Gold is supported to increase
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☘️Fundamental Analysis:
Gold prices are rising above $2,420 on Wednesday, reversing an intraday decline to $2,400. Israel’s attack on the Lebanese capital in retaliation for a rocket attack in the Golan Heights on Saturday has raised the risk of further escalation of geopolitical tensions in the Middle East.
In addition, the outlook for sluggish global economic growth and the further retreat of the US Dollar (USD) from a near three-week high hit on Tuesday are in the gold’s favor. However, bulls may refrain from placing aggressive bets and prefer to wait for further signals on the Federal Reserve’s (Fed) interest rate cut path. Therefore, the focus will remain on the outcome of the two-day Federal Open Market Committee (FOMC) meeting, scheduled to take place later today. This, along with geopolitical developments, will determine the trajectory for gold.
☘️Technical Analysis:
From a technical perspective, the recent rebound from the vicinity of $2,350 or the 50-day Simple Moving Average (SMA) support and the subsequent move above $2,400 favors bullish traders. Moreover, the oscillators on the daily chart have started to gain positive traction and support the further upside outlook. Moreover, the strength to break above the $2,412-2,413 zone reaffirms the positive outlook and would now lift Gold prices towards last week’s high around $2,432. Sustained strength to break above the latter zone would suggest that the corrective decline from the all-time high reached earlier this month is over.
On the other hand, the $2,400 mark now looks to protect the immediate downside ahead of the $2,388-2,390 zone below which gold could slide back to the 50-day SMA, currently anchored near the $2,359 zone. A convincing break through the latter zone, leading to a further decline below last week’s low, around the $2,353 zone, would be seen as a fresh trigger for bearish traders and leave XAU/USD vulnerable.
Resistance: 2429 - 2433 - 2459
Support: 2400 - 2392 - 2388
SELL price zone 2431 - 2433 stoploss 2437
BUY price zone 2391 - 2389 stoploss 2385
BUY scalp price zone 2399 - 2397 stoploss 2394
Gold prices are rising above $2,420 on Wednesday, reversing an intraday decline to $2,400. Israel’s attack on the Lebanese capital in retaliation for a rocket attack in the Golan Heights on Saturday has raised the risk of further escalation of geopolitical tensions in the Middle East.
In addition, the outlook for sluggish global economic growth and the further retreat of the US Dollar (USD) from a near three-week high hit on Tuesday are in the gold’s favor. However, bulls may refrain from placing aggressive bets and prefer to wait for further signals on the Federal Reserve’s (Fed) interest rate cut path. Therefore, the focus will remain on the outcome of the two-day Federal Open Market Committee (FOMC) meeting, scheduled to take place later today. This, along with geopolitical developments, will determine the trajectory for gold.
☘️Technical Analysis:
From a technical perspective, the recent rebound from the vicinity of $2,350 or the 50-day Simple Moving Average (SMA) support and the subsequent move above $2,400 favors bullish traders. Moreover, the oscillators on the daily chart have started to gain positive traction and support the further upside outlook. Moreover, the strength to break above the $2,412-2,413 zone reaffirms the positive outlook and would now lift Gold prices towards last week’s high around $2,432. Sustained strength to break above the latter zone would suggest that the corrective decline from the all-time high reached earlier this month is over.
On the other hand, the $2,400 mark now looks to protect the immediate downside ahead of the $2,388-2,390 zone below which gold could slide back to the 50-day SMA, currently anchored near the $2,359 zone. A convincing break through the latter zone, leading to a further decline below last week’s low, around the $2,353 zone, would be seen as a fresh trigger for bearish traders and leave XAU/USD vulnerable.
Resistance: 2429 - 2433 - 2459
Support: 2400 - 2392 - 2388
SELL price zone 2431 - 2433 stoploss 2437
BUY price zone 2391 - 2389 stoploss 2385
BUY scalp price zone 2399 - 2397 stoploss 2394
Dagangan aktif
Nota
Gold rises to weekly high above $2,420Gold builds on Tuesday's gains and trades in positive territory above $2,420 in the second half of the day. The US Dollar struggles to find demand and the 10-year US Treasury bond yield falls toward 4.1% ahead of the Fed policy decisions, fuelling XAU/USD's upside.
Dagangan ditutup: sasaran tercapai
Gold price retreats from two-week high amid positive risk tone, downside seems cushionedGold price gained strong positive traction on Wednesday after the Fed opened the door to reducing borrowing costs as soon as September. The US Treasury bond yields tumbled across the board after the Fed decision, dragging the US Dollar to its lowest level since July 18 and benefiting the non-yielding yellow metal.
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