XAU / USD ! Sideway to growth over 2531 soon
Updated
XAU / USD trend forecast August 29, 2024
"Gold prices (XAU/USD) are recovering on Thursday after hitting weekly lows below $2,500 per troy ounce. Expectations of US interest rate cuts could boost gold demand, as lower rates decrease the opportunity cost of holding non-yielding assets like gold. Political uncertainty in the US, geopolitical tensions in the Middle East, and global economic worries also support gold's upward trend.
However, a stronger US Dollar could pressure gold prices, making it more expensive for international buyers. Investors will focus on the second estimate of the US Q2 GDP on Thursday for insights into the Fed’s rate cut pace. Additionally, July's US Personal Consumption Expenditures (PCE) Price Index data, due Friday, will be closely watched."
The longer the sideway accumulation - the stronger the breakout. Wait for XAU to touch new ATH in late August 2024
/// SELL XAU : zone 2540-2543
SL: 2548
TP: 50 - 150 - 250 pips (2518 )
Safe and profitable trading
"Gold prices (XAU/USD) are recovering on Thursday after hitting weekly lows below $2,500 per troy ounce. Expectations of US interest rate cuts could boost gold demand, as lower rates decrease the opportunity cost of holding non-yielding assets like gold. Political uncertainty in the US, geopolitical tensions in the Middle East, and global economic worries also support gold's upward trend.
However, a stronger US Dollar could pressure gold prices, making it more expensive for international buyers. Investors will focus on the second estimate of the US Q2 GDP on Thursday for insights into the Fed’s rate cut pace. Additionally, July's US Personal Consumption Expenditures (PCE) Price Index data, due Friday, will be closely watched."
The longer the sideway accumulation - the stronger the breakout. Wait for XAU to touch new ATH in late August 2024
/// SELL XAU : zone 2540-2543
SL: 2548
TP: 50 - 150 - 250 pips (2518 )
Safe and profitable trading
Trade active
Gold price increased above 2520 - still in the price range of 2530. Waiting for resistance reaction to old ATH
MOON | Forex Academy hopes to bring the best experience to the Forex community
💠 FREE SIGNAL
💠 Update the fastest news
💠 Trend analysis: XAU, BTC, Currency,...
💠free channel:
" t.me/+FK9DbU7tLiJiNDJl "
💠 FREE SIGNAL
💠 Update the fastest news
💠 Trend analysis: XAU, BTC, Currency,...
💠free channel:
" t.me/+FK9DbU7tLiJiNDJl "
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.