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Gold Trades Near Resistance Amid US Macro Data Analysis Technical Analysis: Gold might encounter strong resistance near the $2,078 region. Overnight failure near the all-time high closing levels around $2,077-2,078 raises caution among upward trend traders. Breaking this barrier decisively could pave the way for a push towards the psychological $2,100 mark. Daily chart oscillators remain comfortably positive, hinting at potential buy-dips around lower levels. The overnight low, around $2,055, appears to defend against immediate declines towards the $2,040 horizontal zone. A convincing break below this level might accelerate further downside movement towards the intermediate support around $2,020, aiming for the 50-day Simple Moving Average (SMA) near $2,008-2,007 and the psychological level of $2,000. Further selling activity could indicate convergence around $1,960, encompassing the 100 and 200-day SMAs.
FXOPEN:XAUUSD
by AdmamTrade
"Gold Holds Strong Above $2,060"Gold starts the new year with a positive signal, supported by a weaker US dollar and positive developments around China's economic stimulus measures. XAU/USD trades around $2,065, up 0.19% on the day. Expectations are for gold to remain stable and potentially continue its upward trend, although surpassing $2,100 will require convincing momentum. Price corrections might test $2,061 or even $2,050, with ultimate support at $2,035, represented by the 21-day Simple Moving Average (SMA).
FXOPEN:XAUUSD
by AdmamTrade
XAU/USD Shorts from 2077.000 down towards 2032.000My Gold forecast for this week anticipates a temporary bearish move to clear the liquidity below. With the bullish pressure fading and a shift in character to the downside, there are indications of a brief bearish phase. Given the substantial liquidity below, I expect a descent towards 2032, where a 19hr demand zone is located. Currently, my strategy involves waiting for a minor upward movement to facilitate a redistribution within my 10hr supply zone. Subsequently, I will explore selling opportunities from that point. Since this entails a counter-trend trade, I'll exercise caution and seek additional confirmation, such as a Break of Structure (BOS), to ascertain that the market is ready for a bearish trajectory. Confluences for Gold sells are as follows: - Price has changed character to the downside and has left unmitigated 10hr supply zone. - Lots of liquidity to the downside in the form of trend line liquidity and Asian lows. - Price has been moving very bullish recently and is due for a correction. - If price wants to continue in a bullish direction I expect for price to tap into the 19hr demand. - Price has recently reacted off a 2hr supply which initiated a downward trend. P.S. As this is a short-term perspective, my overall outlook for this market remains bullish. I anticipate that price will continue its upward momentum, but it needs to retrace to a more favorable level before embarking on another rally. Hence, I expect a drop to reach and interact with a 19hr demand zone, serving as a potential catalyst for another bullish rally. HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!
OANDA:XAUUSDShort
by Hassan_fx
Gold Slips to $2,060 amid US Bond Yield SurgeGold soared to $2,080 but reversed, dipping near $2,060 due to the rise in US Treasury bond yields. Investors are cautious ahead of year-end flows, limiting big bets on XAU/USD. The price may stabilize as the new year nears, remaining elevated. Closing below the ascending trendline at $2,084, buyers approach with caution, yet the rising 14-day Relative Strength Index (RSI) provides optimism. Breaking decisively above $2,100 is pivotal to surpass resistance and potentially spark a new uptrend toward the record high of $2,144. If a price correction gains momentum, initial support rests at Wednesday's low of $2,061, possibly testing $2,050 thereafter. The 21-day Simple Moving Average (SMA) at $2,035 acts as the final defense for gold buyers. Gold's price fluctuations, influenced by US bond yields, reflect cautious market sentiment. Both buyers and sellers monitor crucial levels as the year concludes, anticipating shifts in the new year.
FOREXCOM:XAUUSD
by Larissa-Trader
Gold Dips to $2,060 Amidst Rate Rebound After peaking at $2,080, gold swiftly reversed, dropping to around $2,060, pressured by resurging US Treasury bond yields. Investors are cautious, refraining from major bets on XAU/USD amidst year-end flows. Maintaining a relatively higher level, gold might consolidate into the new year. Closing below the upward trendline at $2,084, potential buyers exercise caution. However, the 14-day RSI's continuous rise provides hope. Breaking convincingly past $2,100 is crucial, failure risking a stall in the upward trend towards the all-time high of $2,144. If a correction occurs, initial support lies at $2,061, with $2,050 as a potential further support level. Buyers' last defense rests at the 21-day SMA at $2,035. Gold's price fluctuations reflect market caution amidst bond yield influence and investor sentiments. Both buyers and sellers monitor support and resistance levels closely as the year concludes. Wishing everyone a Happy New Year !
