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GOLD steadies as Powell and Fed shake up trading day todayOANDA:XAUUSD is still trading quite stable in the early Asian session today (September 26) with both fundamental and technical uptrends being maintained. Currently, the gold price is around 2,660 USD/oz. This trading day, gold traders will focus on Federal Reserve Chairman Powell's speech, which is expected to cause major fluctuations in gold prices. Traders await Federal Reserve Chairman Jerome Powell's speech and US PCE inflation data for more details on the direction of interest rate policy. Today (Thursday), Federal Reserve Chairman Powell will pre-record a video to deliver the opening address of the New York Fed's 2024 Treasury Markets Meeting. Last Wednesday local time, the Federal Reserve announced a 50 basis point interest rate cut. Federal Reserve Chairman Powell said in a press conference that the 50 basis point rate cut “is not a new pace of rate cuts.” In addition to Powell, several key Fed officials spoke today (Thursday). Today (Thursday), Fed Governor Bowman will give a speech on the economic outlook and monetary policy today (Thursday), New York Fed President Williams will give a speech; Fed Governor Barr will also speak at the same time. In terms of US economic data, on Friday the US Bureau of Economic Analysis will release the August personal consumption expenditures (PCE) price index, which is the Federal Reserve's preferred measure of inflation. state. So this data needs to be closely watched and it is expected to bring significant volatility in the financial markets as a whole. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold's upward momentum is temporarily limited by the $2,672 level, the resistance point noted by readers in previous publications. However, the trend and technical structure remain unchanged, still leaning completely towards the uptrend with the price channel as the short-term trend and EMA21 as the most important support. However, the price increase is slowing down combined with the Relative Strength Index (RSI) being at the peak of the overbought area, showing that there is not much room for price increases and is consistent with the expectation of a downward adjustment without change the trend. In the immediate future, gold may adjust down to 2,645 USD, the price point of the 0.786% Fibonacci extension or more than the 0.618% Fibonacci level. It must be noted that a correction is different from a long-term trend, because the main trend of gold prices is bullish so open positions taking advantage of the possibility of a correction should also be closed in the short term. During the day, the uptrend with the expectation of a correction in gold prices will be noticed by the following levels. Support: 2,645 – 2,624USD Resistance: 2,672USD SELL XAUUSD PRICE 2691 - 2689⚡️ ↠↠ Stoploss 2694 →Take Profit 1 2684 ↨ →Take Profit 2 2679 BUY XAUUSD PRICE 2607 - 2609⚡️ ↠↠ Stoploss 2603 →Take Profit 1 2614 ↨ →Take Profit 2 2619
OANDA:XAUUSDLong
by Xayah_trading
Data and the risk of widespread conflict, GOLD finds new peaksAs tensions in the Middle East and US consumer confidence worsen, increasing gold's safe-haven appeal OANDA:XAUUSD , along with falling US Treasury bond yields and a weakening US Dollar, gold prices have once again renewed their all-time record high. In terms of data The Conference Board reported Tuesday that U.S. consumers' views of the economy worsened in September as concerns about jobs and business conditions grew, with the index Consumer confidence recorded its largest drop in more than three years. The Conference Board reported that the US consumer confidence index fell sharply to 98.7 in September from 105.6 in August, the largest monthly decline since August 2021. Survey of Dow Jones had forecast the number to be 104. Iran's President warned Israel to conduct heavy air strikes Israel announced that it launched a large-scale airstrike against "Hezbollah targets in Lebanon" on September 23, hitting more than 1,600 targets. Israel continued to conduct new air strikes in many places in Lebanon on September 24. According to Britain's Reuters, on September 23 local time, Iranian President Pezhiziyan said in New York, USA that Israel hopes to draw the Middle East into the conflict between Israel and Lebanon's Hezbollah that has lasted nearly a year. past, by provoking Iran into "total war" and warning that its consequences would be "irreversible". Asked whether Iran would retaliate after Hamas Politburo leader Haniyeh was killed in an attack in the Iranian capital Tehran in late July, Pezeshizyan said: "They will respond in the appropriate way." at the appropriate time and place." As fighting between the Lebanese militant group Hezbollah and the Israeli military escalated sharply, Hezbollah has urged Iran to launch attacks on Israel in recent days. A direct Iranian attack on Israel would significantly further destabilize the region and could draw the United States into war. The US Federal Reserve's beginning to loosen monetary policy also pushed up gold prices because gold does not generate interest and lowering interest rates can reduce the opportunity cost of holding gold. Major investment banks expect gold's record price increase to continue through 2025 due to large capital inflows into gold ETFs and expectations of further interest rate cuts from central banks the world's largest. The basic picture has not changed as gold is still a comprehensively supported choice, both in terms of macro data, monetary policy and geopolitical developments that are increasingly new and complex. more complicated with the risk of spreading. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is having its fifth consecutive day of price increases, the next target level will be the $2,672 mark as the $2,645 price point of the 0.786% Fibonacci extension was quickly broken during the trading day. Yesterday. It is difficult to trade at the present time even though the main trend is still bullish with the price channel as the short-term trend. However, the Relative Strength Index has peaked in the overbought area, suggesting that there may not be much room left for the price to rise. In principle, the market will not move in a straight line, so during this time there is a basis to expect a short-term correction without changing the trend. The correction will likely be limited by support points from the 0.786% Fibonacci in the short term, and more so the 0.618% level. However, it must be reiterated that all technical and fundamental conditions are pointing in the same direction of price increase, and the uptrend with the expectation of short-term adjustment and of gold prices will be noticed by high levels. following technique. Support: 2,645 – 2,624USD Resistance: 2,672USD SELL XAUUSD PRICE 2691 - 2689⚡️ ↠↠ Stoploss 2694 →Take Profit 1 2684 ↨ →Take Profit 2 2679 BUY XAUUSD PRICE 2607 - 2609⚡️ ↠↠ Stoploss 2603 →Take Profit 1 2614 ↨ →Take Profit 2 2619
OANDA:XAUUSDLong
