Gold price analysis September 8
Fundamental Analysis
Gold prices eased from a three-day high near $2,430 but held above the key support level of $2,400. The near-term outlook for the precious metal remains solid amid speculation that the Federal Reserve (Fed) will begin cutting interest rates in September.
However, investors remain divided on whether the Fed will demonstrate its aggressiveness in its policy normalization by announcing a 50 basis point (bp) rate cut or a 25 bps cut.
Technical Analysis
Gold prices are in a strong bullish range with a narrow range around 2,418 and 2,434. Prices are trading strongly above the EMA and are poised to make further gains. The resistance levels of 2,454 and 2,404 act as key support and resistance, keeping gold prices steady over the weekend.
Resistance: 2432 - 2448 - 2454
Support: 2412 - 2407 - 2396 - 2388
Price ranges to note:
SELL scalp price range 2441 - 2443 stoploss 2447
SELL price range 2453 - 2455 stoploss 2459
BUY price range 2407 - 2405 stoploss 2400
BUY price range 2397 - 2395 stoploss 2391
Gold prices eased from a three-day high near $2,430 but held above the key support level of $2,400. The near-term outlook for the precious metal remains solid amid speculation that the Federal Reserve (Fed) will begin cutting interest rates in September.
However, investors remain divided on whether the Fed will demonstrate its aggressiveness in its policy normalization by announcing a 50 basis point (bp) rate cut or a 25 bps cut.
Technical Analysis
Gold prices are in a strong bullish range with a narrow range around 2,418 and 2,434. Prices are trading strongly above the EMA and are poised to make further gains. The resistance levels of 2,454 and 2,404 act as key support and resistance, keeping gold prices steady over the weekend.
Resistance: 2432 - 2448 - 2454
Support: 2412 - 2407 - 2396 - 2388
Price ranges to note:
SELL scalp price range 2441 - 2443 stoploss 2447
SELL price range 2453 - 2455 stoploss 2459
BUY price range 2407 - 2405 stoploss 2400
BUY price range 2397 - 2395 stoploss 2391
Note
Following a quiet European session, Gold (XAU/USD) gains traction in the American session and trades near$2,430. The benchmark 10-year US Treasury bond yield is down more than 1% on the day below 3.95%, helping XAU/USD push higher.Note
RESISTANCE 2432 +100 pipsNote
Gold price trims part of overnight gains amid risk-on mood; US inflation data in focus
Gold price pulls back from the vicinity of the monthly peak retested earlier this Tuesday. Bulls opt to lighten their bets amid a positive risk tone and ahead of the US inflation data. Geopolitical risks and bets for a 50-bps rate cut by the Fed should help limit the downside.
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