FXOPEN:XAUUSD
by AdmamTrade
3
Gold Prices Struggle Amid Interest Rate Cut SpeculationsGold prices dipped below the Thursday trading range of $2,064-$2,088 as thin trading volumes characterized the market with limited participant activity due to the holiday week. The precious metal witnessed some profit-taking on Thursday. On a broader note, the upward-sloping 20-day and 50-day Exponential Moving Averages (EMA) indicate positive momentum, and oscillators suggest strong upward momentum. The gold market is navigating challenges amid speculation about potential interest rate cuts. Trading volumes remain light, with few significant market participants during the festive week. Despite some profit-taking observed on Thursday, technical indicators such as the ascending 20-day and 50-day EMAs signal a positive trend. Oscillators point towards robust upward momentum. The current price range fluctuates between $2,064 and $2,088, reflecting the cautious market sentiment. As traders prepare for the upcoming week, the gold market's performance may continue to be influenced by interest rate cut speculations and overall market sentiment. It's crucial to monitor the evolving dynamics to gain insights into potential future movements in gold prices. Wishing you a happy new year
FXOPEN:XAUUSD
by JackieBrown1803
Gold Trades Sideways Above $2,060From a short-term technical perspective, gold remains in contact with an upward trend amid favorable price indicators. While gold has broken above the resistance level of the upward trend line at $2,080, a daily close beyond this mark is crucial to extend the upward trend to an all-time high of $2,144. Gold buyers face formidable resistance levels at $2,100 and $2,120 before reaching this milestone. The 14-day Relative Strength Index (RSI) is pointing upwards along the midline, instilling confidence in the ongoing uptrend. Any potential decline in gold prices could find initial support at the recent low of $2,061, with adjustments potentially extending towards $2,050. The ultimate defensive line for gold buyers is visualized at the 21-day Simple Moving Average (SMA) positioned at $2,035. In summary, gold is currently trading sideways above $2,060, with the need for a sustained close above $2,080 to propel the price towards an all-time high of $2,144. Resistance levels at $2,100 and $2,120 pose challenges, while the RSI signals positive momentum. Potential corrections have support levels at $2,061 and $2,050, with the 21-day SMA acting as the final line of defense at $2,035
FOREXCOM:XAUUSD
by sokiabradleydoyle30ko8vw
16
"Gold Rises on Fed Rate Cut Speculation Amid US Inflation Dip"Gold prices on Comex are nearing a three-week high at $2,089 USD, propelled by a surprising drop in the US core PCE price index to 3.2%. This unexpected shift has increased bets on an early Fed interest rate cut, with over 75% probability priced in by March, according to CME Fedwatch. The decline in inflation provides a favorable starting point for the Fed in 2024, potentially leading to a soft economic landing without triggering a recession. Durable goods orders for November surpassed expectations, rising by 5.4%, boosting consumer confidence reflected in the December Consumer Sentiment Index reaching 69.7. Anticipation of a significant Fed rate cut has weighed on the US dollar and short-term treasury yields, impacting foreign capital inflows negatively. The US Dollar Index is at a five-month low below 101.50, while the 10-year US treasury bond yield dropped to around 3.87%. This week's economic calendar is light due to the holiday season, with attention on weekly unemployment claims for additional insights.
FOREXCOM:XAUUSD
by Larissa-Trader
#XAUUSD: Gold can still shock all of us with a sudden move! Dear traders, As expected we are seeing some strange move within the market due to the low volume, based on our last chart price did fall but failed to continue the selling momentum and idea hit breakeven. In here, there are two possibilities that price can go first from sellers bias we think price still can drop from 2040$ area which will remain crucial, though, looking at how price moved throughout today. It shows bulls are still within the market and bullish momentum was significant. So it would not be surprising if price breakthrough 2060$ region once again. Please like and share!
OANDA:XAUUSD
by Setupsfx_
3
Gold Aiming for $2,100 After Record Close at $2,070Following a record close at $2,070, gold is pushing towards $2,100 in the Asian trading session. The dovish Fed stance and strong US bond auctions are impacting Treasury yields and the US dollar. The 14-day RSI provides support, but a recent dip suggests a potential pullback to the 21-day SMA at $2,032, with $2,050 acting as a key level. To sustain the upward momentum, a solid breakthrough above $2,079 is essential for a continued recovery towards $2,100, with a target of $2,144. Market dynamics call for vigilance around support and resistance levels, defining the trajectory of gold prices in the near term.
FOREXCOM:XAUUSD
by Larissa-Trader
Gold's Rally Eyes $2,100 amid RSI Strength and Trend Analysis The 14-day Relative Strength Index (RSI) continues to hold above the midpoint, providing potential support for further price increases. However, the latest downturn in the RSI suggests that the downward momentum in gold prices may extend towards the 21-day Simple Moving Average (SMA) at $2,032. Prior to that, the $2,050 level will pose a challenge to bullish commitments. On the upside, a sustained breakthrough above the resistance level of the ascending trendline at $2,079 is crucial to continue the recovery momentum towards the psychological level of $2,100. Furthermore, gold buyers will target the all-time high of $2,144. The RSI's current positioning suggests a cautious outlook, indicating the possibility of a pullback. Traders will closely monitor the $2,050 and $2,032 levels as potential support zones. A decisive move above $2,079, on the other hand, would signal renewed strength in the bullish trend, paving the way for a potential test of the $2,100 and $2,144 levels. It's essential for market participants to stay vigilant and adapt their strategies based on the evolving price action. The dynamics between key support and resistance levels will play a crucial role in determining the next major move for gold prices.
FXOPEN:XAUUSD
by AdmamTrade