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [Sep 09 - Sep 13]This week, international gold prices fell from 2,507 USD/oz to 2,471 USD/oz in the first sessions of the week. After that, gold price recovered to 2,529 USD/oz, then dropped to 2,485 USD/oz and closed this week at 2,497 USD/oz. Recent US economic data has played an important role in shaping developments in the gold market. The US August jobs report fell short of expectations. While economists predicted 160,000 new jobs would be created in August, the actual number was only 142,000 jobs. However, the published data was lower than forecast but still higher than the previous period. The US unemployment rate in August decreased slightly from 4.3% to 4.2%. But this is still high compared to the 3.8% rate recorded a year ago. These labor market figures, along with recent US inflation reports, have reinforced expectations that the Fed is about to cut interest rates. This prediction is further fueled by Fed Chairman Jerome Powell's statement at the Jackson Hole Conference on August 24, in which he noted that it is time for monetary policy to adjust. In the medium and long term, many economic experts believe that gold prices will increase sharply because the more the FED cuts interest rates, the more the USD and US Treasury bond yields will weaken, increasing the appeal of gold. . Furthermore, central banks have been and are continuing to buy gold reserves. Technically, there is no debate about the uptrend of gold as the Weekly time frame technical chart clearly shows this. However, this rising wave is reaching the resistance level around the fibo expansion mark at fibo 161.8. In theory, it is possible that the price reaching this mark will have reversal phases, which are corrective declines to consolidate the uptrends. next bullish period. The next fibo milestone will be around 2,590-3,000 usd/oz. Next week, the market will pay attention to US August CPI data, and the European Central Bank's (ECB) monetary policy meeting. 📌Currently, considering the H4 technical chart, the gold price is still moving sideways in a wide range, specifically fluctuating from 2,470 - 2,530 usd/oz. If the resistance level of 2530 is broken, in the immediate future the gold price will rise around the round resistance level of 2600. In case the support level of 2470 is broken, the gold price will fall back to around the threshold of 2,430 USD/oz. Notable technical levels are listed below. Support: 2.500 – 2.503 – 2.530USD Resistance: 2.484 – 2.470USD SELL XAUUSD PRICE 2591 - 2589⚡️ ↠↠ Stoploss 2595 BUY XAUUSD PRICE 2429 - 2431⚡️ ↠↠ Stoploss 2425
O
by Xayah_trading
1
GOLD is still looking for new peaks, PCE is the focus this weekAt the end of the last trading week, OANDA:XAUUSD increased above 2,620 USD/oz, continuing the existing upward momentum due to expectations that the US will continue to cut interest rates and increasing tensions in the Middle East. On Wednesday (September 18) local time, the US Federal Open Market Committee (FOMC) announced a 50 basis point interest rate cut after concluding a two-day policy meeting in Washington. , lowering the federal funds rate target range to 4.75%-5%. This is the first time the Federal Reserve has cut interest rates since March 2020. Fed officials expect interest rates to fall to 4.4% by the end of 2024 and to 3.4% in 2025. In a statement, policymakers said they would consider “adjustments “addition” to interest rates based on “upcoming economic data.” They also noted that inflation "remains high" and that job growth has slowed. Federal Reserve Chairman Powell said in his post-FOMC press conference that the 50 basis point rate cut “is not a new pace of rate cuts.” Next week, several Fed officials will speak and it is expected that these statements will have a short-term market impact. • Next Monday, Bostic, the FOMC 2024 voting committee and Atlanta Fed President, will speak on the economic outlook. • Next Tuesday, FOMC 2026 voting committee member and Minneapolis Fed President Kashkari will give a speech. • Next Thursday, Boston Fed President Collins will host a virtual meeting on central bank supervision and financial inclusion, and Fed Governor Coogler will attend. • Next Thursday, Federal Reserve Chairman Powell will broadcast a video to open an event. • Next Thursday, the FOMC permanent voting committee and New York Fed President Williams will speak. Federal Reserve Governor Barr will speak next Thursday. • Next Friday, FOMC 2026 voting committee and Minneapolis Fed President Kashkari will have a conversation with Federal Reserve Governor Barr Next Friday, FOMC 2025 voting committee, Boston Fed President Collins and Fed Governor Coogler spoke. Next week's data focus will be on August's personal consumption expenditures (PCE) price index, the Fed's preferred measure of inflation. Next Friday, the US Bureau of Economic Analysis will release the personal consumption expenditures (PCE) price index for August, the Fed's preferred measure of inflation. If the core PCE price index rises 0.3% month-on-month or above expectations, that could boost the dollar and put pressure on gold. On the other hand, weak data could put immediate pressure on the USD and support gold prices to rise further. Economic data to watch next week Monday: S&P Flash PMI Tuesday: US consumer confidence Wednesday: New home sales in the United States Thursday: Durable goods orders, third quarter GDP, weekly unemployment claims; US pending home sales Friday: US PCE Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold continues to find new all-time highs with conditions tilting towards the upside. From the long-term price channel and the EMA21 line, they point towards an increase in price. Using Fibonacci extension to follow the trend, gold temporarily closes weekly below 0.618% and this is also the confluence point with the upper edge of the price channel. Once this level is broken, gold will tend to increase further towards the 2,645 USD area, the price point of the 0.786% Fibonacci extension. The relative strength index RSI is pointing up with a large slope without showing signs of weakening from the overbought area, showing that there is still room for price growth ahead although not much. However, in the current trading environment, strong corrections can still occur quickly with the levels of 2,610 - 2,600 - 2,595USD being the closest current supports. Finally, gold's uptrend will be noticed again by the following technical levels. Support: 2,610 – 2,600 – 2,595USD Resistance: 2,631 – 2,645USD SELL XAUUSD PRICE 2646 - 2644⚡️ ↠↠ Stoploss 2650 →Take Profit 1 2639 ↨ →Take Profit 2 2634 BUY XAUUSD PRICE 2586 - 2588⚡️ ↠↠ Stoploss 2582 →Take Profit 1 2593 ↨ →Take Profit 2 2598
OANDA:XAUUSDLong
by Xayah_trading
Geopolitical tensions escalate, GOLD is heading to a new peakOn the Asian market on Tuesday (September 24), spot gold continued its recovery trend. The current gold price is at around 2,634USD/ounce, close to the historic high reached the previous trading day. According to CME's "Fed Watch" tool, the probability of the Fed cutting interest rates by 25 basis points in November is 48.6% and the probability of cutting interest rates by 50 basis points is 51.4%. The market is pricing in a higher likelihood of a 50bps interest rate cut by the Fed in November, which weakens the US Dollar and supports gold prices in terms of correlation. Additionally, ongoing geopolitical risks stem from ongoing conflicts in the Middle East, as well as U.S. political instability ahead of the November election and recession concerns. The economy will support the safe haven price of gold. Gold is known as a traditional safe haven whenever risks appear in the market, while currently political and economic instability appears. dense. Therefore, the basic trend of gold prices will still be upward. Israel launched airstrikes on so-called Hezbollah weapons sites in southern and eastern Lebanon on Monday, killing nearly 500 people and raising the risk of wider conflict in the Middle East. The Pentagon said Monday that the United States will send more troops to the Middle East as violence increases in the region, the Associated Press reported. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold is supported by the trend from the short-term price channel and is currently continuing to recover after a slight correction yesterday. Currently, gold is moving towards the initial target increase noticed by readers in the weekly publication at 2,645USD which is the confluence of the edge on the price channels and the 0.786% Fibonacci extension. At 2,645USD, it is expected that there will be certain adjustments but will not affect the main short-term trend of price increase. The relative strength index (RSI) is in the overbought area on the daily chart so there may not be much room left for the price to rise and is in line with expectations of a downward correction from the aforementioned confluence. Notable technical levels for the day are listed below. Support: 2,624 – 2,613 – 2,610 Resistance: 2,634 – 2,645USD SELL XAUUSD PRICE 2646 - 2644⚡️ ↠↠ Stoploss 2650 →Take Profit 1 2639 ↨ →Take Profit 2 2634 BUY XAUUSD PRICE 2586 - 2588⚡️ ↠↠ Stoploss 2582 →Take Profit 1 2593 ↨ →Take Profit 2 2598
