GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Immediate resistance at $2420.88, next at $2436.35, and $2454.06.
- Immediate support at $2384.48, next at $2369.02, and $2350.56.
- RSI at 33, indicating potential oversold conditions.
Gold (XAU/USD) is trading at $2388.83, down 0.02%. The 4-hour chart analysis reveals crucial levels that could guide market participants. The pivot point stands at $2404.13, acting as a critical level for market direction.
Immediate resistance is seen at $2420.88, followed by $2436.35, and then $2454.06. These levels indicate potential barriers to upward movements. On the downside, immediate support is identified at $2384.48, with further support at $2369.02 and $2350.56. These levels are essential for traders to watch for potential rebounds or further declines.
The Relative Strength Index (RSI) is currently at 33, suggesting that gold might be in oversold territory, which could indicate a potential for a rebound. However, the 50-day Exponential Moving Average (EMA) is at $2415.98, reinforcing the bearish outlook below this level.
Given the technical setup, the recommended trading strategy is to sell below $2400, with a take profit target at $2373 and a stop loss at $2420. This strategy aligns with the current bearish trend, considering the resistance levels and the RSI indicator.
In summary, gold's technical outlook remains bearish below the $2404.13 pivot point. A break above this level could shift the sentiment to a more bullish stance, while maintaining below this level supports the bearish trend.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Sell Below 2400
Take Profit – 2373
Stop Loss – 2420
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$2700/ -$2000
Profit & Loss Per Mini Lot = +$270/ -$200
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold (XAU/USD) is trading at $2405.36, with critical support at $2393.69 and resistance at $2435.02.
- RSI at 36 indicates potential buying interest as it nears oversold territory.
- Recommended trade setup: Sell below $2412, take profit at $2381, stop loss at $2435.
Gold (XAU/USD) is currently trading at $2405.36, up a modest 0.03%. On the 4-hour chart, the pivot point is positioned at $2412.14, indicating a critical juncture for traders. Immediate resistance is seen at $2435.02, with further resistance levels at $2453.93 and $2482.70.
On the downside, immediate support is identified at $2393.69, followed by stronger support at $2370.70 and $2350.44.
Technical indicators suggest a mixed outlook. The Relative Strength Index (RSI) is currently at 36, indicating that gold is approaching oversold territory but is not there yet.
This could imply potential buying interest if the RSI continues to drop. The 50-day Exponential Moving Average (EMA) stands at $2421.99, which is above the current price, suggesting a bearish trend in the short term.
Given the technical setup, a sell entry is recommended below the pivot point at $2412. The suggested take profit level is $2381, aligning with support levels that could act as potential targets for a downward move. A stop loss should be placed at $2435 to protect against upside risks, which coincides with the immediate resistance level.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Sell Below 2412
Take Profit – 2381
Stop Loss – 2435
Risk to Reward – 1: 1.3
Profit & Loss Per Standard Lot = +$3100/ -$2300
Profit & Loss Per Mini Lot = +$310/ -$230
GOLD Price Analysis – July 22, 2024
Daily Price Outlook
Gold (XAU/USD) started the new week on a bullish note, halting its three-day downtrend. It gained positive momentum, climbing above the $2,400 level, with an intraday high of $2,412.
This rebound was primarily driven by a weaker US dollar, influenced by recent US political developments and rising expectations of a Federal Reserve rate-cut cycle starting in September.
Moreover, the ongoing concerns about slowing Chinese economic growth, persistent geopolitical risks from the prolonged Russia-Ukraine conflict, and long-lasting Middle East tensions have enhanced gold's appeal as a safe-haven asset.
Looking ahead, investors are keenly awaiting additional signals about the Federal Reserve's future actions, which will likely impact gold prices.
This week’s flash PMI report and the US Personal Consumption Expenditures (PCE) Price Index data, scheduled for release on Friday, are expected to offer further understanding regarding global economy and create short-term trading opportunities for gold.
US Dollar Weakens Amid Political Developments and Fed Rate Cut Expectations, Boosting Gold Prices
On the US front, the broad-based US dollar lost momentum and turned bearish after President Joe Biden announced he’s leaving the presidential race. Investors who expected Trump to win started changing their bets.
