XAUUSD (1D) : Gold price reached at the historical high $2195.
Updated
XAUUSD (1D) : Gold price reached at the historical high $2195.
Gold charge (XAU/USD) extends its upside round $2165, after accomplishing a document excessive at some point of the early European Session on Friday. A weaker US greenback (USD) and a decline in US Treasury bond yields provide some guide to the gold charge. furthermore, the growing expectation for the fantastic reduce via the Federal Reserve (Fed) within the June assembly boosts the call for for gold charge.
Last week, gold (XAU/USD) surged higher, setting a new record high above $2,195 thanks to the broad-based selling pressure on the US Dollar (USD) and declining US Treasury bond yields. Ahead of the important US inflation figures that come out next week, the pair remains technically overbought.
NFP on last Friday
According to a Friday BLS report, nonfarm payrolls in the US increased by 275,000 in February. The reading above the 200,000 market expectation. The increase for January, which was originally estimated to be 353,000, was actually 229,000. Additional information from the jobs report revealed that although the labor force participation rate remained constant at 62.5%, the unemployment rate increased to 3.9% from 3.7%. Following the initial reaction, the USD saw fresh selling pressure, and gold rose above $2,195.
Technical outlook for gold prices
The Relative Strength Index (RSI) indicator on the daily chart reached its highest level since August 2020 above 80, indicating severely overbought conditions, and gold broke above the upper boundary of the ascending regression channel that had been forming since October. Even if it could be dangerous to wager against gold in the current state of the market, investors might be looking for ways to close out long positions. Prior to $2,146 (the upper limit of the ascending channel) and $2,100 (the psychological level and the midpoint of the ascending channel), the $2,140 level (the previous record-high) lines up as the first support.
Setting bullish targets for XAU/USD is challenging because it is trading in unfamiliar territory. The $2,206 round level can serve as a psychological barrier to the ascent.
Following Chart may provide you good information for upcoming week trades.
COMMENT, FOLLOW and SUPPORT.
Gold charge (XAU/USD) extends its upside round $2165, after accomplishing a document excessive at some point of the early European Session on Friday. A weaker US greenback (USD) and a decline in US Treasury bond yields provide some guide to the gold charge. furthermore, the growing expectation for the fantastic reduce via the Federal Reserve (Fed) within the June assembly boosts the call for for gold charge.
Last week, gold (XAU/USD) surged higher, setting a new record high above $2,195 thanks to the broad-based selling pressure on the US Dollar (USD) and declining US Treasury bond yields. Ahead of the important US inflation figures that come out next week, the pair remains technically overbought.
NFP on last Friday
According to a Friday BLS report, nonfarm payrolls in the US increased by 275,000 in February. The reading above the 200,000 market expectation. The increase for January, which was originally estimated to be 353,000, was actually 229,000. Additional information from the jobs report revealed that although the labor force participation rate remained constant at 62.5%, the unemployment rate increased to 3.9% from 3.7%. Following the initial reaction, the USD saw fresh selling pressure, and gold rose above $2,195.
Technical outlook for gold prices
The Relative Strength Index (RSI) indicator on the daily chart reached its highest level since August 2020 above 80, indicating severely overbought conditions, and gold broke above the upper boundary of the ascending regression channel that had been forming since October. Even if it could be dangerous to wager against gold in the current state of the market, investors might be looking for ways to close out long positions. Prior to $2,146 (the upper limit of the ascending channel) and $2,100 (the psychological level and the midpoint of the ascending channel), the $2,140 level (the previous record-high) lines up as the first support.
Setting bullish targets for XAU/USD is challenging because it is trading in unfamiliar territory. The $2,206 round level can serve as a psychological barrier to the ascent.
Following Chart may provide you good information for upcoming week trades.
COMMENT, FOLLOW and SUPPORT.
Trade active
The price of the Gold fell as it was forecasted and following me pattern to pullback after having some lower support level.Trade active
The market will open soon and I am still holding strongly my target in the same zone as I had forecasted before. For more updates and information keep following me and hit your comment for support and like and follow for more updates about my forecasted channels.Trade active
Now the market is opened and I will now for more target to be achieved. Now the price of the Gold is looking to reach down near 2146-45 then It will fly as I had forecasted before.Trade active
The price of the Gold reached near 2146 as i had forecasted and again the price of the Gold moving in the up direction and running near 2153 now and looking for more outbreak to hit my target strongly.Patience is needed.
Trade active
The price of the Gold is moving in the uptrend and reached 2156. running almost 100 pips from recent pullback in the up direction while having some good support near 2146Trade active
The price of the Gold is moving in the uptrend and reached 2162.Now its running almost 160 pips in the up direction while getting good support near 2146Trade active
Diverging forces work together to impact the gold price, which fluctuates within a range. The upside is limited by hawkish Fed predictions, high US bond yields, and a bullish USD. Ahead of the crucial FOMC meeting, geopolitical uncertainties give the XAU/USD some support.According to the daily chart, buyers were encountered by XAU/USD at $2,145.17, the 23.6% Fibonacci retracement of the bullish run, which was measured between $1,984.03 and $2,195.22. The same chart demonstrates how technical indicators, which indicate sellers have no influence, have corrected excessive readings and become flat around overbought levels. The 20 Simple Moving Average (SMA) is heading north nearly vertically, well above the lengthier ones, while moving averages form far below the present level at the same time.
The 4-hour chart indicates that there appears to be little near-term positive potential. The longer moving averages point sharply north, much below the present level, but XAU/USD is meeting sellers at about a flat 20 SMA. At neutral levels, however, technical indicators are weakly directional.
Levels of support: 2,145.10, 2,134.70, 2,119.94
Levels of resistance: 2,163.40, 2,176.50, 2,195.20
Trade active
The price of gold (XAU/USD) continues its sideways consolidative motion during Wednesday's early European session, ranging just above a one-week low that was reached on Monday. The Federal Reserve (Fed) may postpone rate reduction, according to conjecture stoked by the strong US consumer and producer inflation data announced last week. While the elevated US Treasury bond yields continue to support the hawkish view, they also act as a drag on the non-yielding yellow metal and strengthen the US dollar (USD).In addition, the general strong bullishness surrounding the world equities markets appears to be undermining demand for the price of gold, which is a safe haven. But in the face of ongoing geopolitical uncertainty and before the much-awaited FOMC monetary policy decision, bearish traders appear hesitant to make bold wagers. The Fed's rate-cutting trajectory will be closely watched by investors, as it will have a significant impact on the short-term dynamics of the USD price and provide the precious metal a new lease on life.
Trade closed: target reached
During Thursday's European session, the price of gold (XAU/USD) holds onto gains close to new all-time highs of $2,220. Markets are anticipating a rate cut by the Federal Reserve (Fed) at its June policy meeting, which has investors excited about gold. The Fed's rate cut prospects for June intensified after the quarterly updated dot plot from the policy meeting in March revealed that three rate cut estimates for this year are still on the table. Demand for gold also increased as a result of remarks made by Fed Chair Jerome Powell. Powell stated that even with February's sticky inflation figures, policymakers are optimistic that underlying inflation is slowing down. Maintaining investments in non-yielding assets like gold has a lower opportunity cost when one has firm expectations that the Fed will cut interest rates. Ten-year US Treasury bond yields decrease by 1% to 4.23% in the meantime.
Trade closed: target reached
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