OANDA:XAUUSDLong
by Xayah_trading
1
China's policies, Middle East developments support oilWest Texas Intermediate TVC:USOIL reached over 72 USD/barrel supported by the Chinese Government's lightning-fast policy support for the economy and the situation in the Middle East is very tense. All of these geopolitical factors are driving oil prices even higher. In addition, natural conditions also threaten supply from the US, the world's largest crude oil producer, pushing oil prices up. China's massive stimulus policy Pan Gongsheng, Governor of the People's Bank of China, announced a series of stimulus measures at a press conference in Beijing today (Tuesday), a clear sign of the broadest effort yet by the Policymakers aim to achieve an annual growth target of around 5% this year. This is the largest stimulus measure since the outbreak of the Covid-19 epidemic. The measures announced today include: boosting bank lending to consumers and businesses and cutting the People's Bank of China's key short-term interest rate, which will support growth and energy demand in the world's largest oil importer. New developments in the Middle East Hezbollah strongholds in Lebanon on Monday, Lebanese authorities said air strikes killed 492 people and forced tens of thousands to flee their homes. Oil prices are supported by geopolitical conflicts because this region (Lebanon) plays an important role in oil production. The attack risks bringing OPEC oil producer Iran, which backs Hezbollah, closer to a conflict with Israel and could trigger a wider war in the Middle East region, which in turn could continues to push for support for crude oil as supply is threatened. In particular, this conflict could completely involve Iran, a major member of OPEC, and could further disrupt crude oil supplies from the Middle East. Technical outlook analysis of TVC:USOIL On the daily chart, WTI crude oil is showing the initial conditions for a bull run with the RSI steeply upward sloping past 50, along with price activity moving upwards. the 21-day moving average which acted as resistance previously. However, WTI crude oil will need to temporarily break the 72.65 USD level to fully confirm the technical conditions for a bullish cycle with a short-term target level of around 74.39 USD. In the short term, the trend of WTI crude oil is more inclined towards price increases with notable positions listed as follows. Support: 70.90 – 70.49 – 69.37USD Resistance: 72.65 – 74.39USD
TVC:USOIL
by Xayah_trading
BOE may still warn of inflation, GBPUSD raises new targetThe British pound (GBP) will continue to outperform after the Bank of England signaled that it will maintain its restrained approach to interest rate cuts. Bank of England Governor Bailey said the central bank needs to be careful not to cut interest rates too quickly or too much. He also said that since the August meeting, inflationary pressures in the UK have continued to ease and overall economic performance is in line with expectations. The Bank of England certainly seems not to be on the Fed's side and will not send a signal to lift its inflation warning. The British pound will likely continue to perform well in the near term, based on fundamentals. On the daily chart, OANDA:GBPUSD in the main uptrend with the price channel as the main trend and the EMA21 level as the main support. The current position of GBP/USD above the 0.50% fibonacci extension shows that it could still continue to increase briefly in the near term with the 0.618% Fibonacci level, 1.33717 price point as the target. The relative strength index (RSI) is pointing up but has not yet reached the overbought level, showing that there is still a bit of room for price growth ahead. As long as GBP/USD remains within the price channel, the main outlook will remain bullish and in the short term notable levels for a bullish outlook are listed below. Support: 1.33009 – 1.32301 Resistance: 1.33717
Long
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [Sep 23 - Sep 27]This week, after opening at 2,579 USD/oz, the international gold price dropped to 2,546 USD/oz, but then continuously increased sharply beyond the threshold of 2,600 USD/oz to 2,625 USD/oz and closed the week. at 2,622 USD/oz. International gold prices increased sharply because the FED cut interest rates by up to 50 basis points and signaled that it would further cut interest rates by about 200 basis points in the next 2 years. FED Chairman Powell said the FED will not rush to sharply loosen monetary policy and noted that the FED is currently in the process of readjusting its monetary policy. Mr. Powell's comments show that the FED will not be too hasty in cutting interest rates, but will adjust monetary policy according to a specific roadmap. This may somewhat cause confusion among investors, causing them to take profits from gold investments that have yielded large profits, causing gold prices to adjust and accumulate in the short term. However, with the FED's roadmap to cut interest rates, gold prices are expected to continue to increase sharply in the near future. 📌Technical analysis indicators, such as MACD, RSI... are showing that gold price is in the overbought zone in the short term. However, the upward momentum of gold prices is still there, with no signs of reversal. The attractive area for gold prices seems to be the round block of 3,000 USD/oz, corresponding to the Fibo level of 261.8 calculated according to the Weekly chart. From a narrower perspective, looking at the H4 chart, in the immediate future, the gold price may continue to maintain its upward momentum to conquer the next resistance level around 2,690 - 2,700 USD/oz, before decreasing and adjusting again. Notable technical levels are listed below. Support: 2.595 – 2.600 – 2.610USD Resistance: 2.645 – 2.624USD SELL XAUUSD PRICE 2691 - 2689⚡️ ↠↠ Stoploss 2695 BUY XAUUSD PRICE 2519 - 2521⚡️ ↠↠ Stoploss 2515
OANDA:XAUUSDLong
by Xayah_trading
GOLD surpassed the 2,600 USD/oz markOANDA:XAUUSD increased sharply in the trading session on Friday (September 20), with spot gold prices officially surpassing the important barrier of 2,600 USD/oz for the first time in history. The possibility of the US Federal Reserve (Fed) continuing to cut interest rates and geopolitical tensions in the Middle East act as direct catalysts for this breakthrough in gold. At closing, the spot price of gold in the New York market increased by 36.3 USD/oz, equivalent to an increase of 1.4%, closing at 2,622.4 USD/oz. The Fed's move to lower interest rates by half a percentage point on Wednesday is "fueling" gold prices. This precious metal is a non-interest bearing asset, so it benefits in a falling interest rate environment. According to data from CME's FedWatch Tool, interest rate futures traders are betting on a 100% chance the Fed will cut interest rates in both its November and December meetings. In addition, this year, global investors are also actively buying gold to hedge against lingering geopolitical risks in the Middle East and some other places. The trend of net buying gold by central banks to diversify foreign exchange reserves away from the USD also contributed greatly to the increase in gold prices. Israel announced that it had killed a senior commander and important figures of Hezbollah in an airstrike in Beirut, Lebanon, raising concerns about the risk of widespread war in the Middle East. However, US President Joe Biden still believes that the possibility of reaching a ceasefire agreement for the Gaza Strip is realistic. Since the beginning of the year, gold prices have increased 26%, the largest increase in a year since 2010. Some analysts believe that this record increase in gold prices may soon turn into a correction state. The Dollar Index, which measures the greenback's strength against a basket of six other major currencies, increased 0.12% on Friday, closing at 100.74 points. However, the index has decreased 0.37% this week and decreased nearly 4.8% in the past 3 months - according to data from MarketWatch.
