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Gold Still Holding the Ground Gold return/Bounced from the first Re-loading area that I Marked in Monday update , the recent bounce also triggered due to war news: In today's morning update I was expecting more correction but bulls getting help from ongoing war news: Now if we watch the H4 timeframe we can see that the current correction is turning the chart into sideways range (2685-2630) and we have to wait for breakout from this range for clear direction : Shorting on war news can be dangerous so we have to wait for a breakout from support area or resistance area for next move.
OANDA:XAUUSD
by iambalramkashyap
Gold due for correctionGold price is currently due for correction , Friday closing was bearish but still need more confirmation to see possible correction (Need one more day to close under PDL (2658 ) , On price action it is clear that price is currently forming head and shoulder pattern and to validated this pattern price need to breakdown at least 2650 level , In Higher side price also facing resistance on trend line ; CPR is also in descending formation compared to last day; In lower side we have to watch weekly Support (2616.18); As everyone knows that the current bullish rally is supported by the middle east war so we have to keep eye on the development of any war related news, if we consider the war factor and higher TF then overall the price is still maintaining the bullish structure so correction side is limited but we can consider this correction as per current PA .
FX:XAUUSDShort
by iambalramkashyap
1
Gold due for correctionGold price is currently due for correction , Friday closing was bearish but still need more confirmation to see possible correction (Need one more day to close under PDL (2658 ) , On price action it is clear that price is currently forming head and shoulder pattern and to validated this pattern price need to breakdown at least 2650 level , In Higher side price also facing resistance on trend line ; CPR is also in descending formation compared to last day; In lower side if we have watch weekly Support (2616.18); As everyone knows that the current bullish rally is supported by the middle east war so we have to keep eye on the development of any war related news, if we consider the war factor and higher TF then overall the price is still maintaining the bullish structure so correction side is limited but we can consider this correction as per current PA .
FX:XAUUSDShort
by iambalramkashyap
1
Gold prices continue to be under downward pressureThe world gold price stood at $1,919, down $6 from the same hour last morning. Precious metals are experiencing a brief technical sell-off amid a lack of supportive information. In addition, the USD and bond yields continued to increase, putting pressure on gold. In the short term, gold continues to be under downward pressure. Even so, gold has strong support at the 200-day moving average, around $1,920. At the end of the year or early next year, the selling pressure on precious metals will decrease. The USD is expected to weaken following signals of the Fed's gradual loosening of monetary policy. Besides, the gold consumption season at the end of the year can also support this commodity more actively.
OANDA:XAUUSD
by Rancy-SuperTrend
The gold market is under technical selling pressureWorld gold prices this morning increased slightly in the context of the market waiting for further data from the US economy to guide prices. It is expected that the August Consumer Price Index Report will be published on September 13. The gold market is under technical selling pressure due to a lack of price increase motivation. Recent negative information about China's economic situation has put significant pressure on the gold market due to concerns about falling demand for precious metals in the country of billions of people.
TVC:GOLD
by Rancy-SuperTrend
GOLD : ADP jobs report reveals an economic slowdownThe range in gold futures on Wednesday, Thursday, and Friday of last week was tepid with a defined intraday high on all three days at approximately $1950 to $1955. Yesterday's report which revealed a softening of job openings resulted in a surge in moving gold of approximately $20, today gold had a fractional gain when compared to yesterday of approximately $5.00. The ADP's monthly report is released on Wednesdays, 2 days before the release of the government's nonfarm payroll report. These two reports will occur before and after tomorrow's PCE index report. Today's jobs report came in well under expectations and much softer than the previous month of July. The July ADP report for June was revised upward recently, revealing that 371,000 new jobs were added.
TVC:GOLD
by Acetal-dehyde-fx
XAUUSD : PCE index reveals Inflation remains persistent at 4.2%According to the report the core PCE price index (excluding food and energy) rose from 4.1% to 4.2% annually. Although prices continue to rise American consumers increased their spending by 0.8% in July although personal income only gained 0.2%. The core PCE rose 0.2% month over month and weekly jobless claims fell to 228,000 down 4000. Today the Labor Department will release the jobs report for last month. This report will also have a large impact on the financial markets including gold and silver. Current estimates are that the report will show that an additional 170,000 jobs will be added to payrolls next month and that the unemployment rate will hold steady at 3.5%.
OANDA:XAUUSD
by Acetal-dehyde-fx
XAUUSD : Precious metals continue to increaseGold prices continue to increase today as newly released data shows that the labor market is showing signs of cooling and the US economy is slowing down. Specifically, the report on gross domestic product in the second quarter of the US Bureau of Economic Analysis showed that the economy grew by 2.1%, lower than expected. Analysts are now closely watching the labor market as it can determine when the US central bank stops raising interest rates. The Fed has said it will need to consider a slowdown in the labor market as a condition for ending the current tightening cycle.
OANDA:XAUUSD
by Acetal-dehyde-fx
GOLD → Rather superficial reaction to the Fed Chairman's speechThis morning, the price of gold decreased due to a speech by Jerome Powell, the Chairman of the Federal Reserve (Fed), at the annual banking conference. Powell announced that the Fed will continue its tight monetary policy until inflation reaches 2%. This is understandable as the US Consumer Price Index (CPI) has increased from 3% in June to 3.2% in July. Despite stable employment market conditions, this justifies the Fed's decision to tighten monetary policy. It is expected that during the November meeting, the Fed will raise the basic USD interest rate by 0.25% to continue combating inflation. This information has led to a strong increase in USD and a decrease in gold prices on the international payment basket.
TVC:GOLD
by Rancy-SuperTrend
EURUSD → Slips as euro zone PMIs give ECB pauseThe Initial reaction to the data saw EURUSD spike 50 pips lower before hovering around the 1.0820 handle at the time of writing. Key area at present with the 200-day MA resting just below the 1.0800 handle and could cap further losses. EURUSD did face selling pressure as a stronger US Dollar and rising US yields saw the pair fall to support around the 1.0840 handle and print a fresh 7-week low. There is potential for further downside with a break below the 1.0840 support handle opening up a run toward the 200-day MA resting just a smidge below the 1.0800 handle. For now, though much like the majority of major pairs the range between the 100 and 200-day MAs could continue to hold firm keeping EURUSD confined to the 220 odd pip range. Key Levels to Keep an Eye On: Support levels: 1.0840 1.0797 (200-day MA) 1.0747 Resistance levels: 1.0900 1.0930 (100-day MA) 1.1000 (psychological level)
by Rancy-SuperTrend
1
EURUSD → At the beginning of a broader Bearish reversal ?On the 4-hour chart, the EUR/USD has broken short-term support levels from June, confirming an upward trend. However, resistance levels from July have maintained a downward technical trend. Immediate support can be seen at the 1.0833 - 1.0859 range. If this area holds, prices could rise and test the downward trend line from July, potentially sustaining a short-term downward technical trend. Otherwise, a higher breakout will reveal the Fibonacci retracement level of 23.6% at 1.1124. On the other hand, a breakout and immediate support confirmation will expose the 78.6% level at 1.0771 as prices fall to 1.0634.
by Rancy-SuperTrend
1