Now, Vice President Kamala Harris is seen as the top Democratic candidate, but former President Donald Trump is still the favorite in betting markets. On the other hand, market participants expect the Federal Reserve to cut interest rates in September, which has weakened the US dollar.
Therefore, the expected Federal Reserve rate cut and weakened US dollar have boosted gold's appeal as a safe-haven investment, leading to rising gold prices as investors seek stability.
Geopolitical Tensions and Weak Chinese Economic Growth Boost Gold Prices
On the economic front, China's economy grew by 4.7% year-on-year in the second quarter, missing expectations and slowing compared to earlier in the year. This weaker growth, coupled with sluggish consumer demand, is pushing up gold prices as investors seek safe havens amid global uncertainties.
The ongoing Russia-Ukraine war and Middle Eastern conflicts are also contributing to gold's appeal.
Recently, Israeli forces attacked the Nuseirat refugee camp 63 times in a week, resulting in 91 Palestinian deaths and 251 injuries.
Israeli Prime Minister Netanyahu is sending negotiators to resume talks on captives, with fighting continuing in Gaza, where the death toll stands at 38,983 and injuries at 89,727. Since the October 7 Hamas attacks, Israel has reported 1,139 deaths, with captives still held in Gaza.
Hence, the weaker economic growth in China and ongoing global conflicts, including the Russia-Ukraine war and Middle East tensions, have heightened gold's appeal as a safe-haven asset, driving up its prices.
GOLD (XAU/USD) - Technical Analysis
Gold (XAU/USD) is currently trading at $2405.36, up a modest 0.03%. On the 4-hour chart, the pivot point is positioned at $2412.14, indicating a critical juncture for traders. Immediate resistance is seen at $2435.02, with further resistance levels at $2453.93 and $2482.70.
On the downside, immediate support is identified at $2393.69, followed by stronger support at $2370.70 and $2350.44.
Technical indicators suggest a mixed outlook. The Relative Strength Index (RSI) is currently at 36, indicating that gold is approaching oversold territory but is not there yet.
This could imply potential buying interest if the RSI continues to drop. The 50-day Exponential Moving Average (EMA) stands at $2421.99, which is above the current price, suggesting a bearish trend in the short term.
Given the technical setup, a sell entry is recommended below the pivot point at $2412. The suggested take profit level is $2381, aligning with support levels that could act as potential targets for a downward move.
A stop loss should be placed at $2435 to protect against upside risks, which coincides with the immediate resistance level.
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GBP/USD Price Analysis – July 22, 2024
GOLD Price Analysis – July 19, 2024
Daily Price Outlook
Gold (XAU/USD) extended its losing streak for the third consecutive trading day, falling to around the $2,410 level. This decline follows a recent surge to all-time highs above $2,480 on Tuesday.
However, the gold's downtrend is being pressured by a rebound in the US Dollar (USD) and rising bond yields. This shift is fueled by increasing speculation that the Republican Party may secure a win in the upcoming US Presidential elections later this year.
However, the expectations for Donald Trump’s comeback as US President have increased after an assassination attempt. Biden’s possible withdrawal due to health issues also boosts Trump’s chances and strengthens the US Dollar.
Economic Data and Fed Rate Cut Speculation Boost Gold's Appeal
On the US front, investors expect the Federal Reserve (Fed) to start cutting interest rates in September, believing inflation is returning to the 2% target. Policymakers still want more confirming data.
However, the speculation for Fed rate cuts grew after June's Consumer Price Index (CPI) showed resumed disinflation, with both annual headline and core CPI slowing more than expected.
Additionally, monthly headline inflation decreased for the first time in over four years, and cooling US labor market conditions have further supported the prospects for rate cuts.
On the data front, the Unemployment Rate rose to 4.1% in June, the highest since November 2021. Initial Jobless Claims for the week ending July 12 were 243K, above the expected 230K and the previous 223K, indicating more people are filing for unemployment benefits than anticipated.
These developments support expectations for Fed rate cuts, boosting gold's appeal as a hedge against lower interest rates. Consequently, gold prices are likely to remain strong amid economic uncertainties.
GOLD (XAU/USD) - Technical Analysis
Gold (XAU/USD) is trading at $2,417.88, reflecting a decline of 0.77%. The 4-hour chart highlights critical levels for traders. The pivot point is set at $2,432.60, serving as a crucial indicator of potential price movements.
