02 Aug 2024, 12:10 · Views 593

Product: XAU/USD Prediction: Increase Fundamental Analysis: Gold prices fell slightly, hitting $2,430 to $2,462, due to a stronger US Dollar from weak economic data and risk aversion. US manufacturing and job data were poor, causing volatility. Asian and European markets also declined on weaker data and central bank policies. Technical Analysis: XAU/USD is above the 23.6% Fibonacci retracement at $2,438.75, with near-term support around $2,410 from the 20 SMA. Although short-term momentum is pausing, the technical indicators and moving averages suggest the uptrend could continue.

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Gurdip Singh

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

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Gurdip Singh

Product: XAU/USD Prediction: Increase Fundamental Analysis: The price of gold has recently encountered a three-day decline, settling around $2,410 per ounce. This dip can be attributed to several influencing factors: A slight weakening of the US dollar. Speculation surrounding the upcoming US presidential election, particularly the potential resurgence of a "Trump trade" scenario favoring the US dollar and Treasury bond yields. Anticipation of a Federal Reserve interest rate hike in September, reducing the allure of non-yielding assets like gold. Despite these pressures, the outlook remains dynamic, shaped by ongoing market developments. Technical Analysis: Technically, gold has seen a recent downturn, touching approximately $2,410 during Friday's European trading session. This drop followed an inability to sustain above the critical $2,450 threshold. However, the short to long-term exponential moving averages continue to trend upward, underscoring a positive near-term outlook. Moreover, a significant support level is anticipated near the rising trendline from the February low of $1,984.30, reinforcing bullish sentiment. Although the 14-day Relative Strength Index (RSI) has declined to 58, signaling reduced upward momentum, the overall bias towards gold remains favorable. 📊 Key Takeaways: Fundamentals: Watch for US dollar strength and election-related speculations. Technicals: Support levels near the $2,410 mark and upward trending moving averages suggest resilience. 🔍 Stay informed as market dynamics unfold, and seize opportunities wisely! For more insights and updates: 🌐 Explore our official website: www.kvbplus.com 🔗 Register your account now: https://shorturl.at/kuscX #KVB #KVBOfficial #KVBGlobal #GoldAnalysis #MarketInsights #TradingTips #EconomicOutlook

Gurdip Singh

Product: XAU/USD Prediction: Increase Fundamental Analysis: Gold prices are near a recent low due to improved global risk sentiment. US dollar strength persists despite political uncertainties. Investors await key US economic data for further direction. Technical Analysis: Daily chart: XAU/USD holding above 20-day SMA, suggesting correction may end soon. 4-hour chart: Bearish trend persists below 20-SMA, indicating ongoing selling pressure. Overall Outlook: Short-term outlook remains cautious due to bearish signals on the 4-hour chart. Long-term bullish bias supported by daily chart indicators and SMA levels.

Gurdip Singh

Product: XAU/USD (Gold) Prediction: Upward Trend Expected Why Gold Might Shine: Economic Indicators: With U.S. bond yields dropping and gold prices rising by over 1%, the market is leaning toward gold. Lower bond yields make gold more attractive as an investment. Geopolitical Tensions: Ongoing unrest in the Middle East is boosting demand for gold as a safe haven. Western countries are cautioning against further escalation, adding to the uncertainty. Upcoming Data: This week’s U.S. inflation data could further impact gold prices. Lower inflation could push gold closer to its record high of $2,483. Technical Snapshot: Current Trend: Gold is nearing its record high of $2,483, with strong buying momentum indicated by the Relative Strength Index (RSI). Resistance Levels: Watch for gold to test the $2,483 high. If surpassed, $2,500 is the next psychological barrier. Support Levels: If prices fall, key support is at $2,450, followed by $2,400 and the 50-day Simple Moving Average (SMA) at $2,373. Summary: With economic and geopolitical factors in play, gold prices are likely to climb, potentially reaching new highs.

Gurdip Singh

Product: XAU/USD Prediction: Decrease Fundamental Analysis: U.S. Producer Price Index rose 0.1%, indicating slower inflation. With key U.S. inflation data due, XAU/USD prices fell after reaching a monthly high. A positive stock market and repositioning ahead of data added pressure on gold. Technical Analysis: Gold is near the $2483 resistance level. Bears may drive the price down to $2360 support. The price is currently range-bound between $2360 and $2483, with potential for further declines if resistance holds.

Gurdip Singh