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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
Gold buyers remain hopeful on NFP day, focus on $1,955Gold braces for the second consecutive weekly gain as it confronts the key resistances on the US Nonfarm Payrolls (NFP) day. Among them, the four-month-old descending trend line is the immediate challenge for the XAUUSD bulls around $1,945 ahead of the $1,955 crucial hurdle comprising the 100-SMA and the previous support line from late 2022. It’s worth noting that the quote’s successful rebound from the 50% Fibonacci retracement of its November 2022 to May 2023 rise joins the bullish MACD signals to favor the upside bias for the metal price. However, the RSI line speedily approaches the overbought territory and hence suggests the limited room towards the north for the metal, which in turn highlights the $1,955 level as a tough nut to crack for the bulls. In a case where the commodity remains firmer past $1,955, the odds of witnessing a quick rally towards the 23.6% Fibonacci ratio of around $1,987 can’t be ruled out whereas the $2,000 threshold could check the run-up afterward. On the flip side, the $1,900 round figure will precede the 50% Fibonacci retracement level of around $1,898 to restrict the near-term downside of the Gold Price. Following that, the lows marked in June and August, respectively near $1,893 and $1,885 will be in the spotlight for the sellers. Should the XAUUSD remain weak past $1,885, its fall toward the 61.8% Fibonacci retracement of near $1,858, also known as the Golden Fibonacci Ratio, becomes imminent. Overall, the Gold price approaches the interesting resistance territory as markets await the US employment report for August.
OANDA:XAUUSD
by MTradingGlobal
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
Gold buyers seek re-entry but road towards north is long and bumGold braces for the first weekly gain in five while bouncing off the multi-month low marked earlier in the week, piercing the 200-DMA of late. The upside bias gains credence from a looming bull-cross on the MACD, as well as a recovery in the RSI (14) line from the oversold territory. However, a nine-month-old previous support line, close to $1,950, precedes a downward-sloping resistance line from early May, around $1,955 at the latest, to restrict the short-term upside of the XAUUSD. Also acting as a barrier towards the north is a three-month-old horizontal resistance area surrounding the $1,985 and the $2,000 psychological magnet. In a case where the metal remains firmer past $2,000, the yearly high of around $2,067 will be in the spotlight. On the flip side, the recent low of around $1,885 holds the key to the Gold seller’s entry. Following that, the early-March swing high of near $1,858 and the YTD bottom around $1,804, quickly followed by the $1,800 threshold, will challenge the XAUUSD bears. Should there be a sustained downtrend of the bullion past $1,800, the November 2022 peak of around $1,767 will act as the final defense of the buyers. Overall, the Gold Price is likely to recover but the reversal of the multi-day-old bearish trend is still unclear to predict.
OANDA:XAUUSD
by MTradingGlobal
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
XAUUSD ,Printed Good Bullish Move...Now what? In Yesterday's trading session, we have seen big bullish spike /short squeeze(correction +Retailer Squeeze + Near to expiry PCR)and gold printed a healthy bullish candle which covered almost 5-session decline. On the price action note now the main task for bears is to breakdown the daily pivot as bulls now defending daily pivot successfully from last 3 trading day .So if they are able to breakdown the daily pivot then we can expect a decline otherwise now bulls are in good control right now. For bears the main level to watch is 1925,above this bulls can make another bullish move.