OANDA:XAUUSDLong
by Xayah_trading
GOLD continues to be strong, geopolitical tensionsOn Thursday, the Federal Reserve cut interest rates by 50 basis points, starting an easing cycle and gold prices rose accordingly. Traders are ignoring the rise in US Treasury yields, which are inversely correlated with gold, and gold is still aiming for $2,600 raw price or perhaps a new all-time high. grand. Readers can review the Federal Reserve's policy analysis in yesterday's publication linked below. Tensions in the Middle East and ceasefire negotiations are positive for gold “Gold is considered a safe haven in times of political and economic uncertainty, and because gold is not subject to interest, it often thrives in low interest rate environments.” The Wall Street published an exclusive report on Thursday, local time, The Wall Street said senior US officials had said a ceasefire and hostage release was within reach, but now here they admitted that they did not expect Israel and Hamas to attend. "There is no chance of achieving this now," the Saudi official said shortly after the pager attack on Hezbollah. "Everyone is waiting and watching to see what happens after the election. Conclusion The results will determine what the next government can do." Failure to reach an agreement will harm the "job" of current President Biden. According to Gaza's Health Ministry, the war has killed more than 40,000 Palestinians, mostly women and minors. According to the latest report by Agence France-Presse, Lebanese Minister of Public Health Firas Abyad said that communication equipment explosions occurred in many places in Lebanon on September 17 and 18 local time. , leaving 37 people dead and nearly 3,000 injured. On September 19, Hamas issued a statement thanking Hezbollah for its support in Lebanon. Hamas said that Hezbollah's resolute stance in Lebanon "has undermined Israel's efforts to sabotage the resistance movement in the Gaza Strip." Analysis of technical prospects for OANDA:XAUUSD After adjusting and recovering, gold currently has all the conditions to aim for the target increase at the original price point of 2,600 USD that was previously achieved. In the short term, $2,600 will remain the target resistance, however once gold breaks above the $2,600 base price it could continue to rise another $12 to test the 0.786% Fibonacci extension. The uptrend will still be the main trend with the price channel and support from EMA21. As long as gold remains in the price channel, price drops should only be considered short-term corrections without damaging the main trend. . Maintaining above the 0.618% Fibonacci extension is also a positive signal for gold prices in the short term technically. During the day, the bullish outlook will be noticed by the following levels. Support: 2,582 – 2,575 – 2,561USD Resistance: 2,600 – 2,612USD In the current trading environment, large fluctuations often occur. It can be said that these fluctuations are so large that looking for so-called optimal entry positions too close will bring the risk of being "swept out". " Therefore, along with finding reasonable entry locations, optimization also needs to be emphasized in the process of controlling volume and transaction density. SELL XAUUSD PRICE 2616 - 2614⚡️ ↠↠ Stoploss 2620 →Take Profit 1 2609 ↨ →Take Profit 2 2604 BUY XAUUSD PRICE 2564 - 2566⚡️ ↠↠ Stoploss 2560 →Take Profit 1 2571 ↨ →Take Profit 2 2576
OANDA:XAUUSDLong
by Xayah_trading
2
After Powell's speech, GOLD prices plummetedAfter the Federal Reserve cut interest rates by 50 basis points, OANDA:XAUUSD Spot delivery soared to 2,600.15 USD/ounce, reaching a new era record high. But after Powell's speech, gold prices plummeted, currently trading around 2,563 USD/ounce. Powell said at the press conference that the 50 basis point rate cut “is not a fixed pace of new rate cuts.” On Wednesday local time, the US Federal Open Market Committee (FOMC) announced a 50 basis point interest rate cut at the end of its two-day policy meeting in Washington, lowering its target range. target the federal funds rate down to 4.75%-5%. This is the first time the Federal Reserve has cut interest rates since March 2020. Fed officials expect interest rates to fall to 4.4% by the end of 2024 and to 3.4% in 2025. This decision to cut interest rates was not supported by all FOMC members. The statement shows that one person voted against the 50 basis point rate cut and Fed Governor Bowman, who voted against it, supported the 25 basis point rate cut. Thus, Bowman became the first Fed governor since 2005 to vote against the decision of a majority of FOMC members at the FOMC interest rate meeting. Summary of Jerome Powell's speech Powell said: "We are recalibrating our policy stance; nothing in our (economic) forecasts suggests that we are rushing to act; Fed economic forecasts are basic forecasts; the actual actions we take will depend on how the economy develops. If appropriate, we can speed up or slow down the pace of interest rate cuts , or even choose to pause; this 50 basis point cut does not mean we are rushing to act.” “I don't see any signs right now that the likelihood of a recession has increased,” Powell said. I don't see that. You will see the economy growing at a steady pace, see inflation decreasing. You'll see the workforce, the market remain at a very stable level, so I don't see that right now." Powell's indication that if appropriate, the Fed could speed up or slow down the pace of rate cuts, or even choose to pause this 50 basis point rate cut, does not indicate the Fed is ready to act. This has damaged market sentiment that the Fed will cut interest rates more aggressively in the future, which has weakened gold prices. But it does not mean a basic trend because the basic trend will still be bullish, because the path to cutting interest rates by the Fed is still very long and data will continue to be the next catalyst. The reason to say that the path to cutting interest rates is still very long is that readers can pay attention to the details that "in the shortest term", Fed officials expect interest rates to drop to 4.4% by the end of 2024. and down to 3.4% by 2025. Analysis of technical prospects for OANDA:XAUUSD Although gold corrected significantly on yesterday's trading day after renewing its all-time high in the $2,600 area, this was also the target increase that readers noticed in the weekly publication. Technically, the adjustment from the original price level is not an unusual sign of the trend. The current trend of gold price is still bullish with the price channel as the main trend and the EMA21 as the main support. As long as gold remains within the price channel, the technical outlook remains bullish. Meanwhile, the Relative Strength Index is pointing up, showing that momentum and room for price growth are still ahead. Once gold breaks above the 0.618% Fibonacci extension it will be in position to retest the all-time high once again and gold sustaining price activity above the 0.50% Fibonacci extension is a positive signal for the trend. short-term upward trend. During the day, the uptrend of gold prices will be noticed by the following price points. Support: 2,561 – 2,546 – ​​2,540USD Resistance: 2,582USD SELL XAUUSD PRICE 2586 - 2584⚡️ ↠↠ Stoploss 2590 →Take Profit 1 2579 ↨ →Take Profit 2 2574 BUY XAUUSD PRICE 2524 - 2526⚡️ ↠↠ Stoploss 2520 →Take Profit 1 2531 ↨ →Take Profit 2 2536
OANDA:XAUUSD
by Xayah_trading
1
GOLD recovers from support at $2,561, Fed decisionOANDA:XAUUSD decreased and recovered after the US announced retail sales figures for August. This is the last important US macroeconomic data released before the Fed's decision today (Wednesday). Gold price touched 2,560 USD in yesterday's trading session. As of the time of writing, spot gold is at 2,573 USD/ounce. Data from the US Census Bureau showed US retail sales increased 0.1% month-on-month in August, compared with a revised 1.1% increase in July. higher than expectations of a 0.2% decline. Meanwhile, US retail sales (excluding autos) increased 0.1% after increasing 0.4% in July. This figure was lower than expectations for 0.2% growth. The data slightly reduces the likelihood of a 50 basis point Federal Reserve cut at its September meeting, which would have an impact on gold's near-term gains. Fed decision upcoming Today (Wednesday), the market will focus on the Federal Reserve's interest rate decision and Fed Chairman Powell's press conference, which is expected to create a major volatility in the gold market. According to CME's FedWatch tool, the probability of a rate cut was 67% before the data was released, but after the data was released, the probability fell to 65%. This would be the Fed's first rate cut since 2020, and financial markets have priced in the possibility of the Fed acting aggressively, as indicated by rates on CME's FedWatch tool. Since gold does not yield interest, a low interest rate environment can reduce the opportunity cost of investing in gold, which is more beneficial for gold. Gold buying power will decrease if the Fed only cuts 25bps this time, however, gold will be supported and rise even higher once the Fed cuts 50bps. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold corrected yesterday, it received support at the 0.50% Fibonacci extension. Note to readers in the previous issue. The current price point of 2,561USD is the nearest support level, while the price point of 2,582USD is the nearest resistance and is also the price point of the 0.618% Fibonacci level. For gold to have enough conditions to increase in price technically, it needs to break the level of 2,582 USD and maintain price activity above this level, then the target is still the original price point of 2,600 USD in the short term rather than the level of 2,612 USD. Fibonacci price point 0.786%. During the day, the uptrend of gold prices is still dominating with the main trend from the price channel, and notable levels will be listed as follows. Support: 2,561USD Resistance: 2,582USD SELL XAUUSD PRICE 2606 - 2604⚡️ ↠↠ Stoploss 2610 →Take Profit 1 2599 ↨ →Take Profit 2 2594 BUY XAUUSD PRICE 2544 - 2546⚡️ ↠↠ Stoploss 2540 →Take Profit 1 2551 ↨ →Take Profit 2 2556
