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XAUUSD : Gold decreased slightly then increased againXAU/USD decreased slightly and is trading around 2,312 USD/ounce. Traders are being quite cautious ahead of tonight's Fed policy meeting, because if the inflation report shows no improvement, the Fed may continue to hawkish. This means that both the USD and US yields will rise to the detriment of non-yielding assets like gold. "The next important level is 2,300 USD/ounce. If gold drops below this price, it is likely to fall back to 2,200 USD/ounce in the near future" - Ong Everett Millman, Director of Market Analysis of Gainesville Coins (san trading of precious metals in the US) forecast.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold is focusing on Fed interest ratesThe world gold price recorded at 09:30 on June 11 according to Vietnam spot time was around 2,302 USD/ounce, down 8.50 USD compared to yesterday. Investors are trading cautiously as they wait for US inflation data and the US Federal Reserve's (FED) interest rate decision in the middle of this week. Derivatives trading involves high risks and may not be suitable for all investors. Therefore, consider carefully whether this transaction is suitable for your financial situation or not. Trading advice is based on information obtained from trading services and statistics and other sources Blue Line Futures, LLC is bullish. We do not guarantee that the information is accurate or complete, as it should not be relied upon entirely. Trading advice reflects our good faith judgment at a certain time and is subject to change without notice. There is no guarantee that our advice will lead to profitable trades. All trading decisions will be made by the account owner. Past results do not necessarily reflect future results.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold dropped sharply after a series of dataWorld gold price recovered slightly by 0.13% and is trading around 2,296 USD/ounce after a sharp decline of 3.45% last week. Gold's uptrend has weakened as the RSI on the daily chart is below the 50 level, moreover, XAU/USD is trading below the short-term SMA lines, reinforcing gold's downtrend. The Fed's latest interest rate decision and the May consumer price index expected to be released this week could be a key test for markets, especially after Friday's strong jobs report. continue to suggest that the Fed may hold off on lowering interest rates.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold continues to increase strongly todayGold prices yesterday had an early rebound hitting a high of $2,375 then retreated again before closing at $2,378 after important news and market expectations were reflected in the price. Regardless of the reason behind it, this is it proving that investors are still interested in gold or have returned after recent dovish signals from major central banks. Maybe this is the first sign of a comeback. The market is probably quite nervous now ahead of tonight's NFP report. The US Nonfarm Payrolls (NFP) report is expected to show an increase of 185,000 jobs in May. However, negative JOLTS Job Opportunities data and ADP Nonfarm Jobs Change data less than that in this week reduces investor optimism about the US Bureau of Labor Statistics report. If the NFP report also shows weakness, the USD may come under more pressure and increase market confidence that the Fed will soon cut interest rates, supporting gold prices.
OANDA:XAUUSDLong
by SantaTradeGold
XAUUSD : Gold turned up slightly again after the USD newsYesterday on June 5, world prices increased to a high of 2,357 USD and reached 2,373 USD this morning, supported by the weakening of the USD and a decrease in US government bond yields after the latest data showed changes. The labor market is very hot. According to how high According to ADP, employers added 152,000 jobs in May, much lower than forecast and the number recorded last month, and also the lowest level since the beginning of the year. RJO Futures senior market strategist Bob Haberkorn said weak labor numbers such as the coronavirus outbreak could prompt the Fed to act somewhat. According to FedWatch CME, the market believes there is about a 67% chance that the Fed will conduct its first rate hike in September, up from less than 50% last week. A low interest rate environment reduces the cost of holding gold, thereby increasing the appeal of this precious metal amid global instability. In addition, the World Gold Council (WGC) said that net purchases by global central banks increased to 33 tons in April. This is also a big driving force pushing gold prices up recently.
