GOLD is stable with an uptrend
Early in the Asian trading session on August 9, 
XAUUSD slightly down about 5dollars, currently trading at 2,421USD/oz, equivalent to 0.23% on the day.
Gold had earlier rallied on Thursday, supported by solid safe-haven demand and growing expectations that the Federal Reserve would cut interest rates sharply in September.
Spot gold closed trading on Thursday up sharply at 44.51 USD, equivalent to 1.87%, at 2,427.11 USD/ounce, ending the previous 5 consecutive days of decline.
Gold has benefited from speculation that the Federal Reserve will cut interest rates more sharply than previously estimated. This sentiment was reinforced when the latest macroeconomic data showed that the US economy could face a recession, sparking speculation that interest rates could be cut. 3 times before the end of this year.
According to data from CME's "FedWatch" tool, the market sees a 56.5% chance that interest rates will decrease by 50 basis points in September, with a further cut expected in December. Meanwhile, there is about a 43.5% chance that interest rates will be cut by 50 basis points in September. % chance that the Fed will cut 25 basis points.
Big news about attacks on Israel
Gold's appeal is supported by geopolitical risks that Iran and Lebanon could retaliate against Israel.
The latest developments in the Middle East increase geopolitical risks. While market sentiment remains positive, there are concerns about impending retaliation by Iran and Lebanon against Israel.
On August 8 local time, Hezbollah in Lebanon announced that it had used Katyusha rockets, heavy artillery shells and guided weapons to attack many Israeli military targets that day.
The targets of the attack included the launch pad of Israel's Iron Dome system, the Israeli military barracks in Zarit and the Israeli military base in Kfar Shuba.
Israel TV Channel 12 reported that Israel hoped to send a message in this way that Israel was prepared for the conflict to escalate into a full-scale war.
Gold is considered a hedge against geopolitical and economic instability.
Analysis of technical prospects forXAUUSD
On the daily chart, gold has recovered rapidly from the key support confluence area noted by readers in previous publications, highlighted by the 0.50% Fibonacci retracement level, the lower edge of the price channel and horizontal support level 2,378USD.
Currently, gold's move above the original price of 2,400 USD and EMA21 are positive conditions for an uptrend with the next target at 2,437 USD, the price point of the 0.236% Fibonacci retracement.
In case gold breaks above the 0.236% Fibonacci retracement level, the target will once again be aimed at the all-time high at $2,484 price point when there is no notable technical resistance ahead.
During the day, the trend of gold prices is still bullish and as long as gold remains above 2,400 USD, the short-term technical outlook will continue to be bullish. The prices will be noticed again as follows.
Support: 2,416 – 2,400 – 2,385USD
Resistance: 2,437 – 2,484USD
🪙SELL XAUUSD | 2444 - 2442
⚰️SL: 2448
⬆️TP1: 2437
⬆️TP2: 2432
🪙BUY XAUUSD | 2404 - 2406
⚰️SL: 2400
⬆️TP1: 2411
⬆️TP2: 2416
XAUUSD slightly down about 5dollars, currently trading at 2,421USD/oz, equivalent to 0.23% on the day.Gold had earlier rallied on Thursday, supported by solid safe-haven demand and growing expectations that the Federal Reserve would cut interest rates sharply in September.
Spot gold closed trading on Thursday up sharply at 44.51 USD, equivalent to 1.87%, at 2,427.11 USD/ounce, ending the previous 5 consecutive days of decline.
Gold has benefited from speculation that the Federal Reserve will cut interest rates more sharply than previously estimated. This sentiment was reinforced when the latest macroeconomic data showed that the US economy could face a recession, sparking speculation that interest rates could be cut. 3 times before the end of this year.
According to data from CME's "FedWatch" tool, the market sees a 56.5% chance that interest rates will decrease by 50 basis points in September, with a further cut expected in December. Meanwhile, there is about a 43.5% chance that interest rates will be cut by 50 basis points in September. % chance that the Fed will cut 25 basis points.
Big news about attacks on Israel
Gold's appeal is supported by geopolitical risks that Iran and Lebanon could retaliate against Israel.
The latest developments in the Middle East increase geopolitical risks. While market sentiment remains positive, there are concerns about impending retaliation by Iran and Lebanon against Israel.
On August 8 local time, Hezbollah in Lebanon announced that it had used Katyusha rockets, heavy artillery shells and guided weapons to attack many Israeli military targets that day.
The targets of the attack included the launch pad of Israel's Iron Dome system, the Israeli military barracks in Zarit and the Israeli military base in Kfar Shuba.
Israel TV Channel 12 reported that Israel hoped to send a message in this way that Israel was prepared for the conflict to escalate into a full-scale war.
Gold is considered a hedge against geopolitical and economic instability.
Analysis of technical prospects for
XAUUSD On the daily chart, gold has recovered rapidly from the key support confluence area noted by readers in previous publications, highlighted by the 0.50% Fibonacci retracement level, the lower edge of the price channel and horizontal support level 2,378USD.
Currently, gold's move above the original price of 2,400 USD and EMA21 are positive conditions for an uptrend with the next target at 2,437 USD, the price point of the 0.236% Fibonacci retracement.
In case gold breaks above the 0.236% Fibonacci retracement level, the target will once again be aimed at the all-time high at $2,484 price point when there is no notable technical resistance ahead.
During the day, the trend of gold prices is still bullish and as long as gold remains above 2,400 USD, the short-term technical outlook will continue to be bullish. The prices will be noticed again as follows.
Support: 2,416 – 2,400 – 2,385USD
Resistance: 2,437 – 2,484USD
🪙SELL XAUUSD | 2444 - 2442
⚰️SL: 2448
⬆️TP1: 2437
⬆️TP2: 2432
🪙BUY XAUUSD | 2404 - 2406
⚰️SL: 2400
⬆️TP1: 2411
⬆️TP2: 2416
Nota
Precious metals continue to have a week of intense fluctuations. During the week, there was a time when the gold price plummeted to only 2,381 USD/ounce and then increased sharply again. Closing the week, the world gold price closed at 2,431 USD/ounce but still decreased by more than a dozen USD per ounce compared to the end of last week.Nota
![GOLD MARKET ANALYSIS AND COMMENTARY - [12 August - 16 August]](https://s3.tradingview.com/a/aScWuCuz_mid.png)
Nota
The world gold market last week fluctuated strongly due to panic in financial markets in Asia and Europe. In the first session of last week, gold immediately encountered a shock from the devaluation of the yen, combined with concerns about the US economic recession, causing risky assets to drop sharply, pulling gold prices down.Nota
GOLD STEADY AS US INFLATION DATA AWAITED
Gold prices rose on Monday as investors await US inflation data due on Wednesday to determine the size of a potential rate cut by the Federal Reserve in September.
Nota
XAU/USD struggled to maintain the upward momentum of the past two days and fluctuated in a narrow range during the Asian session on Monday. The overall positive sentiment in the equity market is seen as the main factor hindering the safe-haven precious metal. The risk of escalating geopolitical tensions in the Middle East could temper optimism in the market. Furthermore, it is expected that the US Federal Reserve (Fed) will take a loosening stance to keep the USD on the defensive and may support precious metals - non-yielding assets.Nota
🟢Gold rises over 1%
Gold prices rose by more than 1% on Monday to hit the highest since Aug. 2, driven by safe-haven inflows as traders awaited U.S. inflation data this week that could shed more light on the Federal Reserve's interest rate cut path.
Nota
⭕️Iranian source "Yesna": "Responding to Israel is not linked to the Gaza agreement".
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