GOLD continuously sets new peaks, conditions for 2,600 USD
End of last trading week, 
XAUUSD Spots hit a new all-time record high, building on the strength and momentum received from Thursday, as the market bullishly priced in the possibility of a sharp interest rate cut by the Federal Reserve this week. .
Gold prices have surged this year, driven by the Federal Reserve's loose monetary policy, central bank buying and strong safe-haven demand from conflicts in the Middle East and Ukraine. pushed up gold prices.
Safe-haven demand has pushed gold up more than 24%, driven by geopolitical crises and economic uncertainty, as well as strong central bank buying. Last week, the World Gold Council said global physical gold exchange-traded funds saw capital inflows for the fourth consecutive month in August.
As the Federal Reserve's next meeting on September 18 approaches, markets are paying close attention to the possibility of the US cutting interest rates for the first time since 2020. Low interest rates tend to support gold and creating pressure on the USD.
The Chicago Mercantile Exchange's FedWatch tool shows investors now see a 50% chance of a 25 basis point cut and a 50% chance of a 50 basis point cut next week in US interest rates.
Looking ahead, the gold market this week will focus on important events such as the Fed's interest rate decision and the revised Dotplot chart, comments by Fed Chairman Jerome Powell at the post-FOMC press conference, expected will create big fluctuations in the market.
![GOLD MARKET ANALYSIS AND COMMENTARY - [Sep 16 - Sep 20]](https://s3.tradingview.com/s/S8UMKj0c_mid.png)
Analysis of technical prospects forXAUUSD
On the daily chart, gold achieved the target increase sent to readers in the issue at the 0.618% trend-following Fibonacci extension and the upward momentum slowed, narrowing below this level.
Looking at it comprehensively, gold is still completely capable of continuing to increase in price as the Relative Strength Index points up with a large slope but has not gone above the overbought level, showing that there is still room for upward momentum. still ahead.
In the short term, as long as gold remains within the price channel and above the EMA21, its trend remains bullish and pullbacks that do not break these supports should only be considered technical corrections without change trend.
In the immediate future, if the gold price is pushed above the 0.618% Fibonacci level, it will have enough conditions to continue to increase to the original price of 2,600 USD and more than the 0.786% Fibonacci price point of 2,612 USD.
The uptrend of gold prices will be noticed again by the following technical levels.
Support: 2,561 – 2,567USD
Resistance: 2,590 – 2,613USD
SELL XAUUSD PRICE 2601 - 2599⚡️
↠↠ Stoploss 2595
→Take Profit 1 2594
↨
→Take Profit 2 2589
BUY XAUUSD PRICE 2553 - 2555⚡️
↠↠ Stoploss 2549
→Take Profit 1 2560
↨
→Take Profit 2 2565
XAUUSD Spots hit a new all-time record high, building on the strength and momentum received from Thursday, as the market bullishly priced in the possibility of a sharp interest rate cut by the Federal Reserve this week. .Gold prices have surged this year, driven by the Federal Reserve's loose monetary policy, central bank buying and strong safe-haven demand from conflicts in the Middle East and Ukraine. pushed up gold prices.
Safe-haven demand has pushed gold up more than 24%, driven by geopolitical crises and economic uncertainty, as well as strong central bank buying. Last week, the World Gold Council said global physical gold exchange-traded funds saw capital inflows for the fourth consecutive month in August.
As the Federal Reserve's next meeting on September 18 approaches, markets are paying close attention to the possibility of the US cutting interest rates for the first time since 2020. Low interest rates tend to support gold and creating pressure on the USD.
The Chicago Mercantile Exchange's FedWatch tool shows investors now see a 50% chance of a 25 basis point cut and a 50% chance of a 50 basis point cut next week in US interest rates.
Looking ahead, the gold market this week will focus on important events such as the Fed's interest rate decision and the revised Dotplot chart, comments by Fed Chairman Jerome Powell at the post-FOMC press conference, expected will create big fluctuations in the market.
Analysis of technical prospects for
XAUUSD On the daily chart, gold achieved the target increase sent to readers in the issue at the 0.618% trend-following Fibonacci extension and the upward momentum slowed, narrowing below this level.
Looking at it comprehensively, gold is still completely capable of continuing to increase in price as the Relative Strength Index points up with a large slope but has not gone above the overbought level, showing that there is still room for upward momentum. still ahead.
In the short term, as long as gold remains within the price channel and above the EMA21, its trend remains bullish and pullbacks that do not break these supports should only be considered technical corrections without change trend.
In the immediate future, if the gold price is pushed above the 0.618% Fibonacci level, it will have enough conditions to continue to increase to the original price of 2,600 USD and more than the 0.786% Fibonacci price point of 2,612 USD.
The uptrend of gold prices will be noticed again by the following technical levels.
Support: 2,561 – 2,567USD
Resistance: 2,590 – 2,613USD
SELL XAUUSD PRICE 2601 - 2599⚡️
↠↠ Stoploss 2595
→Take Profit 1 2594
↨
→Take Profit 2 2589
BUY XAUUSD PRICE 2553 - 2555⚡️
↠↠ Stoploss 2549
→Take Profit 1 2560
↨
→Take Profit 2 2565
Note
Gold has reached a new peak when it exceeded 2,588 USD/ounce.
Gold prices continue to rise and there is no end in sight - especially when central banks are moving to cut interest rates.
Note
Gold prices retraced most of the session's upward momentum after hitting a historic peak
Gold prices are currently trading around $2,580 on Monday, after hitting an all-time high of $2,589 during the session. Gold prices have stabilized after strong gains on Thursday and Friday but the overall trend remains bullish.
Note
<deleted>Note
Note
(Focus) Median CPI: 2.3% y/y (Forecast: 2.2%. Previous: 2.4%)
(Focus) CPI trimmed: 2.4% y/y (Forecast: 2.5%. Previous: 2.7%)
Note
Gold prices slid off record levels during Tuesday's trading session after the US released a better-than-expected retail sales report - a data point that prompted the market to reduce bets on the possibility of the Fed opting for a big interest rate cut. In addition, investors also became more cautious and took partial profits before the Fed announced its interest rate decision on Wednesday.Note
Regarding the gold market, although there may be a significant adjustment after the Fed meeting, gold prices are still expected to receive support from two main sources: activities from gold ETF investment funds. in Western countries and demand from the Indian market, which may increase the most in many years.Note
The Fed is expected to make a policy decision tonight. The central bank is expected to lower interest rates by at least 25bps, but traders are mixed on the extent of the Fed's cut. According to CME Group's FedWatch Tool, traders predict a 65% chance of a 50bps Fed cut and a 35% chance of a 25bps cut.Note
Gold increased slightly at the beginning of the session after reversing a sharp decline yesterday. Gold benefited from the sharp decline in USD and government bond yields after the Fed policy decision, with a surge of more than 30 USD to a new historic peak at 2,600.14 USD. However, the recovery in USD and yields during and after Mr. Powell's press conference pushed gold to reverse and fall to around 2,550 USD. At the end of yesterday's session, gold adjusted to 2,556 USD, recording a decline of more than 10 USD.Note
According to data from the US Department of Labor on Thursday, initial claims fell by 12,000 to 219,000 in the week ended September 14. This figure is lower than the estimates of all surveys of economic experts. This period also corresponds to the survey for the September jobs report.Note
Gold prices recovered on Thursday (September 19), when the US Federal Reserve (Fed) launched a monetary easing cycle with a 0.5 percentage point reduction in interest rates, pushing gold prices to highs. all-time, just a few cents below the key ceiling of $2,600/oz in the previous session.
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