OANDA:XAUUSDLong
by SantaTradeGold
Gold is in a downtrend and will fall sharplyGold prices (XAU/USD) may find support at the 50 EMA in case the price breaks out of a sideways range after initially trading off the May highs. XAU/USD has broken the main uptrend line and may be in a short-term downtrend. According to the mantra "the trend is the trend", the probability of price increase will continue to decrease. The 50 EMA at 2,310 USD and the May 3 low at 2,277 USD will be the final supports before gold prices fall further. The RSI indicator also dropped, surpassing level 50, further reinforcing this scenario. On the contrary, the resistance levels to pay attention to are the EMA 20 at 2,350 USD and the main resistance is the 2,400 USD area, corresponding to the main trendline of the rising wave from the beginning of the year. To overcome these levels will require a lot of effort from buyers and enough momentum and is unlikely to happen in the short term.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold will fall after today's dataThe price of gold (XAU/USD) yesterday fell more than 1.4% from a high of 2,352 USD to a low of 2,318 USD, a decrease of about 40 USD. This trend is partly due to the slight recovery of the USD, which has a negative correlation with gold. In addition, investors' attention may be shifting to the bond market as concerns about economic growth increase after recent poor data from the US. Job openings data according to the newly released JOLTS report were lower than expected with only 8.06 million in April, compared to the forecast of 8.34 million and 8.35 million in March (according to data from the US Bureau of Labor Statistics). ). This data shows that the US labor market is showing signs of weakness. The US non-farm payrolls (NFP) report scheduled to be released on Friday will be the most important event this week. JOLTS numbers lower than expected are considered a bad signal. If NFP also shows similar results, the USD will likely come under significant selling pressure, thereby supporting gold prices.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold is slightly decreasing after the increaseTechnically, the $2,360 area, corresponding to Friday's session high, is considered the closest barrier, followed by the $2,364 level. Overcoming these barriers in a convincing way can trigger the excitement of buyers and push the gold price to the $2,385 area, then towards $2,400. The upward momentum could even continue to extend to the $2,425 area, or even the historic peak recorded in May at $2,450. On the contrary, the SMA 50, currently fluctuating around 2,334 USD, will act as the first important support. The next support zone is around 2,325 USD and beyond is yesterday's session low near 2,314 USD. However, it should be noted that oscillators on the daily chart are starting to show negative signals. Therefore, a credible break-down above the 50 SMA could pave the way for stronger declines, sending gold prices to retest the $2,300 level and even the key support zone around 2,285 - 2,284 USD.
OANDA:XAUUSD
by SantaTradeGold
3
Gold will likely resume its upward trendThe recent short-term uptrend is showing signs of reversing when gold prices have dropped more than 4% from the historic peak of 2,450 USD, set just a few trading sessions ago. This adjustment shows that investor psychology is changing, as buyers tend to take profits and look for investment channels with higher profitability. Tonight, 19:30 Vietnam time, the US core PCE index will be announced. With the return of fundamental factors, gold may continue to decline in the short term. Persistent inflation will likely force the Fed to maintain a "hawkish" stance for longer, adding to the bearish bias in non-yielding assets, creating an unfavorable environment for the precious metal.
TVC:GOLDLong
by SantaTradeGold
XAUUSD : Gold stopped its upward trend this weekWorld gold price (XAU/USD) increased slightly to close at 2,343 USD after the second preliminary estimate of US Q1 GDP growth rate showed stagnation, increasing market expectations for Fed's future rate reduction. Meanwhile, recent negative technical news along with hawkish comments from Fed officials are still weighing on market sentiment. However, many experts agree that long-term dynamics such as geopolitical tensions, global economic instability, trade wars or demands from central banks, especially the PBOC, will continue. continue to support gold prices to rise.
