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XAUUSD: Today's Market and Volatility!Gold prices declined slightly earlier today, reaching a low of $1,912.66 during London trading hours. However, the losses were mostly recovered after Wall Street's opening. The US Dollar gained strength in the first half of the day due to a cautious market sentiment caused by tensions between China and the US, which raised concerns about economic growth. Later in the day, the US stock indexes recovered and traded positively, which weakened the US Dollar. Despite this, the lack of significant data limited activity among equities, resulting in no change in XAU/USD trading for the day. Support levels: 1,903.00 1,892.95 1,877.10 Resistance levels: 1,930.70 1,945.20 1,958.75
FX:XAUUSDLong
by Sphyn-Trader
11
XAUUSD: Nonfarm Payrolls holds the key!XAU/USD is experiencing a second consecutive day of decline, although it has managed to rebound from its recent low and is currently trading around 1,190. On the daily chart, technical analysis indicates that the 20 Simple Moving Average (SMA) is showing a bearish trend below the 100 SMA, acting as a resistance level at 1,930.70. The 200 SMA, on the other hand, is losing its bullish momentum well below the current level. Additionally, the technical indicators are displaying neutral to bearish slopes within negative levels, suggesting that the downside risk remains. Looking at the 4-hour chart, bears are currently dominating the XAU/USD pair. It is trading below all of its moving averages, with the 20 SMA gaining strength in its bearish trend below the longer ones. Moreover, the technical indicators are trending downwards and approaching oversold levels. Support levels: 1,903.00 1,892.95 1,877.10 Resistance levels:1,922.50 1,930.70 1,945.20
OANDA:XAUUSDLong
by Sphyn-Trader
11
XAUUSD: CUP and HandleThe price of gold (XAU/USD) continues to rise for the fourth day in a row, although it lacks strong upward momentum around 1,923 as we enter Tuesday's European session. This lack of momentum can be attributed to the US holidays and a light calendar elsewhere, which has resulted in a sluggish market. However, traders remain active due to concerns about the global economic slowdown and the state of US-China relations. The recent decision by the Reserve Bank of Australia (RBA) to not raise interest rates for the third time in a row also contributes to the overall market momentum, as it goes against the general consensus.
OANDA:XAUUSDLong
by Sphyn-Trader
8
XAUUSD: Next week!The hawkish stance of major central banks and the prospect of further interest rate hikes continue to act as headwinds for gold prices, which do not provide any yield. Additionally, the emergence of new US dollar purchases has proven to be another factor driving the outflow from XAU/USD. In fact, the US Dollar Index (DXY), which tracks the greenback against a basket of currencies, has reached its highest level in two and a half weeks and continues to receive support from expectations of further tightening by the Federal Reserve. It is worth noting that the US central bank has signaled that borrowing costs may need to increase by up to 50 bps by the end of this year. Furthermore, positive macroeconomic data released on Thursday reaffirmed market expectations of a 25 bps rate cut at the next FOMC policy meeting on July 25-26. Moreover, Federal Reserve Chairman Jerome Powell stated earlier this week that he does not see inflation falling to the Fed's 2% target until 2025. This, in turn, continues to push US Treasury bond yields higher and support the US dollar.
OANDA:XAUUSDLong
by Sphyn-Trader
14
XAUUSD: Gold prices have rebounded slightly after dropping below 1900 for the first time since March 15, 2023. The prices increased by approximately 0.09% following optimistic economic data from the United States, as speculation grew that the Federal Reserve would raise interest rates. Additionally, the data has dampened expectations of a "hard landing," with the economy showing strong growth momentum. XAU/USD is currently trading at 1909.65 after hitting a daily low of 1893.17.
OANDA:XAUUSDLong
by Sphyn-Trader
5
XAUUSD: facts surrounding interest ratesThe XAU/USD pair is experiencing a downward trend for the third day in a row. It reached a low of $1,902.80 during the American session. The US Dollar gained strength before the opening of Wall Street due to negative US data and upcoming statements from central bankers, leading to a risk-off sentiment in financial markets. In the first half of the day, investors were optimistic, resulting in significant gains for high-yielding stocks. However, the US published a preliminary estimate of the May Goods Trade Balance, revealing a deficit of $91.1 billion, which caused a shift in sentiment. Additionally, Wholesale Inventories decreased by 0.1% in May, falling short of expectations. Support levels: 1,903.00 1,888.10 1,870.15 Resistance levels: 1,920.80 1,933.50 1,9431.40
OANDA:XAUUSDLong
by Sphyn-Trader
12
XAUUSD: Fed Chair Powell Speaks!Late on Tuesday, US President Joe Biden expressed concerns about China's significant challenges, sparking fears about the global economy and a potential conflict between the US and China. These apprehensions have also prompted gold buyers to take action. Adding to this, the Wall Street Journal (WSJ) reported that the Biden administration is contemplating imposing additional limitations on the export of artificial intelligence chips to China. This move is driven by mounting concerns over the potential technological advantage that US adversaries could gain. Support levels: 1,903.80 1,888.10 1,870.15 Resistance levels: 1,924.05 1,933.50 1,941.90
OANDA:XAUUSDLong
by Sphyn-Trader
29
XAUUSD: Gold Price Forecast!XAU/USD holds steady above 1,920 level, not out of the woods yet The Federal Reserve (Fed) has indicated that interest rates may still need to increase by up to 50 basis points by the end of this year. Furthermore, Fed Chair Jerome Powell, in his recent two-day testimony before Congress, stated that the US central bank does not foresee any rate cuts in the near future. The Fed will wait until it is confident that inflation is trending towards the 2% target before making any changes. As a result, the focus will be on the release of the US Personal Consumption Expenditures (PCE) Price Index, which is the Fed's preferred measure of inflation, on Friday. This release could impact expectations regarding the next policy decision.
OANDA:XAUUSDShort
by Sphyn-Trader
26
Heavens gonna happen nowTop should happen end this week or beginning next one (monday - tuesday) That would mean futures arnu 1880-1890, with DXY (dollar index) 102-103 points. After that a correction for a bullish continuation. Bull is here to stay and could probably see again the hights of previous years this spring. So.. GDXJ around 41$-42$ also. GDX around 33$ too by the end of this week. Heavens on fire ( The Radio Dept.) www.youtube.com Enjoy this band, as I do.
COMEX:GC1!Long
by JAY_c5velm
3