Immediate resistance is noted at $2,451.84, followed by $2,482.70 and $2,510.78. On the downside, immediate support is identified at $2,406.52, with further supports at $2,381.37 and $2,350.44.
Technical indicators point towards a bearish sentiment. The Relative Strength Index (RSI) stands at 37, suggesting the metal is approaching oversold conditions. The 50-day Exponential Moving Average (EMA) is positioned at $2,416.98, closely aligning with current prices, indicating a potential support level.
Given the technical setup, traders might consider selling below the pivot point of $2,432. The suggested trade setup includes an entry price below $2,432, a take profit target at $2,394, and a stop loss at $2,453.
This strategy is designed to capitalize on potential downward momentum while mitigating risk through a clearly defined stop loss.
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EUR/USD Price Analysis – July 19, 2024
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold trading at $2,417.88, down 0.77%, with a bearish outlook.
- RSI at 37, indicating approaching oversold conditions.
- Immediate support at $2,406.52; key resistance at $2,451.84.
Gold (XAU/USD) is trading at $2,417.88, reflecting a decline of 0.77%. The 4-hour chart highlights critical levels for traders.
The pivot point is set at $2,432.60, serving as a crucial indicator of potential price movements. Immediate resistance is noted at $2,451.84, followed by $2,482.70 and $2,510.78. On the downside, immediate support is identified at $2,406.52, with further supports at $2,381.37 and $2,350.44.
Technical indicators point towards a bearish sentiment. The Relative Strength Index (RSI) stands at 37, suggesting the metal is approaching oversold conditions. The 50-day Exponential Moving Average (EMA) is positioned at $2,416.98, closely aligning with current prices, indicating a potential support level.
Given the technical setup, traders might consider selling below the pivot point of $2,432. The suggested trade setup includes an entry price below $2,432, a take profit target at $2,394, and a stop loss at $2,453.
This strategy is designed to capitalize on potential downward momentum while mitigating risk through a clearly defined stop loss.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Sell Below 2432
Take Profit – 2394
Stop Loss – 2453
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$3800/ -$2100
Profit & Loss Per Mini Lot = +$380/ -$210
GOLD Price Analysis – July 18, 2024
Daily Price Outlook
Gold price (XAU/USD) extended its upward rally and remained well-bid around the 2,466 level, hitting an intraday high of 2,474. However, the reason for this upward rally can be attributed to the growing optimism that the Federal Reserve (Fed) will reduce rates in September.
Markets now indicate a 93.5% probability of a 25-basis point rate cut at the September Fed meeting, up from 69.7% a week earlier. This makes non-yielding assets like gold more attractive to investors.
On the other hand, the US dollar gained bullish traction after falling to its lowest level since March during the previous session. Economic data due later in the session is likely to show an increase in weekly initial jobless claims.
At the same time, the Philadelphia Fed manufacturing index is set to indicate a slight improvement in conditions. Hence, the bullish US dollar could cap gains in the gold price.
Mixed Impact on Gold Prices Amid Fed Rate Cut Speculations and Stronger US Dollar
On the US front, the Federal Reserve is optimistic about inflation meeting its targets, hinting at potential interest rate cuts. Fed Governor Christopher Waller and Richmond Fed President Thomas Barkin see easing inflation, leading markets to predict a 93.5% chance of a 25-basis point rate cut in September, up from 69.7% before.
However, the US Dollar has strengthened due to improved Treasury yields, limiting gold prices' rise. Fed member Dr. Adriana Kugler stressed the need for more data to support rate cuts, while Chair Jerome Powell hinted that future rate cuts could be delayed despite nearing inflation targets.
On the data front, US Retail Sales for June were stable at $704.3 billion, matching market expectations, following a revised 0.3% increase in May. Later, reports are expected to show a rise in weekly jobless claims and a slight improvement in the Philadelphia Fed manufacturing index.
Therefore, the potential Fed rate cuts and stable retail sales support gold prices, but the stronger US Dollar and improved Treasury yields limit gains, resulting in a mixed impact on gold prices.
GOLD (XAU/USD) - Technical Analysis
Gold (XAU/USD) is trading at $2472.710, up 0.27%, as it continues to attract investors amid global economic uncertainties. The 4-hour chart shows gold hovering near key levels, with a pivot point set at $2490.00.
