XAUUSD → There is potential for a return to $1,950
Updated
World gold price stood at 1,929 USD/ounce, down slightly by 3 USD/ounce compared to the same hour yesterday morning. Precious metal prices still fluctuate around the highest level in the past 2 weeks as the USD left its 6-month "peak", helping gold become cheaper for overseas buyers.
Many important meetings of the world's leading central banks will take place this week. The current focus of interest for gold investors is that the Fed plans to make a monetary policy decision by the end of September 20, in which traders assess a 99% chance that the Fed will keep interest rates. Yield remains high in the range of 5.25% to 5.5%. At that time, it is forecast that gold prices will tend to increase in the near future.
Many important meetings of the world's leading central banks will take place this week. The current focus of interest for gold investors is that the Fed plans to make a monetary policy decision by the end of September 20, in which traders assess a 99% chance that the Fed will keep interest rates. Yield remains high in the range of 5.25% to 5.5%. At that time, it is forecast that gold prices will tend to increase in the near future.
Note
In the short term, gold prices can still increase due to the high possibility that the FED will not raise interest rates. Gold price has the potential to return to 1,950 USD/ounce.Note
🕯 SELL GOLD | 1947 - 1944🔴 SL: 1952
🟢 TP1: 1939
🟢 TP2: 1934
Trade active
Running + 40pips ✔️✔️✔️Trade active
Running + 70pips ✔️✔️✔️. Great ❤️🔥Trade closed: target reached
Close Full Hit TP2 + 130pips 😮Note
Spot gold price may retreat within a narrow range of 1,917-1,921 USD/ounce because this precious metal has not been able to break the resistance zone of 1,933-1,935 USD/ounce.Note
The fact that gold maintains a solid support level above 1,900 USD/ounce amid surrounding difficulties is a good sign that the market is ready for a new uptrend when the trend reverses.Note
The Fed's rate hike pause was expected, but the hawkish tone suggests interest rates will stay high until 2024. This revision caused significant impact in financial markets.Note
Gold is doing very well, despite Mr. Powell's hawkish views. The risks that the economy will break down are rising and eventually bad news for the economy will boost safe-haven flows to gold.Note
Kitco News' latest weekly Gold Survey finds market analysts divided between bullish and neutral, while retail investors expect a breakout to the upside or downside from the close trading range This.Note
For nearly a month, gold has fluctuated back and forth between $1,900/ounce and $1,950/ounce. This range should remain in place for at least a few more weeks.
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.