Information Summary:
Currently, most gold traders are awaiting US Producer Price Index (PPI) and Initial Jobless Claims data for renewed trading incentives. US Treasury Secretary Bensont issued his clearest call yet for the Federal Reserve to begin a cycle of rate cuts, stating that the Fed's benchmark rate should be at least 1.5 percentage points lower than it is now.
According to the Fed Interest Rate Watch Tool, market expectations for a rate cut at the Fed's September 17 meeting continue to rise, with traders betting on a 25 basis point probability of a cut to 99%, a significant increase from 91.4% the previous day.
Meanwhile, the probability of a 50 basis point rate cut in September has also risen to 1.4%, from almost zero previously.
Market Analysis:
The relative strength index remains above its midline, favoring a bullish outlook for gold on the daily chart.
Quaid believes that gold prices need to break through the static resistance level near 3380 to unlock additional upside potential and launch an attack on the 3400 round-figure mark. The 5-day and 10-day moving averages formed a death cross, indicating a directionless market movement, suggesting that pending the release of the data, the market will maintain minimal volatility, awaiting a new trend. The current resistance level of 3380-3390 will be tested.
On the downside, the 50-day moving average (SMA) currently around 3350 provides short-term support. A break below this level would prompt sellers to target the 100-day moving average around 3302.
Quid believes that if the US data is mild, the market reaction is likely to be limited, as traders turn their attention to Friday's meeting between US President Trump and Russian President Putin in Alaska on the Ukraine peace agreement.
Currently, most gold traders are awaiting US Producer Price Index (PPI) and Initial Jobless Claims data for renewed trading incentives. US Treasury Secretary Bensont issued his clearest call yet for the Federal Reserve to begin a cycle of rate cuts, stating that the Fed's benchmark rate should be at least 1.5 percentage points lower than it is now.
According to the Fed Interest Rate Watch Tool, market expectations for a rate cut at the Fed's September 17 meeting continue to rise, with traders betting on a 25 basis point probability of a cut to 99%, a significant increase from 91.4% the previous day.
Meanwhile, the probability of a 50 basis point rate cut in September has also risen to 1.4%, from almost zero previously.
Market Analysis:
The relative strength index remains above its midline, favoring a bullish outlook for gold on the daily chart.
Quaid believes that gold prices need to break through the static resistance level near 3380 to unlock additional upside potential and launch an attack on the 3400 round-figure mark. The 5-day and 10-day moving averages formed a death cross, indicating a directionless market movement, suggesting that pending the release of the data, the market will maintain minimal volatility, awaiting a new trend. The current resistance level of 3380-3390 will be tested.
On the downside, the 50-day moving average (SMA) currently around 3350 provides short-term support. A break below this level would prompt sellers to target the 100-day moving average around 3302.
Quid believes that if the US data is mild, the market reaction is likely to be limited, as traders turn their attention to Friday's meeting between US President Trump and Russian President Putin in Alaska on the Ukraine peace agreement.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
With accurate market analysis and precise trading signals, I will lead my team to achieve geometrically multiplied profits in the gold market.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.