Immediate resistance is found at $2485.91, with subsequent resistance levels at $2510.78 and $2529.15. On the downside, immediate support is at $2430.33, followed by $2406.52 and $2381.37.
The Relative Strength Index (RSI) stands at 70, indicating overbought conditions that may prompt a short-term pullback. However, the 50-day Exponential Moving Average (EMA) at $2408.46 suggests a bullish trend, with prices consistently trading above this level.
Given the current technical setup, traders might consider entering long positions above $2455, targeting a take profit level of $2490. A stop loss should be placed at $2440 to manage risk. This strategy capitalizes on the prevailing bullish momentum while guarding against potential downside risks.
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USD/JPY Price Analysis – July 18, 2024
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold trades at $2472.710, up 0.27%, amid ongoing global economic uncertainties.
- RSI at 70 indicates overbought conditions; potential pullback to immediate support at $2430.33.
- Bullish trend maintained above 50-day EMA at $2408.46; buy above $2455 with a stop loss at $2440.
Gold (XAU/USD) is trading at $2472.710, up 0.27%, as it continues to attract investors amid global economic uncertainties. The 4-hour chart shows gold hovering near key levels, with a pivot point set at $2490.00.
Immediate resistance is found at $2485.91, with subsequent resistance levels at $2510.78 and $2529.15. On the downside, immediate support is at $2430.33, followed by $2406.52 and $2381.37.
The Relative Strength Index (RSI) stands at 70, indicating overbought conditions that may prompt a short-term pullback. However, the 50-day Exponential Moving Average (EMA) at $2408.46 suggests a bullish trend, with prices consistently trading above this level.
Given the current technical setup, traders might consider entering long positions above $2455, targeting a take profit level of $2490. A stop loss should be placed at $2440 to manage risk. This strategy capitalizes on the prevailing bullish momentum while guarding against potential downside risks.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 2455
Take Profit – 2490
Stop Loss – 2440
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$3500/ -$1500
Profit & Loss Per Mini Lot = +$350/ -$150
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold (XAU/USD) is trading at $2,465.89 with a bearish outlook below $2,478.20.
- Immediate resistance levels are $2,495.71, $2,511.63, and $2,529.15.
- Immediate support levels are $2,443.97, $2,419.30, and $2,397.41.
Gold (XAU/USD) is trading at $2,465.89, showing slight market adjustments as it approaches significant resistance levels. The 4-hour chart reveals pivotal price points that are essential for traders to watch closely.
The pivot point is positioned at $2,478.20, indicating a critical level for potential market shifts. Immediate resistance is identified at $2,495.71, followed by $2,511.63 and $2,529.15.
These resistance levels represent potential upward targets if the price manages to break above the pivot point, signaling a continuation of the bullish trend.
On the downside, immediate support is noted at $2,443.97, with further support levels at $2,419.30 and $2,397.41. These levels are crucial for maintaining the current trend and could serve as buffers against any sharp declines.
The Relative Strength Index (RSI) is currently at 75, indicating that the market is in an overbought condition. This suggests that there might be limited room for further upward movement before a potential correction.
The 50-day Exponential Moving Average (EMA) is at $2,397.94, which provides additional support and aligns with the lower support levels. This EMA acts as a significant indicator of the underlying trend and helps identify potential reversal points.
In conclusion, Gold remains bearish below the pivot point of $2,478.20. A break above this level could boost bullish sentiment, targeting the resistance levels of $2,495.71 and beyond.
Conversely, maintaining below the pivot point suggests continued downside risk. Traders are advised to sell below $2,478, with an entry price at this level, aiming for a take profit at $2,449 and setting a stop loss at $2,495.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Sell Below 2478
Take Profit – 2449
Stop Loss – 2495
Risk to Reward – 1: 1.7
Profit & Loss Per Standard Lot = +$2900/ -$1700
Profit & Loss Per Mini Lot = +$290/ -$170
GOLD Price Analysis – July 17, 2024
Daily Price Outlook
Gold price (XAU/USD) regained its upward trend and drew strong bids around the 2,475.99 level, hitting an intraday high of 2,482.41. The upward rally can be attributed to growing expectations that the Federal Reserve will begin cutting interest rates as early as September.
