Gold prices have decreased, but overall, opportunities remain wi
Updated
Gold prices reacted strongly after receiving the PMI news yesterday, at one point dropping to nearly 2470 USD. However, it quickly regained stability, and by the start of today's trading session, gold was hovering around 2492 USD, showing little change compared to the same time on Tuesday.
Previously, gold had experienced a sharp decline, hitting its lowest level in over a week due to pressure from the strengthening US dollar. Investors are now awaiting the US Non-Farm Payroll data to assess the potential scale of rate cuts during the Federal Reserve’s policy meeting in September.
The US dollar has been fluctuating near its highest level in two weeks, making gold more expensive for holders of other currencies. However, on the technical charts, the precious metal continues to trade within a range, showing accumulation and forming new support levels.
Upon careful examination, along with technical factors, it is notable that the price is closely interacting with the EMA. If it breaks below this level and violates the support, selling will be the preferred strategy, with the take-profit targets set around 2450 - 2455 USD.
Previously, gold had experienced a sharp decline, hitting its lowest level in over a week due to pressure from the strengthening US dollar. Investors are now awaiting the US Non-Farm Payroll data to assess the potential scale of rate cuts during the Federal Reserve’s policy meeting in September.
The US dollar has been fluctuating near its highest level in two weeks, making gold more expensive for holders of other currencies. However, on the technical charts, the precious metal continues to trade within a range, showing accumulation and forming new support levels.
Upon careful examination, along with technical factors, it is notable that the price is closely interacting with the EMA. If it breaks below this level and violates the support, selling will be the preferred strategy, with the take-profit targets set around 2450 - 2455 USD.
Trade active
Gold prices today are showing signs of recovery after hitting the 2470 USD level at the end of the previous day. Currently, the precious metal is hovering around 2498 USD, once again approaching a key psychological level.
The main driver behind this price increase is the weakening of the USD, coupled with lower interest rates following a decline in U.S. employment data, signaling a high likelihood that the Federal Reserve will cut interest rates aggressively in their upcoming policy meeting.
From a technical analysis perspective, gold is on an upward trend but is facing a significant resistance zone around 2505-2507 USD. If prices manage to break through this level, the market may see a strong rally, potentially revisiting previous highs. However, in the short term, selling remains a priority as gold continues to move in conjunction with the EMA line. Careful consideration is needed before entering positions if key support levels remain intact.
Join My Signal Group Now and Unlock Exclusive Benefits:
t.me/+ohw3x1Wd7oU1NGNl
📈 Real-Time Signal Updates
📚 In-Depth Trading Knowledge
💼 Capital Management and Exciting Trading Tips:
t.me/+ohw3x1Wd7oU1NGNl
📈 Real-Time Signal Updates
📚 In-Depth Trading Knowledge
💼 Capital Management and Exciting Trading Tips:
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.