OANDA:XAUUSD
by TheGoldenCircle
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
Elliott Wave Analysis of GoldHello Friends Welcome to our Elliott Wave analysis of the Gold chart! This analysis helps us make sense of Gold's price movements by spotting repeating patterns. Think of it like finding familiar footprints in the sand. Imagine Gold's price as a series of waves. Elliott Wave theory suggests that these waves repeat in predictable patterns. We'll be looking for five main waves within an overall trend and smaller waves in between. The goal is to figure out where Gold might be in its current wave pattern. This can give us clues about whether the price might go up or down in upcoming days. Remember, no analysis is a crystal ball. While Elliott Wave can be helpful, it's just one piece of the puzzle. Market news and events also matter. By understanding these wave patterns, we aim to predict potential future movements in Gold's price. So, let's ride the waves of analysis and see what they might tell us about Gold's journey ahead. Overall it looks little down first, then little big contra trend upside near $ 1910 or more, and then again down continuation towards $1820 - $1850 might be. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
FOREXCOM:XAUUSD
by RK_Chaarts
4
USD/CAD Wave Analysis: Riding the Profit Wave 📈🌊 🤑 Hold tight for the USD/CAD profit ride! We're breaking down recent moves (1-2-3-4-5) and diving into the next big thing: correction wave vibes! Let's jump into Wave ABC and grab those gains! 💰 🔍 What's Hot: Wave Breakdown: Let's zoom in on USD/CAD moves, spilling the beans on that slick five-wave setup (12345). Get the lowdown on each wave's style and how they jam together for the big picture. Course Correction: Time to chat about the comeback waves. Scope out what's cooking in Wave ABC – levels, patterns, and when it might hit the scene. Cash Splash in Corrections: We're dishing on bagging profit during correction waves. See how to time your moves right for max moolah – nail those entries and exits. Riding the BC Wave: Dive into Wave BC, the sequel to correction moves. We're breaking down the players and factors that shape it, so you ride it like a pro for gains. Risk Ninja Moves: Master risk moves during corrections. Learn savvy tricks to protect your stash while raking in the dough. Tech Tools Rock: Check out tools and tricks to boost your USD/CAD game. Use them to back up your hunches and dial in your moves. Real Talk Tales: Dig into past USD/CAD waves. It's like getting wisdom from seasoned wave riders – peep the patterns, wins, and how it all went down. 📊💰 USD/CAD's in the spotlight, so get prepped for the profit rush! Correction wave (Wave ABC) is where the action's at, loaded with juicy potential wins. Stay sharp, trade bold, and get the scoop from our full-throttle analysis! (Note: Trading packs risks, and past glory doesn't promise future fortune. This is about learning the ropes, not financial advice. Do your homework and talk shop with money pros before making moves.) 🚀🤑
Short
by Greenfireforex
Gold stays bearish despite corrective bouncesGold braces for the fourth weekly losses even as a one-month-old falling support line defends intraday buyers. That said, the recovery appears elusive unless crossing the 200-SMA level of around $1,940. Even so, multiple tops marked since late May, surrounding $1,985, constitute a strong resistance for the bulls to cross before taking control. Following that, a run-up toward crossing the $2,000 round figure will be a cakewalk for the XAUUSD buyers while $2,050 and May’s peak of around $2,066 could gain the market’s attention afterward. On the flip side, the aforementioned support line, around $1,887 by the press time, could keep poking the Gold sellers. However, a break of which could quickly drag the XAUUSD to the 61.8% Fibonacci Extension (FE) of the metal’s May-July moves, near $1,863. It’s worth noting that the bullion’s weakness past $1,863 will make it vulnerable to testing the yearly low of around $1,804, quickly followed by the $1,800 threshold. Overall, Gold sellers keep the reins unless the prices remain below $1,985 but the downside room appears limited, which in turn suggests intermediate bounces in the price.
OANDA:XAUUSD
by MTradingGlobal
XAUUSD Key Level for CPIBig day Ahead as everyone waiting for the CPI Data ,as per price action gold is trading under sell pressure and not able to break this decline cycle and we do not have any confirmation of buy in any time frame .So those who looking for buy better wait for good rejection or wait for data ,after CPI if we can see big move(as per past history 400+ pips is normal in some cases ) then that move can change the trend direction in north side otherwise we have to stay with the trend(Bears Side) ,if you remember the analysis of weekly video I clearly mentioned that the trend is not favourable for bulls and we have to look for sell opportunities only and this is still valid for today also but as today we have big day so for today better wait for price to react on CPI and then think about to enter in trade.For beginner, my advice is to stay out today and don't risk your capital and just wait and watch the show.
OANDA:XAUUSD
by TheGoldenCircle