation. Next is 2300?FX:XAUUSD is still bearish. The price is trying to leave the corrective range, which is formed after the false breakdown of support. The market is preparing to go lower. On the 1H timeframe it is becoming clear who is showing dominance in the market. There is no strong buy yet, apparently, before the GDP and PCE publication on Thursday and Friday, no one dares to enter the market early. (Presumably, the dollar may get another dose of support, which could weaken gold even more). I think that in the short term the price may retest 2335. Resistance levels: 2354, 2364 Support levels: 2335, 2328, 2306 Consolidation of the price below the previously broken local uptrend support (dotted line), will be a confirmation of the market's intention to go down. A quick retest of 2335 may lead to a break of support and further fall to 2300 Regards R. Linda!
FX:XAUUSDShort
by RLinda
6
GOLD → Consolidation before distribution. $2,400 or $2,300?FX:XAUUSD after a false breakdown of the support of the range is forming a correction, but within the upward consolidation channel. The fundamental background is still negative. There is no strong news in the next two days, so the fundamental background remains the same. There is no strong buyer on the market yet and thus, gold may continue its downward movement if it breaks through the support area: the rising line or the approximate area of 2340. A break of the local uptrending support line will move the market into the realization phase, which will be a continuation of the decline. The structure may be broken if the price rises and consolidates above 2354. In this case, the price may head towards 2374. Resistance levels: 2354, 2358, 2370 Support levels: 2340, 2335, 2325 I expect that with high probability the decline may continue. But in the phase of waiting for strong news (Thursday and Friday), the market may gather liquidity. Regards R. Linda!
FX:XAUUSDShort
by RLinda
6
GOLD corrects strongly, FOMC minutes, main trend areaGold fell sharply under pressure from profit-taking activities in the market and the Fed's (FOMC) meeting minutes. According to the Federal Open Market Committee meeting minutes, although US monetary policy has become a secondary factor in the gold market, continued inflation could cause additional selling pressure as it could force The Federal Reserve must adjust its monetary policy, personally, the Fed is unlikely to increase gold interest rates again. Gold's rally cooled as investors took profits and traders cut bets on the Federal Reserve cutting interest rates this year. With the release of the Federal Reserve meeting minutes, market expectations of the Federal Reserve cutting interest rates continued to decline, leading to increased purchases of the US Dollar, making gold expensive. than for holders of other currencies. According to minutes from the U.S. central bank's April 30-May 1 meeting, Fed officials said it will take longer than previously expected to build confidence that inflation will pick up. 2%. OANDA:XAUUSD is known as an inflation hedge, but the opportunity cost of holding this non-yielding asset increases as interest rates rise. Recent economic data shows inflation trending downward, but Fed policymakers said the central bank should wait a few more months to ensure inflation actually returns to its 2% target first. when cutting interest rates. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold broke through most of the key technical levels and it is now also in a key price area for a technical bullish outlook with a long-term downtrend and moving averages 21 days (EMA21). In the immediate future, if the gold price returns above the 0.236% Fibonacci level, it will have enough conditions to recover with a short-term uptrend from the price channel. During the day, the trend of gold price is still downtrend with notable technical levels that will be listed as follows. Support: 2,366 – 2,353USD Resistance: 2,384 – 2,400 – 2,410USD 🪙SELL XAUUSD | 2406 - 2404 ⚰️SL: 2410 ⬆️TP1: 2399 ⬆️TP2: 2394 🪙BUY XAUUSD | 2344 - 2346 ⚰️SL: 2340 ⬆️TP1: 2351 ⬆️TP2: 2356
OANDA:XAUUSD
by Xayah_trading
1
Continue to adjust, pay attention to $2,400 level, FOMC minutesIn the Asian market on May 22, spot gold suddenly dropped in the short term but did not affect the main trend. Gold price fell sharply from the highest level of the session as of the time this article was completed, which was 2,426 USD/oz, and set a new intraday low at 2,412 USD/oz. OANDA:XAUUSD fell from record highs earlier this week as the Federal Reserve became cautious about cutting interest rates. However, geopolitical risks in the Middle East still boost safe-haven demand, which could limit the decline in gold prices. Fed Governor John Waller said Tuesday that it will take "several more months" of good inflation data before considering an interest rate cut. Atlanta Fed President Bostic said Tuesday he is in no rush to cut interest rates but wants to wait longer to ensure inflation doesn't start to fluctuate. Fed officials warned