Tag: LIVE XAUUSD SIGNAL

XAUUSD #Gold Price Analysis Today: Selling Pressure Exposure Despite #Dollar Losses (14 May 2024)

On By Financial Consultant _Forex_Gold Xauusd| Fund ManagerIn Commodity, GOLD, XauusdLeave a comment
  • Gold prices have declined to around $2,332 an ounce as of the start of trading this week.
  • This is as investor focus shifts to key US inflation reports due out this week to seek further clues about the Federal Reserve’s monetary direction amid mixed signals from Fed officials.
  • The US Producer Price Index is scheduled for release today, Tuesday, followed by the Consumer Price Index tomorrow, Wednesday.
  • After the weaker-than-expected US jobs report for April and the disappointing job report last week, expectations for US rate cuts this year have increased.
  • Markets expect the Fed to start easing monetary policy in September.

In recent months, gold prices have risen, driven by strong investment demand in the over-the-counter market, continued buying by global central banks, and increased demand from Asia. Escalating tensions in the Middle East also continue to support the safe-haven appeal of gold. In the latest development, Israel deployed tanks into eastern Jabalia in northern Gaza on Sunday after a night of heavy airstrikes and ground fire.

On the front of factors influencing the gold market, the 10-year US Treasury yield started the week’s trading below 4.5% as traders eagerly await the release of key economic data. The focus will be on CPI and PPI data, as well as retail sales and industrial production figures, to gauge inflation and economic strength. In the meantime, investors will be paying close attention to comments from various Fed officials for clues about when the Fed may start cutting rates, particularly Fed Chairman Powell’s appearance at the annual general meeting of the Association of Foreign Banks in Amsterdam today, Tuesday.

Overall, comments made by several policymakers last week indicated that rates would remain high for some time. Furthermore, the odds for Fed easing in September are currently 61% and 74% for November.

Another factor affecting the gold market is that the US dollar index fell to 105 on Monday as investors await key US inflation data this week which could impact Fed monetary policy expectations. Last week, the index ended with modest gains as Fed officials urged caution before cutting rates. In this regard, Fed Governor Michelle Bowman said she did not expect it would be appropriate to cut rates in 2024, while Dallas Fed President Lorie Logan said it was still too early to think about cutting rates.

Meanwhile, data on Friday pointed to a jump in consumer inflation expectations, although a sharp decline in US consumer confidence added to evidence that the economy is losing momentum. Also, markets are still pricing in September as the start of the easing cycle. Concurrently, investors are now looking to April inflation data to further guide interest rate expectations.

Gold Price Forecast and Analysis Today:

The decline in gold prices is natural, and the overall trend remains upward. The retracement may provide opportunities to buy again, and currently, the nearest support levels for gold are $2318 and $2285 per ounce, respectively. Conversely, on the same time frame, the daily chart below indicates that returning to the resistance area at $2375 is crucial for bullish movement towards the psychological resistance at $2400 per ounce once more. Evidently, gold prices may continue to move within narrow ranges until reacting to US inflation figures and statements from Federal Reserve policymakers led by Jerome Powell.

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📊Premium LIVE #XAUUSD #gold SIGNAL (14 May 2024)📊

On By Financial Consultant _Forex_Gold Xauusd| Fund ManagerIn Commodity, GOLD, XauusdLeave a comment

BUY #XAUUSD ABOVE @ 2339.50 (EXECUTED)

✅TP1 2345

✅TP2 2349.50

🚫SL 2332

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Gold (#XAUUSD) Analysis: Is It Time to Buy Gold? (01 May 2024)

On By Financial Consultant _Forex_Gold Xauusd| Fund ManagerIn ForexLeave a comment
  • Gold prices settled below $2300 an ounce on Wednesday trading, hovering near a four-week low as investors turned cautious ahead of the Federal Reserve’s policy decision amid concerns it will keep US interest rates high for an extended period.
  • Gold fell over 2% on Tuesday, extending losses to $2285 an ounce, and today continued its decline to $2282 an ounce as the dollar and Treasury yields rose on the back of strong US wage data.

The US Employment Cost Index, a key gauge of wages for civilian workers, rose more than expected by 1.2% in the first quarter. Traders have also unwound their bets on Federal rate cuts this year in recent weeks due to strong US economic data and stubborn inflation.

As you know, higher interest rates increase the opportunity cost of holding non-yielding bullion, which undermines its appeal. Elsewhere, the World Gold Council said global gold demand rose 3% year-on-year to 1,238 metric tons in the first quarter, the strongest start to a year since 2016.

According to the platforms of gold trading companies, gold prices have been volatile as traders look ahead to a week that includes the Federal Reserve’s rate decision meeting and key US jobs data. Policymakers are expected to reiterate their stance on raising interest rates for longer at the end of a two-day meeting on Wednesday. The last time Fed Chairman Jerome Powell spoke, he indicated that policymakers were likely to keep borrowing costs higher for longer than previously expected, citing a lack of progress in bringing down inflation and continued strength in the labor market.

On the other hand, the US non-farm payrolls number due out on Friday will also be important for traders. With the Fed’s preferred inflation gauge rising at a rapid pace in March, swaps traders now see just one Fed rate cut this year, down from the six or so quarter-point cuts they were pricing in at the start of the year. Higher rates are generally negative for gold because it does not pay interest.

