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Short Term XAU Trading StrategyEarlier, gold fell sharply to hit a more than one-week low, pressured by a rebound in the dollar, while investors awaited US non-farm payrolls data to determine the size of the cuts at the US Federal Reserve's September policy meeting. The dollar hovered near a two-week high, making gold more expensive for holders of other currencies. The market is pricing in a 63% chance of a 25 basis point cut at the Fed's next policy meeting scheduled for September 17-18, according to the CME FedWatch tool.
OANDA:XAUUSD
by TrategySherpa
XAU price forecast to continue risingkeep an eye on the Fed's next moves The initial jobless claims report and S&P Global PMI data will provide further signals on the health of the US economy. Initial jobless claims for the week ending August 17 are expected to rise to 230K, up slightly from 227K last week. Services activity is expected to contract slightly, while the manufacturing PMI is expected to be flat. The first resistance level for XAU/USD to conquer is the $2,550 area, followed by the $2,600 mark. However, if gold fails to hold above $2,500, key support levels will be at $2,483 (July 17 high), followed by $2,450 (May 20 high). In a stronger bearish scenario, deeper support could be the 50-day simple moving average at $2,395.
OANDA:XAUUSD
by TrategySherpa