the Fed needs more evidence that inflation is easing before it starts cutting interest rates, emphasizing that the Fed could keep interest rates high for a longer period of time. This could boost the US Dollar and put gold prices in US Dollars under pressure. Gold's decline may be limited amid US-China trade tensions, geopolitical tensions in the Middle East and strong demand from central banks and buyers in Asia, which could support gold subsidy. Later in the trading day on Wednesday, gold traders will closely monitor the minutes of the US Federal Open Market Committee (FOMC) meeting and Goolsby's speech from Federal Reserve officials. Analysis of technical prospects for OANDA:XAUUSD Gold has adjusted down, but the downward adjustments are not damaging the main uptrend with the uptrend from the short-term price channel and the main uptrend trend. During the day, the uptrend in gold prices will be noticed by support levels from 2,410 – 2,400 USD and as long as gold remains in the price channel, it will still have a technical upside prospect. Even if gold is sold off below the 0.236% Fibonacci extension, the decline will still be limited by support from the trend and EMA21. Overall assessment, the technical picture for gold prices will continue to lean towards the possibility of price increase with short-term technical levels noted as follows. Support: 2,410 – 2,400USD Resistance: 2,430 – 2,450USD 🪙SELL XAUUSD | 2443 - 2441 ⚰️SL: 2447 ⬆️TP1: 2436 ⬆️TP2: 2431 🪙BUY XAUUSD | 2396 - 2398 ⚰️SL: 2392 ⬆️TP1: 2403 ⬆️TP2: 2408
OANDA:XAUUSD
by Xayah_trading
XAUUSD: Close to the best medium term buy entry.Gold is neutral on its 1D technical outlook (RSI = 50.016, MACD = 12.800, ADX = 25.902) as it completed today the second green 1D candle in a row. We don't think that the current bearish wave of the 1 month Channel Up has bottomed yet, since the HL trendline is a little lower around 2,315. We are prepared to buy after the 1D RSI crosses over its MA trendline and validates the bullish breakout. As with the May 20th HH, we are targeting the 1.236 Fibonacci extension (TP = 2,475). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDLong
by InvestingScope
1
GOLD → Correction after strong sell-offs. What's next?FX:XAUUSD is trading in the range of 2335-2397. Bulls are trying to keep the price from falling, countering the market in the 2330-2340 area. A rebound may reach local liquidity zones. At the moment the market is bearish but also volatile. Any news could have a strong impact on the dolar and gold. In the mid-term, since after a false break of support a rebound is forming, which is developing within a possible fourth wave, this movement may reach the local liquidity areas 2354, 2368 before a possible further fall. It is worth paying attention to the nearest resistance areas and any market reaction in the form of weakness may give a corresponding reaction - a decline. Resistance levels: 2354, 2368, 2374 Support levels: 2335 Today is a holiday in the USA and the market volatility may be low. A correction is forming, the purpose of which is to collect liquidity. The fall may continue from local reversal zones. Regards R. Linda!
FX:XAUUSDShort
by RLinda
6
GOLD corrects, uptrend remains stable, market newsOn the Asian market, gold is delivered immediately OANDA:XAUUSD suddenly dropped sharply from the session's high of 2,433.13 USD/ounce. Gold price has just touched 2,410 USD/ounce, setting the lowest level of the day as of the time this article was completed. News of the death of the Iranian president has increased tensions in the region and gold prices have increased due to safe-haven demand. However, comments from Federal Reserve Vice Chairman Michael Barr put pressure on gold prices. Barr, the Fed vice chairman for regulatory affairs, said Monday that interest rates will need to remain at current levels for longer to bring inflation back to the sustainable target level. “The Fed needs to give tightening policy more time to continue to work,” Barr said. New geopolitical news in the Middle East New news from the Middle East situation on May 20, the prosecutor of the International Criminal Court applied for an arrest warrant for Israeli Prime Minister Netanyahu and Defense Minister Galante on suspicion of war crimes. According to the prosecutor's statement, prosecutors have "reasonable grounds to believe" that Prime Minister Netanyahu and Israeli Defense Minister Galante are responsible for the "war crimes and counterattacks" that occurred. in the Gaza Strip “from at least October 8, 2023”. Traders are monitoring developments in the Middle East after Iran's president and foreign minister were killed in a helicopter crash. Additionally, in Saudi Arabia, OPEC's largest oil producer, King Salman is being treated for a lung infection. In general, the market is lacking truly notable developments that create significant fluctuations, so gold is likely to correct, but in terms of the overall picture, although gold prices are limited in their upward momentum by comments from officials. Fed, but it still has a lot of fundamental room to increase prices. