XAUUSD continues its uptrend at $2300
Dear friends, at the beginning of the new week's trading session, the price of gold fell exactly as I expected and quickly bought back the decrease at this high level. The uptrend still seems clear on the 1-hour chart.
You may wonder why the price has increased so sharply.
Regarding international market information:
-Expectations that the Federal Reserve (Fed) will begin cutting interest rates in 2024, along with purchases from China's central bank, are important drivers leading to The strong recovery of precious metals over the past two weeks. That said, extremely tense conditions on the daily chart have deterred traders from placing fresh bullish bets amid easing geopolitical tensions and a positive, trending risk tone. tends to weaken safe-haven precious metals.
-Meanwhile, the upbeat US Nonfarm Payrolls (NFP) report released on Friday showed that the Federal Reserve (Fed) may delay interest rate cuts and force investors to reduce the size of expected interest rate cuts in 2024 to two from three. The outlook remains supportive of rising US Treasury yields, which underpins the US Dollar (USD) and should further contribute to curbing unprofitable Gold prices. Traders may also want to wait for further signals on the Fed's path to rate cuts before positioning for the next leg of a directional move. Therefore, the focus remains on US consumer inflation figures and the FOMC minutes on Wednesday.
About technical analysis:
-XAUUSD continues to stay above the 34.89 exponential moving average (EMA), indicating the possibility of further growth.
- Currently, gold is operating near resistance at $2350, with immediate support at $2300. It is expected that gold will recover after the correction and reach the lower limit of the upward channel.
You may wonder why the price has increased so sharply.
Regarding international market information:
-Expectations that the Federal Reserve (Fed) will begin cutting interest rates in 2024, along with purchases from China's central bank, are important drivers leading to The strong recovery of precious metals over the past two weeks. That said, extremely tense conditions on the daily chart have deterred traders from placing fresh bullish bets amid easing geopolitical tensions and a positive, trending risk tone. tends to weaken safe-haven precious metals.
-Meanwhile, the upbeat US Nonfarm Payrolls (NFP) report released on Friday showed that the Federal Reserve (Fed) may delay interest rate cuts and force investors to reduce the size of expected interest rate cuts in 2024 to two from three. The outlook remains supportive of rising US Treasury yields, which underpins the US Dollar (USD) and should further contribute to curbing unprofitable Gold prices. Traders may also want to wait for further signals on the Fed's path to rate cuts before positioning for the next leg of a directional move. Therefore, the focus remains on US consumer inflation figures and the FOMC minutes on Wednesday.
About technical analysis:
-XAUUSD continues to stay above the 34.89 exponential moving average (EMA), indicating the possibility of further growth.
- Currently, gold is operating near resistance at $2350, with immediate support at $2300. It is expected that gold will recover after the correction and reach the lower limit of the upward channel.
Trade active
Trade active
Comment:
The price may start to correct back from 2350 USD with the formation of 2 peaks. 2300 USD is being closely watched, it is expected that consolidation and accumulation before growth will take place from the 2300 mark as mentioned.
Comment:
