Slobodan Drvenica
Windsor Brokers
XAU/USD
Gold keeps firm tone and consolidating under new record high ($2531) posted on Tuesday, with third consecutive daily close above $2500 level, pointing to clear break.
The yellow metal holds in a steep multi-month uptrend and has registered gains of nearly 22% since the start of the year.
Strong migration into safety on Fed rate cut expectations, geopolitical tensions, uncertainty over economic situation in the US and upcoming US Presidential Election, continued to lift gold price, which rose by almost $500 in seven months of 2024.
Technical picture is firmly bullish on daily chart and contributes to positive outlook, though some price adjustment cannot be ruled out on overbought conditions and fading bullish momentum on daily chart.
Markets widely expect dovish tones from FOMC minutes (due today) and Friday’s speech from Fed Chair Powell, which will also provide more details about the depth of rate cuts.
Limited dips are likely to mark positioning for fresh push higher, with solid supports at $2500/$2483 (psychological / former top) to ideally contain and offer better buying opportunities.
Caution on drop below rising 10DMA ($2473) which may generate an initial signal of stronger correction and expose lower pivots at $2439/32 (20DMA / Aug 15 higher low).
Res: 2531; 2564; 2600; 2614.
Sup: 2500; 2483; 2473; 2450.
Interested in XAU/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD stays pressured toward 1.1100, as USD recovers ahead of Fed Minutes
EUR/USD stays on a slippering slope toward 1.1100 in the European session on Wednesday. The pair is weighed down by resurgent US Dollar demand, as markets turn cautious ahead of the annual US NFP revision and the Fed Minutes.
GBP/USD struggles above 1.3000 on renewed US Dollar demand
GBP/USD remains offered toward 1.3000 in European trading on Wednesday, having hit yearly highs at 1.3052 on Tuesday. The US Dollar finds fresh demand amid a tepid risk tone, as traders await the US NFP revisions and the Fed Minutes for fresh cues on the policy path.
Gold pulls back as traders gauge health of US economic outlook
Gold pulls back to the $2,510s on Wednesday after touching a new all-time high of $2,531 on the previous day. The correction coincides with a slight bounce in the US Dollar (USD), to which Gold is negatively correlated.
Top three AI-related tokens yielding highest gains year-to-date: AIOZ, AR, FET
The Artificial Intelligence (AI) sector in the crypto market has a few protocols whose tokens have generated significant yields for users since the beginning of 2024.
Will the FOMC strengthen the Dollar again?
Will the FOMC Minutes, which are being released today, surprise markets? The US- Dollar remains on the weak side as the Fed is expected to cut rates in September. However, technical indicators could offer further upside potential helping the Greenback to gear up steam again.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.