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Pampam-m
The latest US job report shows strong job growth, leading to increased interest rate pressure from the Federal Reserve (Fed). This usually causes gold to drop as the USD strengthens. Currently, XAUUSD is in an uptrend, strongly supported by the ascending trendline. The EMA 34 and EMA 89 lines are both below the current price, indicating the uptrend is still ongoing. XAUUSD may see a slight correction after hitting the current resistance zone. However, with strong buying momentum from investors, gold prices could break through the resistance zone and continue the uptrend to higher levels in the near future.
Pampam-m
Recent U.S. economic data shows slower economic growth and high inflation. These factors support gold prices amid concerns of an economic recession. Gold prices are currently in a correction phase after a strong rally since the end of July. Strong support lies around $2,425/ounce (EMA 89) with the nearest resistance at $2,475/ounce. Currently, the MACD indicator shows a bearish signal with the MACD line crossing below the signal line, indicating potential short-term price decline. If this support level holds, gold prices have the opportunity to rebound towards the resistance level of $2,475/ounce.Trade activeTrade active: Gold prices were on track to fall below $2,450 early Monday in early Asian trading. Gold prices could not take advantage of rising expectations of a 50 basis point rate cut by the Fed in September and risk-off sentiment amid escalating geopolitical tensions in the Middle East.
Pampam-m
Gold prices dipped slightly during the North American session, fluctuating between $2,430 and $2,462. Currently, gold is in a strong uptrend, clearly illustrated on the chart with consecutive higher highs and higher lows. The price is above both EMA lines, indicating that the uptrend is being sustained. Gold is moving within a clear ascending channel, with support and resistance levels marked by black lines. Gold prices are likely to continue rising in the near future, with the chart showing a potential scenario of a slight dip to the support level around 2460 before bouncing back and continuing the upward trend.Trade active
Pampam-m
News about the next moves of the US Federal Reserve (Fed) is causing significant volatility in the gold market. On the 4-hour XAUUSD chart, we can see that gold prices are in a clear upward trend. The EMA 34 and EMA 89 lines are supporting the upward trend as the price stays above both lines. EMA 34 is acting as dynamic support for the short-term trend. The RSI 14 indicator shows a level of 67.54, indicating that the price is in the overbought zone but has not yet reached the absolute overbought threshold (70). It is predicted that the price will undergo a correction to the support level in preparation for the next upward move, specifically rising to the resistance area of 2,480.Trade activeTrade active
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