OANDA:XAUUSD
by Xayah_trading
Important data, GOLD traded quite narrowly ahead of FOMCOANDA:XAUUSD there are many fluctuations but still maintain the main uptrend, on this trading day the market will receive US retail sales data, this data will have a certain influence on the decision of the Federal Reserve (FED) this week. Today (Tuesday), the US Census Bureau will release retail sales data for August. Economists expect US retail sales to fall 0.2% monthly in August, after rising 1% in July. US retail sales data typically has a greater impact on financial markets, potentially influencing the trend of assets such as the US dollar and gold. August data is expected to be lower than July's positive data and is expected to guide the extent of the Fed's interest rate cuts, favoring a 50 basis point cut instead of a 25 basis point cut. copy. Of course, this is negative for the US Dollar and positive for gold. While retail sales data will be the primary focus today, the focus this week is on the Federal Reserve's interest rate decision due to be announced on Wednesday. According to CME's "Fed Watch" tool, the probability of the Federal Reserve cutting interest rates by 50 basis points in September has jumped to 67.0%. Less than a week ago, the market believed the Fed would cut interest rates by 25 basis points, while only 25% believed the Fed would cut interest rates by 50 basis points. This is a signal that the possibility of a 50bps cut on Wednesday is becoming more solid. Since gold does not yield interest, a low interest rate environment can reduce the opportunity cost of investing in gold, which is more beneficial for gold. Analysis of technical prospects for OANDA:XAUUSD Temporarily, gold is still trading in a fairly narrow range but the main uptrend has not changed technically with the price channel as the main trend and the EMA21 moving average as the main support. Gold's short-term uptrend is limited by the 0.618% Fibonacci extension, which readers noticed in the weekly publication on Sunday. For gold to have enough conditions to increase in price further, it needs to bring price activity above 2,582 USD, and this is also the current closest resistance level. Even if gold has not been able to break the $2,582 level to reach the next short-term target level at the original price point of $2,600 and beyond the 0.786% Fibonacci level, it still has a bullish bias. However, corrections can still occur because the technical principle is that the market will not be able to move in a straight line, and the immediate correction in the short term will be limited by the Fibonacci 0.50% price point of 2,561. USD, this is considered the closest support level currently. During the day, gold's uptrend may encounter short-term corrections with notable price levels listed below. Support: 2,575 – 2,561USD Resistance: 2,600 – 2,612USD SELL XAUUSD PRICE 2606 - 2604⚡️ ↠↠ Stoploss 2610 →Take Profit 1 2599 ↨ →Take Profit 2 2594 BUY XAUUSD PRICE 2544 - 2546⚡️ ↠↠ Stoploss 2540 →Take Profit 1 2551 ↨ →Take Profit 2 2556
OANDA:XAUUSD
by Xayah_trading
WTI recovered insignificantly, bearish factors prevailedWest Texas Intermediate TVC:USOIL opened down to 68.94 USD/barrel as of the time this article was completed. The Paris-based International Energy Agency (IEA) warned last Thursday that global crude oil demand is cooling while output outside the Organization of the Petroleum Exporting Countries and its allies ( OPEC+) continues to increase. According to IEA data, the organization predicts non-OPEC+ crude oil production will increase by 1.5 million barrels per day from 2024 to 2025. The fact that supply is continuously expanding while market demand is not enough to compensate is the most noticeable pressure on the oil market at the present time. West Texas Intermediate crude fell about 15% this quarter on concerns about falling demand. The International Energy Agency said that global consumption growth in the first half of the year reached its lowest level since the epidemic. In that context, OPEC+, an organization of oil producing countries, postponed plans to relax supply restrictions, and Libya's oil output continued to decline. About supporting factors With the recent conflict in Libya and a series of geopolitical crises in recent years, the market is not without upside potential, although these factors have not yet had a profound enough impact on the market. common school. Combined with the fact that the Federal Reserve is expected to start cutting interest rates at its meeting next week after the labor market showed signs of slowing and traders are more optimistic that policymakers policy will cut interest rates by 50 basis points. Lower borrowing costs could support economic growth and increased energy demand. These may provide negligible fundamental support in the near term. However, the oil market needs to pay more attention to Supply - Demand and OPEC+ factors. Technical outlook analysis of TVC:USOIL On the daily chart, WTI crude oil recovered but remained in a long-term downtrend noted by the price channel and pressure from EMA21. Crude oil's fall below the 0.236% Fibonacci retracement level on the daily chart would open the door for a new bearish cycle with the target then at $67.25 in the short term, more so than $65.2. On the other hand, as long as WTI crude oil remains within the price channel, the downtrend remains dominant, but maintaining price activity above the 0.236% Fibonacci level will be the factor that pushes it to recover a little further with resistance near highest at 70.9USD. Looking at the overall picture, the trend of WTI crude oil is to decrease in price with technical levels that will be noticed again as follows. Support: 68.74 – 67.25USD Resistance: 70.28 – 70.90USD
TVC:USOILShort
by Xayah_trading
GOLD continuously sets new peaks, conditions for 2,600 USDEnd of last trading week, OANDA:XAUUSD Spots hit a new all-time record high, building on the strength and momentum received from Thursday, as the market bullishly priced in the possibility of a sharp interest rate cut by the Federal Reserve this week. . Gold prices have surged this year, driven by the Federal Reserve's loose monetary policy, central bank buying and strong safe-haven demand from conflicts in the Middle East and Ukraine. pushed up gold prices. Safe-haven demand has pushed gold up more than 24%, driven by geopolitical crises and economic uncertainty, as well as strong central bank buying. Last week, the World Gold Council said global physical gold exchange-traded funds saw capital inflows for the fourth consecutive month in August. As the Federal Reserve's next meeting on September 18 approaches, markets are paying close attention to the possibility of the US cutting interest rates for the first time since 2020. Low interest rates tend to support gold and creating pressure on the USD. The Chicago Mercantile Exchange's FedWatch tool shows investors now see a 50% chance of a 25 basis point cut and a 50% chance of a 50 basis point cut next week in US interest rates. Looking ahead, the gold market this week will focus on important events such as the Fed's interest rate decision and the revised Dotplot chart, comments by Fed Chairman Jerome Powell at the post-FOMC press conference, expected will create big fluctuations in the market. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold achieved the target increase sent to readers in the issue at the 0.618% trend-following Fibonacci extension and the upward momentum slowed, narrowing below this level. Looking at it comprehensively, gold is still completely capable of continuing to increase in price as the Relative Strength Index points up with a large slope but has not gone above the overbought level, showing that there is still room for upward momentum. still ahead. In the short term, as long as gold remains within the price channel and above the EMA21, its trend remains bullish and pullbacks that do not break these supports should only be considered technical corrections without change trend. In the immediate future, if the gold price is pushed above the 0.618% Fibonacci level, it will have enough conditions to continue to increase to the original price of 2,600 USD and more than the 0.786% Fibonacci price point of 2,612 USD. The uptrend of gold prices will be noticed again by the following technical levels. Support: 2,561 – 2,567USD Resistance: 2,590 – 2,613USD SELL XAUUSD PRICE 2601 - 2599⚡️ ↠↠ Stoploss 2595 →Take Profit 1 2594 ↨ →Take Profit 2 2589 BUY XAUUSD PRICE 2553 - 2555⚡️ ↠↠ Stoploss 2549 →Take Profit 1 2560 ↨ →Take Profit 2 2565
