On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
XAUUSD: Traders Await Breakout
2024-01-24 • Updated
Gold prices, currently near $2,030, saw a modest decrease of 1% over the past week and a 2% dip since the start of 2024. Meanwhile, silver surpassed $22 per ounce, experiencing a 4% drop in the week and a 6.5% decline in the year so far. Upcoming scrutiny of economic data, particularly the Q4 US GDP report on Thursday, will influence metal markets. Projections indicate a 2.4% growth, potentially allowing the Federal Reserve to maintain higher US interest rates amidst economic flexibility.
XAUUSD - D1 Timeframe
The overall market structure on the Daily timeframe of XAUUSD appears to be largely bullish, however, since price failed to create a higher high before the onset of the retracement, I think that we may get to see a new lower low being formed. The 100-day moving average is my target.
XAUUSD - H4 Timeframe
On the 4-hour timeframe of XAUUSD, price is set to break out of the wedge pattern. I expect price to break out lower since the three moving averages converge together to form a united resistance level whilst maintaining their bearish array. Overall, I will wait for the breakout of the trendline in other to position properly for a short entry.
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Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
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In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports...
In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...
This article uses price action and volume profile techniques to address a fundamental and technical perspective based on the daily chart analysis of spot gold (XAUUSD).