GOLD has more technical pressure, ready for major events
Updated
On Wednesday, the Federal Reserve will conclude its two-day meeting and announce its interest rate decision. The market generally believes that this meeting will not make a decision to cut interest rates but will provide guidance for an interest rate cut in September.
The fact that the Fed will not cut interest rates at the upcoming meeting has been fully priced in by the market, so interest rate guidance in September and the end of the year will be the focus of this FOMC meeting.
Traders prepare for a series of market events, in addition to a midweek policy decision from the Federal Reserve, decisions from the Bank of Japan and the Bank of England, as well as the nonfarm payrolls report. The US economy on Friday will also have a significant impact on the general market and the gold market in particular.
In Asian markets on July 30,
XAUUSD recovered from the $2,378 level noted by readers in the weekly edition, but overall it needs to recover much more strongly to be able to get the conditions for Expectations of a new bullish cycle.
The point worth noting is that the original price level of 2,400 USD will be the nearest resistance and is also very important. If gold breaks and maintains above this level, it will have enough conditions to technically increase in price. The target level after breaking $2,400 is $2,408 in the short term and more likely is $2,437.
Meanwhile, currently, the gold price still has a more bearish position with initial resistance from EMA21 and the lower edge of the price channel and the 0.50% Fibonacci retracement level at 2,385 USD.
Once gold is sold below the 0.618% Fibonacci level, it will open a new downtrend with the target level then being around 2,329USD. On the other hand, the Relative Strength Index has not yet reached the oversold level, showing that there is still room to decline.
During the day, the current position is heavily tilted to the downside with notable technical levels listed below.
Support: 2,378 – 2,362USD
Resistance: 2,385 – 2,390 – 2,400USD
🪙SELL XAUUSD | 2419 - 2417
⚰️SL: 2423
⬆️TP1: 2412
⬆️TP2: 2407
🪙BUY XAUUSD | 2351 - 2353
⚰️SL: 2347
⬆️TP1: 2358
⬆️TP2: 2363
The fact that the Fed will not cut interest rates at the upcoming meeting has been fully priced in by the market, so interest rate guidance in September and the end of the year will be the focus of this FOMC meeting.
Traders prepare for a series of market events, in addition to a midweek policy decision from the Federal Reserve, decisions from the Bank of Japan and the Bank of England, as well as the nonfarm payrolls report. The US economy on Friday will also have a significant impact on the general market and the gold market in particular.
In Asian markets on July 30,
XAUUSD recovered from the $2,378 level noted by readers in the weekly edition, but overall it needs to recover much more strongly to be able to get the conditions for Expectations of a new bullish cycle.The point worth noting is that the original price level of 2,400 USD will be the nearest resistance and is also very important. If gold breaks and maintains above this level, it will have enough conditions to technically increase in price. The target level after breaking $2,400 is $2,408 in the short term and more likely is $2,437.
Meanwhile, currently, the gold price still has a more bearish position with initial resistance from EMA21 and the lower edge of the price channel and the 0.50% Fibonacci retracement level at 2,385 USD.
Once gold is sold below the 0.618% Fibonacci level, it will open a new downtrend with the target level then being around 2,329USD. On the other hand, the Relative Strength Index has not yet reached the oversold level, showing that there is still room to decline.
During the day, the current position is heavily tilted to the downside with notable technical levels listed below.
Support: 2,378 – 2,362USD
Resistance: 2,385 – 2,390 – 2,400USD
🪙SELL XAUUSD | 2419 - 2417
⚰️SL: 2423
⬆️TP1: 2412
⬆️TP2: 2407
🪙BUY XAUUSD | 2351 - 2353
⚰️SL: 2347
⬆️TP1: 2358
⬆️TP2: 2363
Comment
Gold prices maintain a "modest" upward momentum as investors wait for the Fed's policy meeting to find new motivation Gold prices increased slightly during the Asian session on Tuesday, stabilizing below the $2,400/oz mark. The underwhelming stock market, along with geopolitical risks stemming from conflicts in the Middle East, are the main factors supporting this safe-haven asset. Besides, the growing consensus that the Federal Reserve (Fed) will begin an interest rate cutting cycle in September is weighing on the USD and continuing to support gold prices.
Comment
🔻US Consumer Confidence Index Positive and Better Than Expectations Again!Data released by the Conference Board a short while ago showed that the US Consumer Confidence Index data for the current month of July was positive, as the index reading was better than market expectations for the third consecutive month.
Trade active
Plan SELL Close 1/2 + 50pips. Move SL to Entry🔥Comment
Comment
For the Forex market, the July meeting coincided with the period when the market was pricing in a very sharp reduction in interest rates in the absence of a clear hawkish result to support the USD's increase. Therefore, this could be a rather bland event. This is especially true if the meeting follows JPMorgan's baseline scenario, with slight adjustments to the guidance in the statement, and will not elaborate on the prospect of lowering interest rates in the future other than September.Comment
Pending home sales in the US rose 4.8% to 74.3 in June, reflecting increases in all four major regions. The increase far exceeded estimates in a Bloomberg survey of economists. The gauge is pulling away from record lows in data dating back to 2001 as the housing market tries to escape a prolonged downturn. Mortgage interest rates have dropped somewhat recently, encouraging more homeowners to list their properties.Comment
🔴Final US Manufacturing PMI Data ReleasedAccording to the data, the final reading of the Manufacturing PMI was 49.6 points in July, slightly higher than market expectations of around 49.5 points, and the previous reading of the index was around 49.5 points in June.
Comment
Gold price today reached 2,435 USD/ounce. Before that, there was a time when the precious metal reached 2,446 USD. In the previous July, world gold also increased by more than 4%.The gold market recently went up after US Federal Reserve Chairman Jerome Powell signaled that he could discuss reducing interest rates at the September meeting. Powell affirmed that the Fed is "increasingly confident". believes action is possible in the upcoming session", as long as inflation figures continue to cool.
Comment
The market is expecting the Fed to lower interest rates very sharply in the upcoming meeting Nonfarm payrolls report shows unemployment rate skyrocketing from 4.1% to 4.3%
Comment
XAUUSD decreased during the trading session on Friday (August 2), because investors took profits after this precious metal had a sharp increase in price during the trading session. Analysts believe that gold prices may soon exceed 2,500 USD/oz because the risk of a US economic recession may cause the Federal Reserve (Fed) to cut interest rates more strongly than expected.Comment
Gold prices have fluctuated rapidly in the past week, when they skyrocketed, they also quickly "collapsed" under pressure from investors to take profits. However, both analysts and experts believe that gold prices will continue to increase when supported by many factorsComment
From a technical perspective, gold prices still show an upward trend on long-term time frames, although there are corrections in the short-term frame. Gold prices may continue to maintain wave 5 corresponding to the Weekly chart, increasing above the 2500 round resistance level next week if it breaks through the old peak at 2483. If it fails to break through this resistance level, gold prices will move sideways within the range of 2385-2485.
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