XAUUSD H8 Idea

Gold prices are facing their worst quarter since September and nearing 3-1/2 month lows due to expectations of sustained higher interest rates in the U.S. market. Robust data releases and hawkish comments from central bank officials have fueled this sentiment. The strong labor market indicators and solid GDP growth in the U.S. support a resilient economy, ruling out rate cuts for 2023. Interest rate hikes weigh on gold prices by boosting bond yields and increasing the opportunity cost of holding gold. Overall, gold prices are under significant downward pressure, driven by the anticipation of higher interest rates and strong economic indicators. From a technical analysis perspective, Comex Gold shows a slightly bearish bias, with the main support area at 1889.50-1899.80 and the main resistance area at 1943.20-1949.00. Traders should monitor price action and developments in support and resistance levels for further insights into the market's direction.

Trade active:

+50PIPS

Trade active:

XAUUSD is moving in line with our earlier analysis and has gained around +60pips.

Trade active:

XAUUSD Moving well +200pips