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold has corrected significantly from its new all-time high set yesterday, a correction that was also price point to the 0.382% trend-following Fibonacci extension. However, the gold price still has an uptrend mainly from trend and a short-term uptrend from price channel and all the support and technical conditions support the possibility of price increase. Once gold breaks the 0.382% Fibonacci extension level, it will continue to open a new bullish cycle with a new era high targeted at the 0.50% Fibonacci point. As long as gold remains above the original price point of 2,400 USD and the 0.236% Fibonacci level along the price channel, it still has short-term bullish prospects. During the day, the uptrend in technical gold prices will be noticed again by the following price levels. Support: 2,400 – 2,398USD Resistance: 2,422 – 2,430USD 🪙SELL XAUUSD | 2457 - 2455 ⚰️SL: 2461 ⬆️TP1: 2450 ⬆️TP2: 2445 🪙BUY XAUUSD | 2389 - 2391 ⚰️SL: 2385 ⬆️TP1: 2396 ⬆️TP2: 2401
OANDA:XAUUSD
by Xayah_trading
GOLD → There is no big buyer in the market. Moving to 2300?FX:XAUUSD continues to update lows amid a bearish wave based on fundamental (economic) reasons. The market after a pullback may be willing to continue falling. On D1 the outlook and situation is in the hands of bears. There is no big buyer on the market, who could turn the market around (not yet). Accordingly, a correction is forming due to liquidity captured by the false breakdown relative to 2335. Within the counter-trend correction, the price may test the density zone of 2354 before further declines. A pre-breakdown consolidation or a quick retest of 2335 will form the potential for further decline. Resistance levels: 2354, 2374 Support levels: 2335, 2306 False breakdown and stop from 2335 is most likely temporary. Keep an eye on local resistances, a false breakdown could be a motivation for sellers. Regards R. Linda!
FX:XAUUSDShort
by RLinda
4
GOLD → The mood has shifted to bearish. A correction?FX:XAUUSD is forming a bearish wave, within which it is declining from 2400 to 2350. The price is testing strong support amid the changing sentiment. Within a bullish trend, after testing the high of 2450, the market catches up with a correction wave based on fundamentals. The market is caught by a wave of sell-offs, which can be continued after a pullback and retest of local areas of liquidity. From 2354 we expect a rebound to the above-mentioned areas and further we should follow the price reaction to the liquidity areas. Initial Jobless Claims and Purchasing Managers' Index are ahead. Traders are neutral towards the dollar, but amid the general policy, the dollar index may get support, which may have a peculiar effect on the gold, until the market finds new reasons to rise. Resistance levels: 2374, 2383, 2397 Support levels: 2354, 2336, 2306 Technically and fundamentally the market is still bullish, but a correction is forming within the uptrend, which may take a little longer. Regards R. Linda!
FX:XAUUSD
by RLinda
13
XAUUSD Possible consolidation for the whole Summer.Gold (XAUUSD) is seeing strong selling this week following Monday's High, which was also an All Time High (ATH). The rejection took place very close to the Higher Highs trend-line that started back in early 2023. So far this is just a technical pull-back to test the 1D MA50 (blue trend-line) for the first time since February 29, and not a stronger correction. Both the price action though and the 1D MACD patterns, resemble the trading sequences of April - May 2023 and November - December 2023. After the Higher High top, they both turned sideways for 3 months and both hit the 1D MA100 (green trend-line). The April - May 2023 even dropped lower but the September 2023 correction was done on fundamentals and not technical reasons. As a result, we expect the next three months, i.e. the whole Summer to be at least a sideways price action/ consolidation, which by mid July may make contact with the 1D MA100. What this tells us is there will be opportunities to buy low and sell high in order to make profit on the medium-term. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
1
Hawkish RBNZ meeting buoys NZDUSDThe Reserve Bank of New Zealand (RBNZ) has warned about high domestic inflation despite having one of the highest interest rates among major central banks. The committee discussed raising rates but acknowledged that the economy can't handle it. As a result, markets have postponed expectations of a rate cut to November. The NZD/USD has been steadily rising since April, even after breaking above the longer-term trendline resistance. While the Kiwi dollar is approaching overbought conditions, there is still potential for short-term gains. The next major resistance level is at 0.6200, but first, a test of yesterday's high at 0.6152 is needed. If there is a pullback, prices could settle around the 0.6050 level, which aligns with the 200 SMA.
