XAU/USD Forecast: Do...from Gurdip Singh

08 Aug 2024, 14:09 · Views 1,008

XAU/USD Forecast: Downward Trend Fundamental Insight: Gold prices have dipped below $2,400 after peaking at $2,483 due to weak US employment data and a stronger dollar. This drop reflects profit-taking and dollar strength. However, potential interest rate cuts in the US and rising geopolitical tensions could soon boost gold prices. Technical Outlook: XAU/USD is currently just under $2,400. The key support level is between $2,453 and $2,463. If this support holds, gold could rebound towards $2,417 and beyond. However, a break below this support might push prices down to $2,300

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Gurdip Singh

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Product: XAU/USD (Gold) Outlook: Bullish Key Points: Gold fluctuated on Tuesday, briefly dipping to $2,349.31 before rebounding above $2,360 amid cautious trading. Federal Reserve Chair Jerome Powell's hawkish remarks on inflation supported the US Dollar, emphasizing ongoing economic uncertainties. Technical analysis shows potential for a short-term reversal near $2,388, with support at $2,342 and resistance at $2,393. Despite current sideways trends, the long-term uptrend in Gold remains favorable, offering strategic opportunities for traders. This concise summary highlights the current trends and potential movements in the XAU/USD market, appealing to both seasoned traders and those new to market analysis.

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

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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