OANDA:XAUUSDLong
by SantaTradeGold
XAUUSD : Gold turned down sharply and hung for two daysGold prices have broken the support level around $2,335, where the rising trendline intersects the 38.2% Fibonacci retracement level of the March-May rally. Combined with higher-than-average trading volume will be a signal for change. Many traders are selling gold and the bearish trend may continue. In the event that XAU/USD plummets below $2,335, the 50-day SMA at $2,325 will be the bearish guard for the next bearish curve. While breaking this support may be difficult, if successful, there is room for a pullback to $2,265. Conversely, if gold prices reverse upward, resistance will be at $2,365, followed by $2,377. If the gold price breaks through the resistance level at $2,377, the possibility of a decline will be significantly reduced. This breakout could open the door for further price increases to $2,420.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will increase strongly againAlthough the price of gold is slightly decreasing today, looking at the technical level, the prospect of an increase in price of this precious metal is still very high as XAU/AUD is trading actively above the 100 EMA today. However, the indicator RSI 14 is currently at an intermediate level around the 50 line, showing the possibility that XAU/USD will move sideways or not have a clear trend in the short term. The first upside price target will appear at the upper border of the Bollinger band at $2,427. If gold's momentum is sustained, prices could head towards an all-time high of $2,450. Breaking through this resistance level, gold could rise to the psychological level of $2,500. Conversely, the $2,325 level will be the initial support zone for XAU/USD. The next key support level is $2,300. Any sell-off below this level would send gold prices closer to the lower edge of the Bollinger band at $2,277, followed by the 100-day EMA at $2,222.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold is recovering againWorld gold price (XAU/USD) yesterday increased more than 25 USD to a high of 2,358 USD. Although expectations about the Fed cutting interest rates recently have many negative changes, gold has a lot of momentum and one of the measurements is that the world geopolitical situation is becoming more complicated with military conflicts. There is increasing tension between Israel and Hamas forces. But analysts predict that investors are still betting on gold prices to increase in the near future. Forecasts say that by the end of the week, gold price will increase to 2,375 USD.
OANDA:XAUUSDLong
by SantaTradeGold
Gold will turn around and continue to riseGold prices rose during the Asian session on Monday. The metal's rise is supported by a weak USD and rising geopolitical risks in the Middle East. Speeches from Fed officials such as Fed Chair Michelle Bowman, Cleveland Fed President Loretta Mester and Minneapolis Fed President Kashkari on Tuesday will be notable. However, lower bets on a Fed rate cut this year and a hawkish stance from Fed officials could weigh on gold prices. On Monday, US banks will be closed due to the Memorial Day holiday. Gold traders will wait for further cues from the Fed's statements on Tuesday. Of particular interest will be US GDP data for the first quarter on Thursday, which is expected to increase 1.5% in the first quarter. Stronger-than-expected data could strengthen the dollar and weaken gold prices.
TVC:GOLDLong
by SantaTradeGold
XAUUSD : Gold retreated after the weekend sessionThe gold market has had a volatile week, recording record highs before plummeting. On Monday, the price quickly reached a new historic high of 2,450 USD but could only hold there for a short time and then retreated to close at 2,426 USD. On Tuesday morning, gold prices began to decline slightly but still had a retreat and closed at 2,421 USD. This small decrease turned out to be just a prelude to the coming storm. The catalyst for the sharp sell-off appeared on Wednesday when the Fed released the latest version of the FOMC meeting. The minutes showed that Fed officials expressed concern about recent inflation reports, questioning the effectiveness of monetary policy in bringing inflation to the 2% target in a sustainable way. On Thursday, gold continued to experience a large decline and after only 3 sessions, the price of gold rose to more than 120 USD from its historical peak of 2,450 USD. Selling pressure also comes from the strong USD throughout the week. Although the DXY index fell 0.27% to close at 104.76, even this temporary weakness could not buoy the gold market. However, geopolitical news that emerged over the weekend supported gold prices, at least temporarily halting the decline and possibly even opening up a recovery.
OANDA:XAUUSDLong
by SantaTradeGold
Gold continues to decline after 2 daysSpot gold prices continued to decline on Thursday, with the lowest trading level at 2,327.28 USD. The precious metal fell sharply for the second straight week, with the USD initially taking advantage of the hawkish FOMC meeting minutes. Documents released on Wednesday showed officials expressed concern about the lack of progress in achieving the 2% inflation target, but remained confident that inflation would fall. However, a rate cut seems unlikely before September. The announcement weighed on the stock market, pushing Wall Street to close lower.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold will have a reversal todayAfter only 2 consecutive falling sessions, world gold price (XAU/USD) has dropped more than 100 USD if calculated from the high on May 22. Since the historic peak of 2,450 USD, XAU/USD has dropped more than 120 USD in just 4 sessions. Gold has been at a disadvantage since Wednesday's hawkish FOMC meeting minutes. Just yesterday, preliminary PMI data were released with a spike in the services sector, which accounts for about two-thirds of US economic activity. Data shows the US economy remains strong, despite high interest rates, further pushing back investor expectations for the Fed to cut interest rates soon this year. TD Securities commodity strategist Daniel Ghali said that although the greenback's recovery and the weakening interest rate outlook have triggered a sell-off in the gold market, the correction will not be too deep. According to him, gold is adjusting to the view that the Fed will maintain high interest rates for a longer period of time, while at this meeting, the Fed mentioned the possibility of raising interest rates if inflation remains "persistent". UBS Bank recently raised its gold price forecast to 2,600 USD by the end of 2024 and advised investors to wait to buy at about 2,300 USD or lower.