OANDA:XAUUSDLong
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [Sep 16 - Sep 20]This week, OANDA:XAUUSD increased quite sharply, from 2,485 USD/oz to 2,585 USD/oz and closed at 2,579 USD/oz. The reason international gold prices increased sharply this week is because the market expects the FED to strongly cut interest rates at its meeting next week, with a cut of up to 50 percentage points. However, considering economic data and the current US economic situation, the FED can only cut interest rates by 25 percentage points. This week, we saw the US August Consumer Price Index (CPI) increase by 2.5% year-on-year, lower than the expected increase of 2.6% and down sharply from the increase of 2.5%. .9% in July. However, core CPI, excluding energy and food prices, increased by 3.2%, a slight increase compared to July's data. Meanwhile, the US unemployment rate in August decreased slightly from 4.3% to 4.2%, although this figure is still high compared to the 3.8% rate recorded a year ago. In particular, GDP in the second quarter in the most recent adjustment increased to 3% over the same period last year, much higher than the previously announced 2.8%... All of the above data shows that although the US economy has slowed down, inflation is cooling down, and the labor market is still difficult, it cannot fall into a short-term recession. Therefore, the FED will likely only cut interest rates by 25 percentage points. In principle, when the FED cuts interest rates, gold prices will increase. However, the increase in gold prices next week will depend on the level of interest rate cuts by the FED. Currently, there is only about a 43% chance that the FED will cut interest rates by 50 basis points next week. Therefore, if the FED only cuts interest rates by 25 percentage points, next week's gold price could still rise above the threshold of 2,600 USD/oz, but then will be under pressure from investors to sell and take profits. If the FED cuts interest rates by up to 50 percentage points, gold prices next week could increase far beyond the threshold of 2,600 USD/oz. While the Fed's decision will be the focus of the gold market next week, other important economic data could also cause some volatility in gold prices next week, such as manufacturing figures. , housing market and retail sales data. In addition, after the FED's monetary policy meeting, the Bank of England and the Bank of Japan will also announce their monetary policy decisions. 📌Technically, in the short term for the H4 technical chart, after a period of cumulative sideways movement, this week the gold price has broken out of the old peak at 2530 and far exceeded this resistance level. In the immediate future, the gold price will correct. Recovering the round resistance level of 2600. However, divergence signals have appeared on almost all time frames from Weekly, Daily, H4... (Divergence does not mean the price will decrease. Divergence in the financial market In general, the forex market in particular reflects that buyers are no longer interested in high prices. However, there has been no profit-taking action, so the price divergence gives us a warning not to participate buy more, although the price may continue to break to new highs) Notable technical levels are listed below. Support: 2.530 – 2.561USD Resistance: 2.613 – 2.582USD SELL XAUUSD PRICE 2601 - 2599⚡️ ↠↠ Stoploss 2605 BUY XAUUSD PRICE 2523 - 2525⚡️ ↠↠ Stoploss 2519
OANDA:XAUUSDLong
by Xayah_trading
Achieving the target increase, highest GOLD of all timeOANDA:XAUUSD The increase reached all target levels sent to readers for many weeks and established a new era peak. The uptrend did not change both fundamentally and technically after PPI inflation data was published. After the European Central Bank announced its monetary policy on Thursday and the United States released relevant macroeconomic data, spot gold prices rose to a record high and are currently maintaining their upward momentum. during the Asian trading session on September 13. The European Central Bank cut interest rates on Thursday, but President Christine Lagarde downgraded expectations for another rate cut next month, saying the central bank will decide on policy action Next is based on economic data. The Euro has risen stronger than the USD and this is also an unfavorable impact for the USD. Data released by the U.S. Department of Labor on Thursday showed that initial jobless claims for the week ended September 7 were 230,000, up 2,000 from the previous reporting period and higher than last year. Market expectation is 225,000. Other data on Thursday showed the US Producer Price Index (PPI) rose 1.7% year-on-year in August, less than the 1.8% expected while core PPI rose 2.4% over the same period last year, also lower than the expected level of 2.5%. The lower-than-expected PPI inflation data boosted market sentiment with more confidence that the Federal Reserve will cut interest rates significantly next week. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold achieved all of the target increases sent to readers in the multi-week issue at 2,531 – 2,544 USD, it set a new era record and continues to price increase. In the immediate future, using trend-following Fibonacci extensions shows that the closest target level that gold can aim for is 2,582 USD, the Fibonacci 0.618% price point. On the other hand, even if gold corrects lower, the losses will be limited by the 0.382% Fibonacci price point of $2,540, or more than $2,531. However, the trend of gold in the short, medium and long term will still be price increase. As long as gold remains within the price channel, it still has short-term upside prospects with the EMA21 level being noted as key support for the time being. During the day, the bullish outlook for scum prices will be noticed by the following technical levels. Support: 2,544 – 2,540 – 2,531USD Resistance: 2,582 – 2,600 – 2,612USD SELL XAUUSD PRICE 2591 - 2589⚡️ ↠↠ Stoploss 2595 →Take Profit 1 2584 ↨ →Take Profit 2 2579 BUY XAUUSD PRICE 2518 - 2520⚡️ ↠↠ Stoploss 2514 →Take Profit 1 2525 ↨ →Take Profit 2 2530
OANDA:XAUUSD
by Xayah_trading
USD & GOLD Market Review September 12, 2024Real Volume Analysis of Gold in the Gold Future => Looking at the chart shows that the market is still very interested in the BULL position and especially the HIGH position at the peak. Analyze Macroeconomic News with USD Chart Yesterday we had CPI inflation data, important data to prepare for the September FOMC meeting next week. What are the data announced yesterday? - At a glance, we have good data for USD, when one index is higher than expected: 0.3 > 0.2 - But looking closely, we have conflicting data when a 3-star CPI index has lower actual data than before: 2.5 < 2.9 ==> However, USD still increased and maintained a higher mark in the current week. If combined with last week's NONFARM news, we have a rising price channel forming for the USD. ==> But because the CPI data is not standard, I predict that the USD cannot break to the top of 102. Instead, it only sideways around 101.5 and 101.9 SPDR Gold Trust Analysis 2 consecutive days this week, also the first transaction in September. SPDR Gold Trust continues to increase its gold reserves as GOLD continues to increase in price. Comparing the SPDR and GOLD charts during the US session, we see that the trading volume is at the end of the session and at high prices. ==> Shows that SPDR is still increasing reserves at a high level Gold Strength Analysis GoldStrength chart compares to Gold. GoldStrength is the valuation of Gold in many gold markets in many countries. This is also the reason why we can see GoldStrength has a bullish breakout structure before GOLD. Because countries are in the process of cutting interest rates, gold prices in countries such as EUR, GBP, CAD, AUD, USD, .... are increasing due to weakening local currencies. That's why Gold and USD can increase in phase. => Gold Strength had breakthroughs earlier than current Gold.
