📊 Market Analysis: XAU/USD Heading Lower After Recent Highs?
Product: XAU/USD
Prediction: Decrease
Fundamental Analysis:
XAUUSD quotes have undergone a downward correction on the daily chart, falling below 2,400 after rising to an all-time high of 2,483 USD amid weak US employment data. This decline may be attributed to profit-taking by buyers and local strengthening of the US dollar against other currencies. Overall, the potential for XAUUSD growth remains as the US dollar will soon come under pressure from an interest rate reduction. Given gold's status as a popular safe-haven asset, another round of geopolitical tensions in the Middle East may positively impact gold
prices.
Technical Analysis:
XAUUSD quotes are currently hovering just below the 2,400 level, where bulls are attempting to push the price higher following the downward correction. The trend remains upward. However, whether the downward correction will continue or end at these levels remains to be determined. The 2,453-2,463 USD area is now vital support. The short-term XAUUSD price forecast suggests that the downward correction could extend if bears break through this level, potentially reaching 2,300. Conversely, if bulls push the price above 2,400 USD, XAUUSD could rise to the 2,417 resistance level and higher.
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Edited 08 Aug 2024, 15:28
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