In other news, the yen rose after touching its weakest level against the dollar in 34 years, amid speculation that the Japanese government will intervene to support its beleaguered currency for the first time since 2022. Any action could weaken the dollar, which could boost bullion.

Gold Price Forecast and Analysis Today:

In general, the price of gold has risen by more than 13% this year, hitting a record level earlier this month, despite the Federal Reserve’s postponement of its timeline for interest rate cuts. The rise in the precious metal over the past two months has been linked to central bank purchases, strong demand from Asian markets, especially China, and increased geopolitical tensions from Ukraine to the Middle East. I see the current selling activity as an opportunity to return to buying gold, and the most suitable levels to do so currently are the support levels of $2245 and $2180, respectively.

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XAUUSD #Gold Price Analysis Today: Bulls Could Make a Move Soon (29 April 2024)

On By Financial Consultant _Forex_Gold Xauusd| Fund ManagerIn Commodity, GOLD, XauusdLeave a comment
  • At the end of last week’s trading sessions, gold futures managed to capture some gains as financial markets shrugged off the latest inflation data.
  • Despite widespread expectations that the US Federal Reserve would keep interest rates high for longer, stocks formed a reflection of the selling pressure witnessed on Thursday.
  • Now, the question arises: Is gold looking to revisit $2400 per ounce again?

According to gold trading platforms, prices rose on Friday to the resistance level of $2352 per ounce before settling around $2333 at the beginning of an important and eventful week of trading. The price of the yellow metal was poised for a weekly decline of 2.2%, but it remains up by nearly 14% since the beginning of 2024.

Similarly, silver prices, the sibling commodity to gold, rose above $27 per ounce. Overall, silver also trended towards a weekly decline of 4.3%. However, like gold, silver prices have risen by approximately 15% so far this year.

Overall, all eyes were on the preferred US inflation gauge by the Federal Reserve: The Personal Consumption Expenditures (PCE) Price Index. According to economic calendar data, in March, the Personal Consumption Expenditures (PCE) Price Index rose higher than expected, reaching 2.7%, compared to 2.5% in February, according to the Bureau of Economic Analysis (BEA). The market had expected a reading of 2.6%. On a monthly basis, the inflation rate in personal consumption expenditures rose by 0.3%, unchanged from the previous month and in line with market expectations.

The core Personal Consumption Expenditures (PCE) Price Index, which excludes volatile food and energy sectors, remained at 2.8%, but came in higher than the agreed estimate of 2.6%. Recently, the core PCE Price Index jumped by 0.3% from February to March. On a three-month basis, the core PCE Price Index rose to 4.4%. Also, the inflation rate in core personal consumption expenditures excluding housing increased to 3.5% on an annual basis and rose by 0.4% monthly.

In other economic data, personal spending increased by 0.8% for the second consecutive month, surpassing market expectations of 0.6%. Personal income jumped by 0.5%, up from 0.3%, in line with expectations. Furthermore, personal saving rate fell from 3.6% to 3.2%. Despite the latest indicators pointing to a second wave of inflation and a longer period of higher interest rates, investors remained unconcerned as key indices rose by as much as 1.85%.

Meanwhile, this supported the gold market as the US Treasury bond market weakened, despite the strength of the US dollar curbing gains. US Treasury yields were in the red across the board, with the 10-year bond yield falling by 5.3 basis points to 4.65%. Moreover, the yield on 2-year bonds fell below 4.99%, while the yield on 30-year bonds fell below 4.77%.

Another factor affecting gold, the US Dollar Index (DXY), which measures the US currency against a basket of other major currencies, rose to 105.95, from the opening at 105.60. Obviously, the stronger dollar typically brings gold prices down as it makes buying it more expensive for foreign investors. Meanwhile, according to the CME Federal Reserve Watch Tool, the futures market is now heading for only a one-quarter-point cut in US interest rates this year.

Moreover, this supported the gold market as the government bond market weakened, although a stronger US dollar limited gains. US Treasury yields were in the red across the board, with the 10-year bond yield falling 5.3 basis points to 4.65%. Also, the two-year bond yield fell below 4.99%, while the 30-year bond yield fell below 4.77%.

Another factor affecting gold, the US Dollar Index (DXY), which is a measure of the US currency against a basket of other major currencies, rose to 105.95, from opening at 105.60. A stronger dollar is usually bearish for gold prices because it makes it more expensive for foreign investors to buy. Meanwhile, according to the Fed’s CME monitoring tool, the futures market is now set to cut US interest rates by just a quarter of a point this year.

Gold Price Forecast and Analysis Today:

According to the performance on the daily chart attached, the price of gold is still in an attempt to avoid further losses, and the success of the bulls in returning to the vicinity of the resistance levels of 2385 and 2420 dollars per ounce is possible in the event that the price of the US dollar declines in the wake of the US Federal Reserve Bank’s announcement and the US job numbers. In addition to increasing global geopolitical tensions and increasing central banks’ purchases of gold. On the other hand, breaking the level of $2,300 per ounce is possible if the dollar continues to strengthen and investors’ appetite for risk increases.

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