OANDA:XAUUSD
by Xayah_trading
After CPI, focus on PPI and GOLD towards targetOANDA:XAUUSD Spot trading recovered after falling in yesterday's trading session due to the impact of US data, but these impacts will not be too negative for gold's uptrend in terms of both fundamental and technical aspects. . The US CPI report creates obstacles for the Fed's ability to cut interest rates by 50bps • The U.S. Bureau of Labor Statistics reported Wednesday that the U.S. consumer price index (CPI) rose 0.2% month-over-month in August, in line with market expectations. • US CPI in August increased by 2.5% over the same period last year, decreasing for the 5th consecutive month, in line with market expectations and lower than the previous level of 2.9%. • However, it is worth noting that core CPI in the United States increased 0.3% month-on-month in August, the largest increase in 4 months and a higher increase than the expected increase of 0.2%. . (Typically the core inflation rate reflects underlying inflation better than the overall CPI). • US core CPI increased 3.2% year-on-year in August, in line with forecasts. Higher-than-expected US core inflation data will become an issue for the Federal Reserve over the possibility of a 50 basis point interest rate cut in the next FOMC. The focus now is on monthly core CPI data, which tends to raise concerns about persistent inflation. This could completely cause the FOMC to appear in the near future to oppose a strong interest rate cut, or no 50bps cut. According to CME's "FedWatch" tool, markets now assess an 87% chance the Fed will cut interest rates by 25 basis points next week, compared with a 71% chance before the CPI data was released. This metaphor will change over time, especially after data is released, describing how market sentiment is leaning towards the Fed's interest rates. Markets will now focus on the release of the US producer price index and initial jobless claims today (Thursday). Basically, as we have sent to readers throughout recent publications, even if the impact of the data is not good, gold will still receive support from monetary policy, because the Fed will have to start the cycle. interest rate cut period. Some readers have asked, how much will gold increase and when will it increase? I certainly will not be able to answer this question. But it can be easily seen that gold will still have conditions to increase until the Fed stops reducing interest rates, and when the Fed stops reducing interest rates, I don't know anymore because I have some friends in the US but don't. Who is Jerome Powell? Analysis of technical prospects for OANDA:XAUUSD On the daily chart, after gold corrected downward in yesterday's trading session and received support from the support confluence area noticed by readers at EMA21 and the lower edge of the price channel and the 0.786% Fibonacci extension, It has recovered and continued its short-term uptrend. The target level and short-term upside structure are unchanged with a target of $2,531 in the short term, more than $2,544 to set a new all-time high. The relative strength index RSI is pointing up, still quite far from the overbought level, showing that there is still wide room for price growth ahead. During the day, gold's uptrend will be noticed again by the following technical levels. Support: 2,503 – 2,500 – 2,484USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2546 - 2544⚡️ ↠↠ Stoploss 2550 →Take Profit 1 2539 ↨ →Take Profit 2 2534 BUY XAUUSD PRICE 2489 - 2491⚡️ ↠↠ Stoploss 2485 →Take Profit 1 2496 ↨ →Take Profit 2 2501
OANDA:XAUUSD
by Xayah_trading
CPI data focus, GOLD targets price increaseOANDA:XAUUSD Break above $2,500 and stabilize above this key raw price, which is beneficial to the uptrend and has been the target level that has been of interest to readers over the past several weeks. This trading day, notable is the US CPI data today and the European Central Bank policy meeting tomorrow. Today (Wednesday), the US Consumer Price Index (CPI) report for August will be released. This will be the last important macro data before the Federal Reserve's interest rate meeting in September. Whether the Federal Reserve cuts interest rates by 50 basis points may depend on this . Surveys show that the US annual core CPI growth rate in August is expected to decline from 2.9% to 2.6%, while the annual core CPI growth rate is expected to maintain at 3.2%. If CPI increases from last month, US Treasury yields could rise again, putting gold under some pressure. On the other hand, if the data is at or below market expectations, it will cause the US Dollar to continue to sell off, helping gold move higher. Unless CPI is much higher than expected, the Fed could cut interest rates by 25 basis points in September. If month-over-month CPI growth is lower than expected, a 50 basis point cut is possible. will happen. Geopolitical risks have a new point Israel may have 'accidentally killed' US activists in attack on Palestinian camp, leaving 19 dead. Israel's military said Tuesday that a U.S. activist killed in the West Bank last week may have been shot "indirectly and unintentionally" by Israeli soldiers, a move that drew strong condemnation from U.S. Secretary of State Antony Blinken strong. Israel said it has opened a criminal investigation into the murder of 26-year-old Seattle activist Aysenur Ezgi Eygi. Blinken condemned the deadly shooting when asked about it at a news conference in London and said the United States would make clear to allies that such behavior was "unacceptable." According to AP News, Palestinian officials said Israel attacked a crowded Palestinian camp in the Gaza Strip early Tuesday morning local time, killing at least 19 people and injuring 60 others. Elsewhere, Reuters reported that Ukraine carried out its largest drone attack to date in the Moscow region on Tuesday, killing at least one person and destroying dozens of homes and businesses. forcing about 50 flights to be diverted from airports around Moscow. Obviously, geopolitical risks are still present, and every time the market is quiet it appears as a huge supportive force for gold prices. Therefore, considering the current geopolitical context, gold is always supported, because gold is always the leading safe haven asset whenever risks appear in the market. Analysis of technical prospects for OANDA:XAUUSD On the daily chart, gold continues its uptrend with the previous two consecutive days of gains from the key near-term support area that has been presented to readers over the past several periods, at the EMA21 level confluence with the lower edge of the price channel and 0.786% Fibonacci Extension level. On the other hand, the horizontal support level at 2,484 USD is also a reliable short-term support level for the uptrend. There is not much change in the upward structure of gold prices, the multi-week target levels continue to be fixed at 2,531 USD in the short term and more at 2,544 USD. The relative strength index RSI is also bent upward with a pretty good slope, this is a positive signal depicting the wide room for price growth ahead. During the day, the rising prospect of gold prices will be noticed by the following technical levels. Support: 2,503 – 2,500USD Resistance: 2,531 – 2,544USD SELL XAUUSD PRICE 2546 - 2544⚡️ ↠↠ Stoploss 2550 →Take Profit 1 2539 ↨ →Take Profit 2 2534 BUY XAUUSD PRICE 2495 - 2497⚡️ ↠↠ Stoploss 2491 →Take Profit 1 2503 ↨ →Take Profit 2 2508
OANDA:XAUUSDLong
by Xayah_trading
GOLD recovers, pay attention to US CPI and PPIOANDA:XAUUSD recovered and increased in the early part of the week, following both the fundamental and technical trends sent to readers in weekly publications and publications throughout the past time. This week the market is still waiting for the US inflation report to further evaluate the interest rate direction of the US Federal Reserve. Investors will now focus on US consumer price (CPI) data for August on Wednesday and producer price index (PPI) on Thursday. If inflation data is much weaker than expected and raises expectations for a 50 basis point cut, gold prices will have enough fundamental momentum to aim for a new all-time record. But even if the market agrees to cut 25 basis points, gold prices will not decrease significantly because the Fed will definitely cut interest rates this September. The situation in the Middle East remains tense, which creates momentum for gold prices to recover According to Agence France-Presse, Israel's airstrike on central Syria on September 8, local time, killed at least 14 people. According to Iranian media reported on September 8 local time, regarding the death of Hamas leader Haniyeh in the attack in Tehran, Commander of the Iranian Islamic Revolutionary Guard Corps Hossein Salami said that day. Iran will certainly not let Israel carry out its evil actions. He reiterated that Iran's retaliatory measures will be very different. Haniyeh was assassinated in Tehran, the capital of Iran, on July 31. Hamas and Iran determined that the assassination was carried out by Israel and Iran firmly vowed to retaliate. Israel has so far neither acknowledged nor denied Haniyeh's assassination. Gold is a haven asset that is sensitive to geopolitical risks, so any new points that occur are a significant support for gold prices. Gold ETFs increased their net gold holdings for the fourth consecutive month • Gold ETFs increased their net gold holdings for the fourth consecutive month and funds in all