GOLD enters accumulation when there is little fundamental impact
Updated
The story in financial markets focuses on when the Federal Reserve will begin easing policy after releasing weak economic data. The U.S. Department of Labor said that nonfarm payroll employment in April was 175,000, lower than expected and lower than March's upwardly revised figure of 315,000.
After the data was released, the CME FedWatch tool showed that the probability of a 25 basis point rate cut in September increased to 64.8% from 55% before the report.
However, the US Dollar has been boosted by recent hawkish comments from Minneapolis Fed President Nir Kashkari, who said the Fed could continue to raise interest rates and set the stage for higher federal funds rates. if inflation does not continue its downward trend.
This week's economic calendar will mainly focus on news from Federal Reserve officials, as well as initial jobless claims for the week ending May 4 and a preliminary release of the index. University of Michigan consumer confidence numbers.
In general, throughout this week there was no data or events of a very sudden nature, so gold is also less subject to fundamental impacts and is suitable for the current state of narrow range movement.
Gold keeping its price activity below EMA21 gives it more room to fall. However, with the current market context, without many fundamental impacts, gold prices may continue to move in a narrow range and enter accumulation.
The accumulation area is noticed by EMA21 and the Fibonacci 0.236% level, in which EMA21 is the resistance and Fibonacci 0.236% is the support.
If gold falls below the 0.236% Fibonacci level, it will open a new downtrend with the short-term target level being the upper edge of the price channel and more than the 0.382% Fibonacci level. On the other hand, even if price activity rises above the EMA21 level, gold price will still be limited by the 2,365 level and the upper edge of the price channel because the current technical trend is still down in the short term.
During the day, gold has a technical outlook of moving sideways and accumulating with notable technical levels as follows.
Support: 2,300 – 2,284USD
Resistance: 2,322 – 2,340 – 2,345USD
🪙SELL XAUUSD | 2364 - 2362
⚰️SL: 2368
⬆️TP1: 2357
⬆️TP2: 2352
🪙BUY XAUUSD | 2289 - 2291
⚰️SL: 2285
⬆️TP1: 2296
⬆️TP2: 2301
After the data was released, the CME FedWatch tool showed that the probability of a 25 basis point rate cut in September increased to 64.8% from 55% before the report.
However, the US Dollar has been boosted by recent hawkish comments from Minneapolis Fed President Nir Kashkari, who said the Fed could continue to raise interest rates and set the stage for higher federal funds rates. if inflation does not continue its downward trend.
This week's economic calendar will mainly focus on news from Federal Reserve officials, as well as initial jobless claims for the week ending May 4 and a preliminary release of the index. University of Michigan consumer confidence numbers.
In general, throughout this week there was no data or events of a very sudden nature, so gold is also less subject to fundamental impacts and is suitable for the current state of narrow range movement.
Gold keeping its price activity below EMA21 gives it more room to fall. However, with the current market context, without many fundamental impacts, gold prices may continue to move in a narrow range and enter accumulation.
The accumulation area is noticed by EMA21 and the Fibonacci 0.236% level, in which EMA21 is the resistance and Fibonacci 0.236% is the support.
If gold falls below the 0.236% Fibonacci level, it will open a new downtrend with the short-term target level being the upper edge of the price channel and more than the 0.382% Fibonacci level. On the other hand, even if price activity rises above the EMA21 level, gold price will still be limited by the 2,365 level and the upper edge of the price channel because the current technical trend is still down in the short term.
During the day, gold has a technical outlook of moving sideways and accumulating with notable technical levels as follows.
Support: 2,300 – 2,284USD
Resistance: 2,322 – 2,340 – 2,345USD
🪙SELL XAUUSD | 2364 - 2362
⚰️SL: 2368
⬆️TP1: 2357
⬆️TP2: 2352
🪙BUY XAUUSD | 2289 - 2291
⚰️SL: 2285
⬆️TP1: 2296
⬆️TP2: 2301
Note
Gold investors are waiting for new directional information. US weekly initial jobless claims numbers will be released on Thursday. In addition, San Francisco Fed President Mary Daly will also give a speech on the day. Dovish comments from Fed officials could limit gold price declines for the time being.Note
Gold increased sharply to $2,338/ozNote
Gold rebounded to $2,352 during the Asian sessionAfter a gloomy start to the week, moving sideways near $2,300, gold suddenly rebounded to $2,352 at the present time.
Today's data focus is US consumer sentiment data
Note
The Israeli Army: We decided to return to work in Jabalia, north of Gaza, and evacuate the residents after Hamas attempts to restore its capabilities there.Note
🔹Gold prices jumped on Friday, May 10, and are on track to record weekly gains supported by momentum thanks to weak US jobs data this week.Gold rose in spot transactions by 0.71% to $2,362.49 per ounce. US gold futures contracts for June delivery also rose by 1.26% to $2,369.60.
Note
The global dollar system works best when dollars are abundant, when US interest rates are low and other currencies are rising. Easy access to the dollar boosts economic activity around the world. Currently, we are in the opposite situation. The positive recovery of the US economy has forced the Fed to raise interest rates, pushing the dollar higher and putting a strain on dollar-based business around the world.Note
Gold recovered to above $2,343 during the Asian sessionAfter falling to nearly $2,336 during yesterday's US session following the announcement of the New York Fed's inflation expectations, gold is now up nearly $10 back to $2,343.
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🧩Account management
🧩Forex signals have a high win rate
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