☘️Fundamental Analysis
Gold prices traded above the 2520 resistance level after the European session. The gains came amid growing expectations that the US Federal Reserve (Fed) will start lowering borrowing costs in September. Lower interest rates are generally positive for Gold as they reduce the opportunity cost of holding non-interest-bearing assets.
Furthermore, escalating geopolitical tensions in the Middle East and economic uncertainty are likely to boost safe-haven demand, benefiting Gold prices. On the other hand, sluggish demand in the Chinese economy could weaken the yellow metal as China is the world’s largest producer and consumer of gold. Later on Monday, US Durable Goods Orders for July are due. The highlight of the week will be the US Preliminary Annual Gross Domestic Product (GDP) for the second quarter and the Personal Consumption Expenditures (PCE) Price Index for July, which will be released on Thursday and Friday.
☘️Technical Analysis:
With the current price increase, the technical structure has tilted to the upside. We will wait for the H1 candle to close above the 2520 port to confirm that gold will continue to move straight to the resistance zone of 2530. And in the US trading session, gold can completely create a new ATH. Retracement hooks are relatively unlikely at the moment. When the distance to 2509, the Asian session bottom this morning encountered quite a few barriers. The important technical support hook today will be 2495 to ensure the current market structure.
Resistance: 2525 - 2535 - 2547 - 2558 - 2568 - 2590
Support: 2509 - 2500 - 2494 - 2485 - 2472 - 2461 - 2454 - 2442
SELL zone 2528 - 2530 stoploss 2534
BUY zone 2496 - 2494 stoploss 2490
Gold prices traded above the 2520 resistance level after the European session. The gains came amid growing expectations that the US Federal Reserve (Fed) will start lowering borrowing costs in September. Lower interest rates are generally positive for Gold as they reduce the opportunity cost of holding non-interest-bearing assets.
Furthermore, escalating geopolitical tensions in the Middle East and economic uncertainty are likely to boost safe-haven demand, benefiting Gold prices. On the other hand, sluggish demand in the Chinese economy could weaken the yellow metal as China is the world’s largest producer and consumer of gold. Later on Monday, US Durable Goods Orders for July are due. The highlight of the week will be the US Preliminary Annual Gross Domestic Product (GDP) for the second quarter and the Personal Consumption Expenditures (PCE) Price Index for July, which will be released on Thursday and Friday.
☘️Technical Analysis:
With the current price increase, the technical structure has tilted to the upside. We will wait for the H1 candle to close above the 2520 port to confirm that gold will continue to move straight to the resistance zone of 2530. And in the US trading session, gold can completely create a new ATH. Retracement hooks are relatively unlikely at the moment. When the distance to 2509, the Asian session bottom this morning encountered quite a few barriers. The important technical support hook today will be 2495 to ensure the current market structure.
Resistance: 2525 - 2535 - 2547 - 2558 - 2568 - 2590
Support: 2509 - 2500 - 2494 - 2485 - 2472 - 2461 - 2454 - 2442
SELL zone 2528 - 2530 stoploss 2534
BUY zone 2496 - 2494 stoploss 2490
Note
Gold loses ground despite rising Fed rate cut bets, geopolitical risksGold price trades in negative territory amid the modest recovery of the US Dollar on Tuesday. Nonetheless, the signal from US Federal Reserve Chair Jerome Powell at Jackson Hole to start cutting interest rates is likely to support the precious metal.
Note
sell zone 2528 miss entry
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
JOIN OUR FREE TELEGRAM GROUP t.me/+7rqP7ECMjpUxMzBl
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.