regions saw net gold inflows, with Western funds leading the gains. Globally, gold ETF holdings increased by 28.5 tons of gold in August. • According to the World Gold Council (WGC), strong movements in gold prices have led to the exercise of at-the-money call options on major gold ETFs, generating large capital inflows at expiration. European funds had net inflows of 7.9 tons of gold, amounting to $362 million, with Swiss and British funds leading the increase, and the eurozone and safe-haven buying driving push gold prices up. “Inflows related to foreign exchange hedging products have been significant, especially in Switzerland, against the backdrop of local currency appreciation against the US dollar,” the World Gold Council said. . • The amount of gold flowing into Asian funds slowed down but still maintained positive growth for 18 consecutive months, reaching 0.3 tons. India continues to lead gold capital flows into the region and reported its strongest month since April 2019. The recent reduction in import duties has boosted the Indian gold market. Japan also reported significant capital inflows for the sixth consecutive month. • Funds in other regions increased their holdings by 3.2 tons and gold holdings in the Australian ETF increased for three consecutive months. Gold flows into ETFs could have a significant impact on global gold markets by boosting overall demand. ETFs are a convenient way for investors to invest in the gold market, but owning an ETF also has many differences from holding physical gold. Analysis of technical prospects for OANDA:XAUUSD Although gold has had significant downward corrections, the recovery from the technical level of 2,484 USD to above the original price of 2,500 USD is positive signals for the uptrend. In the short term, gold tends to increase with the price channel as the short-term trend and the nearest support is noticed at the 21-day moving average (EMA21). As long as gold remains above the 0.786% trend Fibonacci extension, it still has enough upside prospects with a recent target at $2,531 in the short term and more than $2,544. During the day, gold's uptrend will be noticed by the following technical levels. Support: 2,500 – 2,484USD Resistance: 2,503 – 2,531 – 2,544USD SELL XAUUSD PRICE 2519 - 2517⚡️ ↠↠ Stoploss 2523 →Take Profit 1 2512 ↨ →Take Profit 2 2507 BUY XAUUSD PRICE 2471 - 2473⚡️ ↠↠ Stoploss 2467 →Take Profit 1 2478 ↨ →Take Profit 2 2483
OANDA:XAUUSD
by Xayah_trading
2
Inflation data is the focus next week, GOLD closes above supportOANDA:XAUUSD fell on Friday (September 6), after closing in on a record hit earlier in the session after mixed US jobs data raised concerns about the scale of interest rate cuts in the decision. Federal Reserve decision later this month. The U.S. Department of Labor reported that nonfarm payrolls increased by 142,000 in August, compared with estimates of 160,000. The July figure was also adjusted down to 89,000. However, the unemployment rate was 4.2%, in line with expectations but down from 4.3% the previous month. The gold market's central question is whether the Federal Reserve will cut interest rates by 50 basis points or 25 basis points on September 18. Interest rate reduction is almost certain. According to CME Group's FedWatch tool, traders now see a 70% chance of a 25 basis point rate cut this month and a 30% chance of a 50 basis point rate cut. Some notable comments from influential officials in the US Federal Reserve • New York Fed President John Williams said lowering interest rates as quickly as possible will help keep the job market in balance. • Federal Reserve Governor Christopher Waller also said “the time is right” for the US central bank to begin a series of interest rate cuts, adding that he is willing to accept the scale and pace of cuts reduce. The upcoming US CPI report next week will provide a trend impact on gold prices. This is the final inflation report before the Fed's September 17-18 policy meeting and it will impact the size and pace of the Fed's interest rate cuts. The Fed's path to cutting interest rates is a very important factor. Once the market prices in a path of rate cuts at a faster pace over a longer period of time, gold will continue to rebound over the longer term. Economic data to watch next week Wednesday: US consumer price index (CPI). Thursday: ECB monetary policy decision, US PPI, US weekly unemployment claims Friday: University of Michigan preliminary consumer confidence index Analysis of technical prospects for OANDA:XAUUSD On the daily chart, although gold fell in the last trading session last week, in general the short, medium and long-term uptrend is still not much affected. Gold remains bullish in the short term with previous targets at $2,531 – $2,544 as long as it remains above EMA21 and within the trend price channel. Once gold rises back above the 0.786% fibonacci extension it will be eligible to continue rising and the weekly close above the $2,484 technical level is also a positive technical signal. The downward relative strength index is close to reaching the 50 level. The 50 level is considered a support if the RSI is above this level and this is also a signal that the downside space is no longer wide ahead. In the immediate future, the technical trend of gold prices is still leaning towards the possibility of an increase with notable levels being listed as follows. Support: 2,484 – 2,471USD Resistance: 2,500 – 2,503 – 2,531USD SELL XAUUSD PRICE 2509 - 2507⚡️ ↠↠ Stoploss 2513 →Take Profit 1 2502 ↨ →Take Profit 2 2497 BUY XAUUSD PRICE 2481 - 2483⚡️ ↠↠ Stoploss 2477 →Take Profit 1 2488 ↨ →Take Profit 2 2493
OANDA:XAUUSD
by Xayah_trading
1
WTI continues to be under pressure, notable data this weekTVC:USOIL remains under pressure, after data showed weaker-than-expected US employment data in August, which was mixed with support from OPEC+ oil producers delaying supply increases. US government data showed job growth in August was lower than expected, but the unemployment rate fell to 4.2%, suggesting the Federal Reserve may not need to cut interest rates very significant this month. The U.S. Bureau of Labor Statistics said nonfarm payroll employment increased by 142,000 in August, less than expected to increase by 160,000. (July's increase was revised down to 89,000, the smallest increase since December 2020). As for the geopolitical situation, as the Israeli army battles Hamas-led rebels in the Palestinian Gaza Strip, medics said on Saturday that Israel's military assault on Gaza has killed at least at least 61 people in 48 hours. The warring parties continue to blame each other for the failure of mediators including Qatar, Egypt and the US to broker a ceasefire. The United States is preparing to present a new proposal, but the prospects for a breakthrough appear slim as the differences between the two sides remain wide. In general, there are still no notable new points regarding the geopolitical situation, so it will have less impact on the market than before. This week will release OPEC's monthly crude oil market report, EIA's monthly short-term energy outlook report and IEA's monthly crude oil market report, which are the focus of the US oil market. this week and the market will pay special attention to them. On the daily chart, TVC:USOIL still in a downtrend with technical conditions leaning towards the possibility of a price decrease. First, the long-term technical trend of WTI crude oil will be noticed by the price channel and the 21-day moving average (EMA21). Although WTI crude oil stopped falling after reaching the 1% trend-following Fibonacci extension that readers noticed in the previous issue, this is not a trending support so once WTI crude oil Breaking below the 66.96USD price point of the 1% Fibonacci will condition the price to continue falling. The next target level of WTI crude oil will be noticed at 64.55 – 63.66USD. As long as WTI crude oil remains in the price channel and below the EMA21, it still has a main bearish trend with notable technical levels listed below. Support: 66.96 – 64.55 – 63.66USD Resistance: 68.84 – 69.77USD
TVC:USOILShort
by Xayah_trading
USDJPY trending down, Yen supported by BOJ attitudeAlthough US non-farm data in August was not as expected. But the Bank of Japan has recently taken a hawkish stance on interest rate hikes, which has also significantly helped the yen's recovery. The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls increased by 142,000 jobs last month, while July's gain was revised down to 89,000. On the weekly chart of OANDA:USDJPY The downtrend still prevails but is temporarily limited by the technical level of 141,682. Note to readers in the previous issue for USD/JPY. Although USD/JPY is recovering, the weekly trend is being shaped by the price channel and once USD/JPY breaks below the 0.618% Fibonacci level it will be eligible to continue falling with the next target level being possible. can reach 134,526 price points of fibonancci 0.786%. As long as USD/JPY remains within the price channel and below the EMA21, the main outlook remains bearish and the recovery levels should only be considered a short-term technical correction. In addition, the confluence point between the upper edge of the price channel and the 0.50% Fibonacci level will be the current closest resistance. USD/JPY downtrend will have important positions in trading as follows. Support: 141,682 – 140,401 Resistance: 144,528 – 147,120
Short
by Xayah_trading