01 Aug 2024, 11:19 · Views 521

Product: XAU/USD Prediction: Increase Fundamental Analysis: Gold prices rose due to the Fed's hints at possible rate cuts, lower US Treasury yields, a weaker USD, and geopolitical tensions. The combination of these factors has boosted gold's appeal as a safe-haven asset. Technical Analysis: Gold is in a slightly rising channel, with the 50-day EMA at $2,366 providing support. A breakout above $2,483.75 could signal new highs. Support is around $2,225. The market is currently in a consolidation phase.

Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.

Reply 0

Leave Your Message Now

Gurdip Singh

89 Posted · 249 Followers

Business Development Manager At KVB Can find me at WhatsApp : +601131429510

XAU/USD Market Snapshot Prediction: Decrease Fundamentals: - U.S. ISM Manufacturing PMI dropped to 48.5 in June, below expectations of 49.1. - Employment index fell to 49.3 from 51.1, reflecting weakening manufacturing activity. - Dollar initially weakened but strengthened post-Supreme Court ruling favoring Trump. - Focus shifts to upcoming U.S. job data for Federal Reserve rate cut signals. Technicals: - Gold prices resilient near $2300 despite rising U.S. bond yields. - Break above $2337 (50-day MA) could push towards $2390-$2400. - Facing resistance near $2339.21 (55-day MA); watch support at $2323.29 (5-day MA). - Medium-term trend watch between $2291.65-$2368.72 range.

Gurdip Singh

Get ready for the XAU/USD rollercoaster! Gold is gearing up for an upward swing amidst a fascinating market backdrop. Initially, prices dipped on hopeful inflation data hinting at potential Fed rate cuts in 2024. Despite a brief setback, a resilient dollar and upbeat consumer sentiment provided stability. Technically, a bearish Head-and-Shoulders pattern suggests caution, with support levels below $2,300 in play. However, a breakout above $2,350 could spark a rally towards resistance at $2,387 and beyond $2,400. The market buzzes with anticipation of Fed policy shifts, creating a compelling environment for savvy traders to seize opportunities.

Gurdip Singh

Product: XAU/USD Prediction: Increase Fundamental Analysis: * Recently, the glitter of spot gold dimmed as it slipped below $2,400, despite briefly touching highs above $2,430. Initially fueled by a weaker dollar and hopes of a Fed rate cut, the precious metal lost its shine due to profit-taking and a surge in U.S. Treasury yields, closing down 0.51% at $2,396.86. * A notable rise in the U.S. 10-year Treasury yield to 4.274% added pressure, traditionally unfavorable for gold. The focus now shifts to upcoming U.S. economic data—Thursday’s Q2 GDP and Friday’s PCE price index—to gauge inflation, crucial for the Fed's policy stance. Technical Analysis: * On the technical front, the Relative Strength Index (RSI) remains bullish but is showing signs of flattening, indicating uncertainty among traders. * Key support levels are identified: A drop below $2,384 could trigger a deeper correction towards the 50-day Simple Moving Average (SMA) at $2,359, with further downside potential to the 100-day SMA around $2,315. * Conversely, breaking above Wednesday's high of $2,430 would pave the way for resistance levels at $2,450, the all-time high of $2,483 per ounce, and potentially targeting the psychological barrier of $2,500. In summary, while challenges persist with rising yields and profit-taking, the technical setup suggests potential upward momentum if key resistance levels are breached, making the journey to $2,500 an enticing prospect for gold bulls.

Gurdip Singh

🌟 Dive into the Future of Trading with KVB's Copy Trading! 🚀💼 Ever dreamt of trading like a Wall Street pro? Now you can, effortlessly! 📈✨ Introducing KVB’s Copy Trading – your shortcut to success in the financial markets. Here's why you'll love it: 🔹 Choose from our top-performing traders. 🔹 Automatically mirror their trades in real-time. 🔹 Enjoy passive income while learning from the best! No experience needed. Just follow the leaders and watch your investments soar! 🌟💰 Ready to unlock the potential of your investments? Start your Copy Trading journey today with KVB! #CopyTrading #SmartInvesting #KVBTrading #FinancialFreedom #InvestWithConfidence

Gurdip Singh