Gold Price Analysis January 17
Updated
Fundamental Analysis
Growing acceptance that the Federal Reserve will pause its rate-cutting cycle later this month and bets on a rate hike by the Bank of Japan next week are weighing on non-yielding gold. That said, expectations that softer inflation in the US will allow the Federal Reserve to cut rates further this year, leading to recent declines in US Treasury yields and the USD, will limit losses for XAU/USD. However, XAU/USD is still on track to end in positive territory for the third consecutive week.
Technical Analysis
Gold’s path of least resistance remains at 2622-2632-2648, which is seen as a target for BUY signals. Currently, if the gold price closes above 2713, we can BUY now with SL Stoploss set below 2710. In case the H1 candle cannot close above 2713, we will sell to 2700 to have a BUY strategy around the support of 2700. Break 2700, do not buy anymore and wait for 2665 to BUY.
Growing acceptance that the Federal Reserve will pause its rate-cutting cycle later this month and bets on a rate hike by the Bank of Japan next week are weighing on non-yielding gold. That said, expectations that softer inflation in the US will allow the Federal Reserve to cut rates further this year, leading to recent declines in US Treasury yields and the USD, will limit losses for XAU/USD. However, XAU/USD is still on track to end in positive territory for the third consecutive week.
Technical Analysis
Gold’s path of least resistance remains at 2622-2632-2648, which is seen as a target for BUY signals. Currently, if the gold price closes above 2713, we can BUY now with SL Stoploss set below 2710. In case the H1 candle cannot close above 2713, we will sell to 2700 to have a BUY strategy around the support of 2700. Break 2700, do not buy anymore and wait for 2665 to BUY.
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