by Xayah_trading
CPI continues to push, new short uptrend, raw price $2,400Data showed US consumer prices rose less than expected in April, raising the possibility of an interest rate cut by the Federal Reserve, the dollar weakened and US Treasury yields fell, gold prices rose because expectations of interest rate cuts will make haven assets like gold more attractive. A gauge of core U.S. inflation cooled in April for the first time in six months, a small step in the right direction for Fed officials looking to start cutting interest rates this year. Bureau of Labor Statistics data also showed that year-over-year gains fell to a three-year low. The Fed is attempting to ease price pressures by weakening demand across the economy. The report released by the US Bureau of Labor Statistics on Wednesday showed that, after seasonal adjustment, the US Consumer Price Index (CPI) increased 3.4% year-on-year in April, matches expectations. The CPI in March increased by 3.50% over the same period last year. US CPI in April increased by 0.3% over the previous month, lower than the expected 0.40%, and CPI in March increased by 0.40% over the previous month. This is the first time in 6 months that the US CPI growth rate has decreased. According to the CME FedWatch tool, traders now see about a 74% chance the US will cut interest rates in September. Analysis of technical prospects for OANDA:XAUUSD After breaking the $2,366 level yesterday, gold has also confirmed the breakout of the falling price channel and now the target increase could be aimed at the raw price point of $2,400 in the short term and more to the $2,417 level. In addition, gold also forms an increasing price channel in the short term and this will technically be the trend price channel for gold prices in the near future. As long as gold remains above the EMA21 and within the price channel, the outlook is technically bullish. During the day, the uptrend in gold prices will be noticed by the following technical levels. Support: 2,377 – 2,366USD Resistance: 2,400 – 2417USD 🪙SELL XAUUSD | 2411 - 2409 ⚰️SL: 2415 ⬆️TP1: 2404 ⬆️TP2: 2399 🪙BUY XAUUSD | 2364 - 2366 ⚰️SL: 2360 ⬆️TP1: 2371 ⬆️TP2: 2376
OANDA:XAUUSD
by Xayah_trading
3 Fed officials released many comments, GOLD has a narrow rangeOANDA:XAUUSD after a correction on Thursday, it remained within a short-term uptrend and the market was affected by some comments from Fed officials. Three senior Fed officials said the central bank should keep interest rates high longer as policymakers await more evidence of slowing inflation, suggesting officials are in no rush to cut interest rates. Hawkish comments from Federal Reserve officials have supported the dollar and put pressure on gold prices, limiting the upside potential for gold prices. Cleveland Fed President Loretta Mester, New York Fed President John Williams and Richmond Fed President Thomas Barkin all said Thursday that inflation could take longer to reach the 2% target. • Mester said Thursday at an event in Wooster, Ohio: “Incoming economic information suggests that it will take longer to reach the inflation target, we have many limitations and need to maintain longer policy,” said Mester, who has the right to cast a deciding vote this year. • Williams, the Fed's "No. 3 voice," made similar comments in an interview with Reuters published on Thursday, saying he saw no reason to adjust monetary policy bad right now. “I don't expect to see the greater confidence we need to see in the short term that inflation is moving towards the 2% target,” Williams said. • Barkin told CNBC on Thursday that demand will need to cool further for inflation to reach the Fed's target. He noted that commodity inflation has dropped significantly as supply chains have been repaired. “To get to 2% sustainably in the right way, I think it's going to take a while,” said Barkin, who also has a vote on policymaking this year. • Federal Reserve Chairman Jerome Powell said Tuesday that officials will “need to be patient and let restrictive policies work.” Fundamentally, gold is being constrained by comments from Fed officials yesterday, but looking ahead it is clear that the longer term path remains supportive as market sentiment Overall, it shows that the Fed will cut interest rates. Once interest rates are cut, gold prices will continue to increase because gold prices priced in Dollars will become more attractive when the US Dollar weakens. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is trading in a fairly narrow range after yesterday's short correction. However, the main short-term trend is still maintained as an uptrend with the price channel as the main trend. As long as gold remains above the 21-day moving average EMA21, it is still supported in the medium term. Only when gold is sold off below EMA21 to return to operating within the price channel will a more negative situation be eligible to occur, meaning that open long positions should be protected behind EMA21. On the other hand, at the present time gold is still expected to increase with a short-term target level at the original price of 2,400 USD and more than 2,417 USD. During the day, the rising prospect of gold prices will be noticed by the following technical levels. Support: 2,376 – 2,366USD Resistance: 2,400 – 2,417USD 🪙SELL XAUUSD | 2411 - 2409 ⚰️SL: 2415 ⬆️TP1: 2404 ⬆️TP2: 2399 🪙BUY XAUUSD | 2356 - 2358 ⚰️SL: 2352 ⬆️TP1: 2363 ⬆️TP2: 2368
OANDA:XAUUSD
by Xayah_trading
GLD: Bearish Alternate Bat HOP Level Reached: Reversal LikelyThe yields within the bond market are hinting towards a reversal in Gold and potentially other metals today, however, Gold right now is sitting at the HOP level of a Bearish Alt-Bat. If GLD were to reverse here, we would see it as a type 2 return which could result in Bearish price-Action beyond just the intra week but extended to the entire macro trend as a whole. I will be playing this via multiple OTM /GC Bear Put Vertical Spreads on the monthlies and may potentially start playing cheaper bearish plays on a week by week basis.
