GOLD has corrections near record highs, main trend
Updated
After Federal Reserve Chairman Jerome Powell gave a dovish signal, the market has finished pricing in an interest rate cut in September. At the same time, gold continues to be supported by safe-haven demand Due to geopolitical risks in the Middle East and Ukraine, gold prices are making certain adjustments near record highs.
Last Friday, Mr. Powell supported the impending interest rate cut, saying that the continued cooling of the job market would not be positive and this is notable support that is easy to see. for gold in the current situation.
Gold is a notable example where geopolitical risk aversion increases investor demand for safe-haven assets.
• Israel and Lebanon's Hezbollah fired rockets at each other over the weekend in one of the biggest border clashes in more than 10 months.
Hezbollah fired hundreds of missiles and drones into Israel early Sunday morning, and the Israeli military said to prevent a larger attack, it used about 100 warplanes to attack. Lebanon.
Top US generals said on Monday that the short-term risk of a wider war in the Middle East had diminished following a firefight between Israel and Lebanon's Hezbollah, according to the latest news at Reuters.
• On Monday morning, explosions occurred in many places across Ukraine. Ukraine's military has warned of a large-scale Russian missile and drone attack, following a wave of early morning drone attacks.
The Ukrainian military said 11 Russian TU-95 strategic bombers were flying in the air and confirmed they had launched multiple missiles.
The Kyiv Post said Russia launched the largest missile attack since the Russia-Ukraine war, and thousands of people in Kiev poured into the metro station.
Although gold has adjusted downward, the basic factors still show that the upward trend in prices will continue to dominate the gold market and the basic trend in the near future. With support from policy, interest rate directions as well as geopolitical risks continue to appear new.
Analysis of technical prospects for
XAUUSD
Gold is experiencing bearish corrections during the Asian session today, Tuesday August 27 but the technical trend remains unchanged with conditions tilted strongly towards a bullish outlook.
In the short term, as long as gold remains above the original price of $2,500 and the 0.786% Fibonacci extension, it still has bullish prospects with a short-term target of $2,531 and more to the $2,544 level.
However, in case the 0.786% Fibonacci level is broken below, the impact of the technical correction could go a little deeper with a target drop to $2,484 in the short term.
During the day, the upward trend of gold prices remains unchanged and notable levels are listed as follows.
Support: 2,503 – 2,500 – 2,484USD
Resistance: 2,531 – 2,544USD
SELL XAUUSD PRICE 2548 - 2546⚡️
↠↠ Stoploss 2552
→Take Profit 1 2541
↨
→Take Profit 2 2536
BUY XAUUSD PRICE 2493 - 2495⚡️
↠↠ Stoploss 2489
→Take Profit 1 2500
↨
→Take Profit 2 2505
Last Friday, Mr. Powell supported the impending interest rate cut, saying that the continued cooling of the job market would not be positive and this is notable support that is easy to see. for gold in the current situation.
Gold is a notable example where geopolitical risk aversion increases investor demand for safe-haven assets.
• Israel and Lebanon's Hezbollah fired rockets at each other over the weekend in one of the biggest border clashes in more than 10 months.
Hezbollah fired hundreds of missiles and drones into Israel early Sunday morning, and the Israeli military said to prevent a larger attack, it used about 100 warplanes to attack. Lebanon.
Top US generals said on Monday that the short-term risk of a wider war in the Middle East had diminished following a firefight between Israel and Lebanon's Hezbollah, according to the latest news at Reuters.
• On Monday morning, explosions occurred in many places across Ukraine. Ukraine's military has warned of a large-scale Russian missile and drone attack, following a wave of early morning drone attacks.
The Ukrainian military said 11 Russian TU-95 strategic bombers were flying in the air and confirmed they had launched multiple missiles.
The Kyiv Post said Russia launched the largest missile attack since the Russia-Ukraine war, and thousands of people in Kiev poured into the metro station.
Although gold has adjusted downward, the basic factors still show that the upward trend in prices will continue to dominate the gold market and the basic trend in the near future. With support from policy, interest rate directions as well as geopolitical risks continue to appear new.
Analysis of technical prospects for
XAUUSD Gold is experiencing bearish corrections during the Asian session today, Tuesday August 27 but the technical trend remains unchanged with conditions tilted strongly towards a bullish outlook.
In the short term, as long as gold remains above the original price of $2,500 and the 0.786% Fibonacci extension, it still has bullish prospects with a short-term target of $2,531 and more to the $2,544 level.
However, in case the 0.786% Fibonacci level is broken below, the impact of the technical correction could go a little deeper with a target drop to $2,484 in the short term.
During the day, the upward trend of gold prices remains unchanged and notable levels are listed as follows.
Support: 2,503 – 2,500 – 2,484USD
Resistance: 2,531 – 2,544USD
SELL XAUUSD PRICE 2548 - 2546⚡️
↠↠ Stoploss 2552
→Take Profit 1 2541
↨
→Take Profit 2 2536
BUY XAUUSD PRICE 2493 - 2495⚡️
↠↠ Stoploss 2489
→Take Profit 1 2500
↨
→Take Profit 2 2505
Note
Gold prices firmed on Monday, nearing its recent record high, amid solid bets of a September interest-rate cut following dovish signals from Federal Reserve Chair Jerome Powell and safe-haven demand due to geopolitical risks in the Middle East.Note
Knot offered no new information on its policy stance. The market is currently pricing in a 100% chance that the ECB will cut interest rates in September and a total of 64 basis points cut by the end of the year.Note
Gold prices fell slightly on Tuesday (August 27), consolidating near the record high reached last week, as investors sought clarity on the scale of the Fed's upcoming interest rate cuts. The US Federal Reserve (Fed) before the inflation report released this week.Note
Trade closed: target reached
Plan BUY Close Full Hit TP2 + 115pips 🗡Note
The dollar rallied 0.48% on Wednesday, perhaps as short sellers were liquidating their positions ahead of key data releases on Thursday and Friday.Note
- The dollar rose on Thursday after better-than-expected Initial and Continuing Jobless Claims figures showed the job market remains strong.
- At the same time, an adjustment in Q2 GDP supports the prospect of the Fed cutting interest rates by 0.25%, supporting the dollar.
Note
Gold prices dipped on Monday as the dollar strengthened, while investors awaited key U.S. jobs data to firm their bets on the size of the Federal Reserve’s interest rate cut expected this month.
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