This put downward pressure on the US dollar and contributed to the gains in the gold price
Impact of Fed Rate Cut Expectations on Gold Prices
On the US front, the broad-based US dollar has lost momentum as investors anticipate rate cuts by the Federal Reserve starting in September.
This belief has kept US Treasury bond yields near multi-month lows, preventing the dollar from rebounding from its recent three-month low. Federal Reserve officials, including Chair Jerome Powell and San Francisco Fed President Mary Daly, have signaled that inflation is nearing their target, reinforcing expectations of rate cuts.
This outlook has led traders to price in multiple rate cuts by year-end, boosting non-yielding assets like gold, which benefits from lower interest rates. US Retail Sales data for June showed no change, with upward revisions in May indicating consumer resilience, supporting economic growth prospects for the second quarter.
Therefore, the anticipation of Fed rate cuts, reinforced by near-record low Treasury yields and Federal Reserve officials' inflation outlook, has boosted gold prices as investors seek safe-haven assets amid lower interest rates.
GOLD (XAU/USD) - Technical Analysis
Gold (XAU/USD) is trading at $2,465.89, showing slight market adjustments as it approaches significant resistance levels. The 4-hour chart reveals pivotal price points that are essential for traders to watch closely.
The pivot point is positioned at $2,478.20, indicating a critical level for potential market shifts. Immediate resistance is identified at $2,495.71, followed by $2,511.63 and $2,529.15. These resistance levels represent potential upward targets if the price manages to break above the pivot point, signaling a continuation of the bullish trend.
On the downside, immediate support is noted at $2,443.97, with further support levels at $2,419.30 and $2,397.41. These levels are crucial for maintaining the current trend and could serve as buffers against any sharp declines.
The Relative Strength Index (RSI) is currently at 75, indicating that the market is in an overbought condition. This suggests that there might be limited room for further upward movement before a potential correction.
The 50-day Exponential Moving Average (EMA) is at $2,397.94, which provides additional support and aligns with the lower support levels. This EMA acts as a significant indicator of the underlying trend and helps identify potential reversal points.
In conclusion, Gold remains bearish below the pivot point of $2,478.20. A break above this level could boost bullish sentiment, targeting the resistance levels of $2,495.71 and beyond.
Conversely, maintaining below the pivot point suggests continued downside risk. Traders are advised to sell below $2,478, with an entry price at this level, aiming for a take profit at $2,449 and setting a stop loss at $2,495.
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EUR/USD Price Analysis – July 17, 2024
GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold (XAU/USD) up 0.19%, trading at $2,437.32, with bullish momentum.
- Immediate resistance levels: $2,442.50, $2,453.71, $2,466.69; support at $2,419.84, $2,403.30.
- RSI at 69; 50-day EMA at $2,403.58 indicates ongoing bullish trend.
Gold (XAU/USD) is currently priced at $2,437.32, showing an increase of 0.19%. The 4-hour chart reveals critical price levels, with the pivot point at $2,445. Immediate resistance is found at $2,442.50, with further resistance at $2,453.71 and $2,466.69.
On the downside, immediate support is situated at $2,419.84, followed by $2,403.30 and $2,391.59.
The Relative Strength Index (RSI) is currently at 69, indicating that gold is nearing overbought territory, suggesting that traders should monitor for potential signs of a pullback. The 50-day Exponential Moving Average (EMA) is at $2,403.58, supporting the ongoing bullish trend.
Gold's recent performance has been buoyed by market expectations of a potential interest rate cut by the Federal Reserve in September. These expectations have kept U.S. Treasury yields depressed, making non-yielding assets like gold more attractive.
The metal's current bullish trend is further reinforced by global economic uncertainties and geopolitical tensions, which typically drive investors towards safe-haven assets.
Traders looking to enter the market should consider buying above $2,430, targeting a take-profit level at $2,445, while setting a stop-loss at $2,422 to manage potential downside risks. Maintaining these strategic levels is crucial as it allows traders to capitalize on the prevailing bullish momentum while mitigating potential losses.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 2430
Take Profit – 2445
Stop Loss – 2422
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$1500/ -$800
Profit & Loss Per Mini Lot = +$150/ -$80