OANDA:XAUUSDLong
by SantaTradeGold
XAUUSD : Gold turned down sharply after the FOMC meetingClosing the trading session on May 22, spot gold price decreased 1.8% to more than 2,377 USD/ounce after hitting a historic high of 2,450 USD/ounce on May 20. Calculated from the intraday high of 2,426 USD/ounce, spot gold price has decreased by about 50 USD/ounce. Gold futures contracts also decreased 1.4% to nearly 2,393 USD/ounce. As of the time of writing, spot gold prices continue to be under selling pressure, reaching a low of 2,366 USD/ounce. Jim Wyckoff, Senior Analyst at Kitco Metals, said the market is seeing some sustained liquidation during the week, with some short-term futures traders taking profits. This is completely normal when gold prices reach new peaks. "Tomorrow will be an important trading day and gold prices need to recover immediately, otherwise there will be a strong correction in the short term," Mr. Wyckoff added. The newly released minutes of the FOMC meeting shocked the gold market, leading to a wave of strong selling. According to the minutes, Fed officials expressed concern about persistent inflation in the first quarter of 2024. Some even favored further tightening of monetary policy if inflation continued to exceed expectations. . In addition, the minutes also revealed the Fed's view that it will take more time than expected to bring inflation to the target level of 2%. This makes many investors worry that the Fed's interest rate cutting roadmap may be delayed. Compared to previous sessions, this time's minutes were considered much more "hawkish", demonstrating the lack of confidence of some Fed officials about the current level of inflation control. While acknowledging that inflation has fallen over the past year, the minutes also note that there has been no significant progress in achieving the 2% inflation target in recent months. The latest Consumer Price Index (CPI) report shows that inflation is showing signs of decreasing. However, Fed policymakers emphasized that a single data point or monthly report is not enough to accurately assess trends. Therefore, the Fed will likely wait a few more months to monitor the next reports and ensure that inflation has been effectively controlled before considering reducing interest rates.
OANDA:XAUUSD
by SantaTradeGold
Gold is falling to create momentum to increase again ?Gold prices decreased because US government bond yields increased after the Fed meeting minutes. Gold prices fell sharply when US government bond yields increased and the greenback appreciated. The 10-year US government bond yield increased 2 basis points to 4.43%, while the DXY index increased 0.19% to 104.82, an obstacle for gold. FOMC minutes showed that Fed officials remain uncertain about the extent of policy tightening. They added that "it will take more time than expected to have more confidence in inflation falling to 2%." During the week, speeches by Fed officials laid the groundwork for the "hawkish stance" of the FOMC Minutes, as most officials said they wanted to be sure that inflation was coming down and that they were in no hurry. lower interest rates. Data from the Chicago Mercantile Exchange shows investors are expecting the Fed to cut interest rates by 31 basis points by the end of the year.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold will be an interesting thing in this marketSince the shock increase and decrease on Monday following the speeches of Fed officials, the gold price (XAU/USD) has had almost no significant fluctuations, fluctuating around 2,420 USD/ounce. Many experts believe that the reason gold does not fluctuate much after officials' hawkish speeches is because the Fed's monetary policy only has a secondary impact on gold prices. Currently, investors are still concerned about inflation risks, economic instability along with geopolitics and that makes them rush into this precious metal to hedge against risks. According to data from the World Gold Council (WGC), since the beginning of the year, gold prices have increased more than 16%, reaching a record high of 2,450 USD/ounce earlier this week. Some experts believe that gold prices will increase further. Citibank analysts recently optimistically commented that gold could reach 3,000 USD/ounce within the next 6 - 18 months. Despite that optimism, most are not sure when gold will hit the $3,000/ounce mark. The driving force that can bring gold to that level is probably the "nod" to loosen monetary policy from the Fed.
OANDA:XAUUSDLong
by SantaTradeGold