AMEX:GLDShort
by RizeSenpai
GOLD → Traders don't know what to do. Struggle for 2417FX:XAUUSD is stopping and forming a consolidation between 2400-2450, but at the moment the consolidation resembles a descending triangle. What's going on? The price breaks the local ascending support line in the correction phase, which makes traders panic (some start selling, others start actively buying). But the candlestick setup suggests that the buyer is still in the game. The market maker may shake down to liquidate traders. A retest of 2407-2400-2397 (ascending support line) is possible before further growth. The trend is bullish ( locally and globally ), while the market is waiting for the FOMC speech, which will be held today at 18:00GMT Resistance levels: 2417, 2426 Support levels: 2406, 2400 FOMC comments may warm up the crowd. Gold traders are in neutral stance for now and forming a range due to lack of understanding of the local environment. Consolidation above 2417 will renew the bullish potential. Regards R. Linda!
FX:XAUUSDLong
by RLinda
23
XAUUSD. Weekly trading levels 20 - 24.05.2024Not much has changed on Gold. We haven’t been to the top yet, there’s no data there. If we update the historical maximum, you can find out more in the Daily Gold posts. During the week you can trade from these price levels. Finding the entry point into a transaction and its support is up to you, depending on your trading style and the development of the situation. Zones show preferred price ranges WHERE to look for an entry point into a trade. If you expect any medium-term price movements, then most likely they will start from one of the zones. Levels are valid for a week, the date is in the title. Next week I will adjust the levels based on new data and publish a new post. ! Please note that brokers have a difference in quotes, take this into account when trading. The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :) ---------------------------------------------- I don’t play guess the direction (that’s why there are no directional arrows), but zones (levels) are used for trading. We wait for the zone to approach, watch the reaction, and enter the trade. Levels are drawn based on volumes and data from the CME. They are used as areas of interest for trading. Traded as classic support/resistance levels. We see the reaction to the rebound, we trade the rebound. We see a breakout and continue to trade on a rollback to the level. The worst option is if we revolve around the zone in a flat. Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern. Don't forget to like Rocket and Subscribe!!! Feedback is very important to me!
