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Gold recovers above $2,300: What's next? Gold managed to recover its losses yesterday (biggest daily slump in almost 2 years) on weak US PMI data. The thought here is that sluggish growth indicators might push the Federal Reserve towards an earlier interest rate cut (although don't hold your breath), potentially increasing the attractiveness of non-yielding assets like gold. The rate of expansion in US business activity slowed amid signs of weaker demand, according to the latest S&P Global Flash PMI report. From a technical standpoint, XAU/USD is currently grappling with the 23.6% Fibonacci retracement level from the rally between $1,984 and $2,430, struggling to surpass it convincingly. Ole Hansen from Saxo Bank notes that gold's vigorous surge since mid-February is undergoing a necessary correction, which should hopefully provide insights into the actual underlying demand (now that geopolitical risk has somewhat cooled). Market attention now shifts to three key US data releases: US durable goods (Wednesday), US Q1 Flash GDP (Thursday), and US Core PCE on Friday. While all three could impact the market, the latter two are anticipated to carry greater significance.
BLACKBULL:XAUUSD
by BlackBull_Markets
What could stop gold’s bullish momentum? The end of the week brings a host of significant data releases, including the US Consumer Price Index (CPI), the FOMC minutes from the March meeting, and interest rate decisions from both the Bank of Canada and the European Central Bank (ECB). Import the BlackBull Markets Economic Calendar to iCloud, Google, or Outlook to get alerts direct to your inbox (link below). A hot CPI print may provide support for the US dollar and potentially limit gold’s climbs, or at least give some pause (or pullback) to allow for an entry point. Yesterday the Bank of America raised its gold outlook, expecting the metal to average $2,500 an ounce by Q4. An interesting note came from the Former St. Louis Fed President James Bullard (note included in FOMC meeting minutes, but interesting nonetheless) who said that the US Fed could already justify a rate cut on the data it currently has, but because it has time on its side, it probably will probably wait. Based on the daily chart, overbought conditions could potentially start to exert pressure on XAU/USD. The 20-day Simple Moving Average (SMA) is positioned more than $100 below the current trading price, albeit still well ahead of the 50-, 100-, and 200-day SMAs.
BLACKBULL:XAUUSD
by BlackBull_Markets
XAUUSD New quarter! can we get the correction now please? Good evening gold gang! its been a while .. ive had nothing to report as price has been so bullish. We are currently wayyyy out in space. No clue on whats gonna happen .. we just have to wait for price to come back to a probable zone in order to make informed decisions. There may be a gap at open .. lets see if that gaps down or not. If it does .. we can mark and entry for when it fills it. Other than that .. we got to wait!! Breaks below the 4h trendline for confirmed sells and a possible long term hold. Buys are 2206 or 2190 .. lower time frame confirmation required. Have a great week gang!! im active on socials or dm here if you want to as me anything Catch you in london tommy
PEPPERSTONE:XAUUSD
by tommyXAU
2
Gold to close above $2200 this week or next? Gold to close above $2200 this week or next? Examining the daily gold chart, it appears there's a potential bullish flagpole pattern forming, indicating a possible forthcoming breakout. If this pattern unfolds, gold prices could rise. This week, gold attempted to breach $2,200 but faced rejection, dropping to $2,080 before rebounding above $2,190. However, market sentiment may be turning cautious ahead of significant US economic data releases in the shortened holiday week, including the GDP Growth Rate, Core PCE Price Index, and Personal Spending. Despite this caution, if the GDP Growth Rate falls from 4.9% in the previous quarter to the expected 3.2%, it could reinforce expectations of a June rate cut by the Federal Reserve, as the market anticipates. This could potentially increase demand for gold and boost its price. If this week's data doesn't serve as a catalyst, attention may shift to next week, with JOLTS Job Openings scheduled for Tuesday and NFP on Friday (US time), potentially providing further market insights.
BLACKBULL:XAUUSD
by BlackBull_Markets
XAUUSD Bearish going into the new week. Heres why .. good evening gold gang! tis i .. lord tommy back from the weekends debauchery. Price closed at my algo level exactly breaking the 4hr support! This could mean we are in for a bearish couple of days while price makes its way down to the cheaper areas for big boys to buy in We have an unmitigated 4h sell zone at the top there if price can make its way up .. i will sell there for buys, im gonna need price to break the algo and head down. We need to see some price move first! lets meet up in london 06.00 to find out catch you then T
OANDA:XAUUSD
by tommyXAU
5
GOLD (XAUUSD): Your Trading Plan For Next Week Explained 🥇 This week was very slow for Gold. The market was consolidating after setting a new all-time high. Here are potential scenarios for next week. If the price drops and closes below 2144 level on a daily, it will confirm the strength of the sellers and a correctional movement will be anticipated at least to 2090 level. Alternatively, a bullish breakout of a falling trend line on a 4H time frame will be an important bullish confirmation. A retest of a current high will be anticipated then. Patiently wait for a breakout next week, that will be your trigger. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDShort
by VasilyTrader
6
XAUUSD We caught 200 pips on CPI!! good evening gold gang .. i know ive been slow with the analysis lately .. but there is literally nothing to analyse as price continues to fly! We have finally had a daily close bearish, so we may be creating some workable price action The CPI move came up to my sell level perfectly and dropped heavily with positive dollar news ... amazing! Price is at the buy zone right now so lets see what it does at the potential sell zone ... if that zone breaks .. then we will make another ATH im always availble on socials to trade the current price action .. dont be afraid to reach out catch you in london tommy
OANDA:XAUUSD
by tommyXAU
3
Gold to set record high after CPI tomorrow? Gold inched higher on Monday, hovering near its all-time high after a remarkable rally last week. Now traders brace for U.S. inflation data that could offer insights into the Federal Reserve's stance on interest rates, and the direction for gold. Spot gold is currently trading around $2,181.47 per ounce, following a record peak of $2,194.99 on Friday, propelled by U.S. NFP market data that fueled expectations of a rate cut. Traders are currently factoring in a roughly 70% chance of an interest rate cut by June. The forthcoming inflation data holds significant weight, with the potential to sway the gold market's direction. Expectations are for annual inflation to remain unchanged from the previous month’s 3.1%. If the data comes in hotter than last month's report, it could pose challenges for the gold market and potentially lead to some near-term selling pressure. Conversely, softer data might propel gold to new highs in the short term. It's worth noting that the RSI indicates the gold market is currently extremely overbought.
BLACKBULL:XAUUSD
by BlackBull_Markets