XAUUSD | Trade idea
Updated
- **Gold Price:** Gold is holding above $2,500 ahead of the US Non-Farm Payroll data, having reached a high of $2,523 yesterday and currently trading around $2,517.
- **US Economy Expectations:**
- August Non-Farm Payroll is expected to increase by 164,000, up from 114,000 in the previous month.
- Unemployment rate is expected to rise to 6.5%, from 6.4%.
- **Rate Cut Probability:** The likelihood of a 25 basis point rate cut in September has decreased to 57% from 70% a week ago (CME Fed Watch Tool).
- **US Dollar Index:**
- Bullish outlook with minor support around 101.20/100.50.
- Near-term resistance at 102/102.80.
- **Gold Price Drivers:**
- **Global Stock Market:** Bearish, which is positive for gold.
- **US Dollar Index:** Bullish, which is negative for gold.
- **US 10-Year Bond Yield:** Bearish, positive for gold.
- **Technical Analysis:**
- **Support:** Near-term support at $2,470; a break below targets $2,449/$2,430.
- **Resistance:** Minor resistance at $2,520; a break above could lead to $2,525/$2,530.
- **US Economy Expectations:**
- August Non-Farm Payroll is expected to increase by 164,000, up from 114,000 in the previous month.
- Unemployment rate is expected to rise to 6.5%, from 6.4%.
- **Rate Cut Probability:** The likelihood of a 25 basis point rate cut in September has decreased to 57% from 70% a week ago (CME Fed Watch Tool).
- **US Dollar Index:**
- Bullish outlook with minor support around 101.20/100.50.
- Near-term resistance at 102/102.80.
- **Gold Price Drivers:**
- **Global Stock Market:** Bearish, which is positive for gold.
- **US Dollar Index:** Bullish, which is negative for gold.
- **US 10-Year Bond Yield:** Bearish, positive for gold.
- **Technical Analysis:**
- **Support:** Near-term support at $2,470; a break below targets $2,449/$2,430.
- **Resistance:** Minor resistance at $2,520; a break above could lead to $2,525/$2,530.
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