FOREXCOM:XAUUSD
by Forex_Hoby
Fed is "hawkish", GOLD corrects and stays above EMA21OANDA:XAUUSD remains weak on the recovery of the US Dollar and the release of the US Producer Price Index (PPI) and Consumer Price Index (CPI) later this week will be the focus of market attention. Traders need to prepare for a busy period of economic data and events in the United States (US), which will include inflation data, retail sales data and a speech from the Chairman of the Reserve Federal Jerome Powell on May 14. Earlier Monday, Federal Reserve Vice Chairman Philip Jefferson spoke to the media during a question-and-answer session at the Cleveland Fed. He said it would be appropriate to keep interest rates steady until there is further evidence that inflation will return to the central bank's 2% target. Jefferson described the Fed's policy as restrictive and said the lack of progress in inflation in the first quarter was worrying. Meanwhile, the US Bureau of Labor Statistics (BLS) is expected to release April consumer and manufacturing inflation data on May 14-15. If price pressures pick up again, the Fed could keeping interest rates higher “longer” and of course this is not beneficial for gold prices. Rising inflation expectations suggest the Fed may continue to delay expected interest rate cuts. This is not good for gold because higher interest rates increase the opportunity cost of holding gold compared to interest-earning assets like bonds or cash. Hawkish comments from Federal Reserve officials continued to factor into a sharp correction in gold prices on Monday. According to IMF data, Singapore increased its gold holdings by 4,448 tons to 236,610 tons in March 2024; Iraq increased its gold holdings by 3,079 tons to 145,661 tons in February 2024; Poland increased its gold holdings by 11,626 tons to 145,721 tons; 4,666 tons to 363,371 tons in April 2024. Technical analysis of OANDA:XAUUSD outlook On the daily chart, although the gold price has corrected significantly from the upper channel edge to maintain the main downtrend price channel, the correction from the $2,366 technical point is of note to readers in the release of the issue. The interim week is also being constrained by the EMA21 level and the technical point of 2,330USD. The fact that gold is still above EMA21 does not make it eligible to fall more. However, once gold moves below $2,330 it will be eligible for more declines with the highest short-term target being the 0.236% Fibonacci retracement level. During the day, gold is still trending downward and notable technical levels will be listed as follows. Support: 2,335 – 2,330USD Resistance: 2,353 – 2,366USD 🪙SELL XAUUSD | 2356 - 2354 ⚰️SL: 2360 ⬆️TP1: 2349 ⬆️TP2: 2344 🪙BUY XAUUSD | 2305 - 2307 ⚰️SL: 2301 ⬆️TP1: 2312 ⬆️TP2: 2317
OANDA:XAUUSD
by Xayah_trading
1
PPI rises, but GOLD is supported by USD and YieldsOANDA:XAUUSD remained strong as the Dollar and US Treasury yields weakened, although data showed US producer prices rose more than expected in April, suggesting inflation remained high. Federal Reserve Chairman Jerome Powell said Tuesday that his confidence that inflation will continue to cool is no longer as high as it was at the beginning of the year and that the Fed needs to be patient before cutting interest rates. “I would say (the producer price index) is actually quite mixed,” Powell said. As for when the Fed will cut interest rates, Powell noted that the Fed's current restrictive stance may take "longer than expected to take effect and reduce inflation." “I do think the real issue is keeping policy at current interest rates longer than expected,” Powell said. According to the latest producer price index (which measures the price of goods produced by manufacturers), wholesale prices rose 0.5% month-on-month in April, above the market consensus of 0. 3%. Excluding the volatile food and energy categories, "core" PPI also rose 0.5% in April, exceeding expectations for a 0.2% increase. However, it is worth noting that the monthly price increase in March was revised down to 0.1% from the initial increase of 0.2%. U.S. producer prices rose more than expected in April as the cost of services and goods rose sharply, prompting traders to cut bets on the first interest rate cut in September. As a basic rule, the newly released PPI data is not beneficial for gold prices. However, because the Dollar and US Bond Yields faked together, gold was chosen and increased in price. According to CME "Fed Watch" data, the probability of the Fed keeping interest rates unchanged in June is 96.7% and the probability of cutting interest rates by 25 basis points is 3.3%. Gold is considered a hedge against inflation, but higher interest rates increase the opportunity cost of holding non-yielding gold. The focus now turns to US consumer price data due today (Wednesday), which could provide clearer guidance on Federal Reserve interest rate cuts this year . Analysis of technical prospects for OANDA:XAUUSD Gold has increased significantly after receiving support from EMA21, which readers noticed in previous publications. However, the gains were limited by the price channel with an important resistance level noted at 2,366USD. In the short term, if gold breaks and rises above the $2,366 technical level it will be eligible for further upside with confirmation of a bearish channel being broken above. This means that open short positions should be reasonably protected behind the $2,366 level. On the other hand, at the time this publication was being completed, gold was still trending down from the price channel, with a new downtrend to be opened if gold managed to fall below the EMA21, confirmed by a drop below 2,330USD level, then the target level is noticed at the 0.236% Fibonacci point. In the short term, gold still tends to decrease in price and the bullish case is noted by readers above. Below are the notable technical levels for the day. Support: 2,335 – 2,330USD Resistance: 2,360 – 2,366USD 🪙SELL XAUUSD | 2393 - 2391 ⚰️SL: 2397 ⬆️TP1: 2386 ⬆️TP2: 2381 🪙BUY XAUUSD | 2321 - 2323 ⚰️SL: 2317 ⬆️TP1: 2328 ⬆️TP2: 2333
OANDA:XAUUSD
by Xayah_trading