Daily Price Outlook

The price of gold experienced a notable decline upon encountering a robust resistance at $1,929.00. However, today's market opening indicates an upward trajectory, as the commodity seeks to resume its optimistic inclinations. A successful breach of the aforementioned resistance would pave the way for an ascent towards a primary target of $1,945.20.

Given these dynamics, our projection maintains a bullish orientation for the foreseeable future. The stochastic oscillator is poised for a favorable convergence, which further accentuates the optimistic outlook. It's essential to highlight that a breach below $1,913.15 would negate this bullish sentiment, potentially initiating a downward reversal in price. For today's trading, we anticipate gold to fluctuate within a range bounded by a support at $1,913.00 and resistance at $1,940.00.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1924

Take Profit – 1934

Stop Loss – 1915

Risk to Reward – 1: 1.1

Profit & Loss Per Standard Lot = +$1000/ -$900

Profit & Loss Per Micro Lot = +$100/ -$90

Daily Price Outlook

The Gold price (XAU/USD) has successfully recovered from its losses of the previous week and is currently trading around $1,930. However, this rebound is mainly attributed to the weakening of the US Dollar, which makes gold more appealing. However, the USD's decline is linked to hints from Federal Reserve (Fed) policymakers suggesting they won't raise interest rates in the upcoming September meeting. In the meantime, the ongoing worries about China's economic slowdown were seen as one of the key factors that kept the lid on any additional gains in the Gold price.

US Dollar's Impact on Gold Prices and Upcoming Economic Factors

The broad-based US dollar lost some of its traction and faced losses during the Asian trading session on Monday. However, the reason for its decline can be attributed to the prospects that Federal Reserve policymakers won't raise interest rates in the upcoming September meeting. Thus, the bearish US dollar was seen as one of the key factors that boosted the Gold price, at least for the time being.

However, the losses in the US dollar could be short-lived, thanks to consistently positive economic news from the United States. Investors are closely watching the release of the Consumer Price Index (CPI) data for August, scheduled for Wednesday. This data will provide valuable insights into the country's inflation situation.

At the same time, investors are also considering the possibility of the Federal Reserve (Fed) raising interest rates by 25 basis points in either their November or December meetings. This "hawkish" stance could provide some support for the price of precious metals like gold.

It's also important to mention that Janet Yellen, the US Treasury Secretary, believes that the US can manage inflation without hurting job growth. She thinks everything is pointing towards lower inflation. On top of that, Austan Goolsbee, the President of the Chicago Fed, talked about the Fed's goal. They want to steer the economy onto a "golden path," which means finding a careful balance where inflation goes down but doesn't lead to a recession. This news may have eased concerns, possibly lowering gold prices as it suggests inflation control without a recession.

China's CPI Report Impacts Gold, Eyes on Beijing's Growth Goal

Across the ocean, the release of China's weaker-than-expected Consumer Price Index (CPI) for August may have had a negative impact on gold prices. The report, which came out on a Saturday, revealed a modest 0.1% annual increase, falling short of the expected 0.2% rise. However, it's worth noting that this represented an improvement compared to the previous month's -0.3% figure.

Looking forward, market traders will keep thier eye on the hurdles faced by Chinese authorities in their efforts to implement the monetary and fiscal actions needed to reach Beijing's target of a 5% GDP growth rate this year. Hence, these efforts could influence not only China's economic stability but also global financial markets, including the price of gold.

GOLD(XAU/USD) - Technical Analysis

The price of gold experienced a notable decline upon encountering a robust resistance at $1,929.00. However, today's market opening indicates an upward trajectory, as the commodity seeks to resume its optimistic inclinations. A successful breach of the aforementioned resistance would pave the way for an ascent towards a primary target of $1,945.20.

Given these dynamics, our projection maintains a bullish orientation for the foreseeable future. The stochastic oscillator is poised for a favorable convergence, which further accentuates the optimistic outlook. It's essential to highlight that a breach below $1,913.15 would negate this bullish sentiment, potentially initiating a downward reversal in price. For today's trading, we anticipate gold to fluctuate within a range bounded by a support at $1,913.00 and resistance at $1,940.00.

Daily Price Outlook

Gold prices (XAU/USD) have continued their upward momentum, bouncing back from a recent one-week low of approximately $1,915. They have surged by over 0.30% in the current trading day and are currently hovering around the $1,925-$1,926 range. However, the upward rally could be associated with the growing concerns regarding a potential global economic downturn and the deteriorating relations between the United States and China, which have prompted some investors towards the gold.

Gold Gains Amid Global Economic Worries and US-China Tensions

It is worth noting that China's recent ban on officials using iPhones for work and US Secretary of Commerce Gina Raimondo's stance that tariffs on China won't change until a Treasury review are adding to the unease. These factors are making investors cautious, and driving up demand for gold as a safe-haven asset, leading to its price increase.

It should be noted that the ongoing uncertainty surrounding China's economic conditions, as well as downward revision of Japan's second-quarter GDP growth, has fueled worries about the possibility of a more global economic slowdown. As a result, investors are increasingly turning to gold as a safe-haven asset in the midst of these uncertainties.

Weaker US Dollar Boosts Gold Amid Fed's Hawkish Stance

Moreover, the slightly weaker US Dollar is providing an additional boost to the Gold price. As we mentioned earlier, investors are increasingly seeking safe havens, resulting in a drop in US Treasury bond yields. Consequently, traders are scaling back their bullish positions on the USD, particularly following its recent climb to the highest level since March 9. Hence, the softer Dollar typically drives up demand for commodities priced in USD, such as gold.

However, there is a growing consensus that the Federal Reserve (Fed) will maintain its hawkish stance, keeping interest rates elevated for an extended period. This anticipation could potentially put a cap on the upward momentum for XAU/USD.

Looking ahead, investors will remain cautious as they await China's inflation data and the upcoming G20 leaders summit this weekend. In the meantime, the overall market sentiment will continue to play a crucial role in influencing Gold's short-term movements.

GOLD(XAU/USD) - Technical Analysis

The gold price began today's trading on a notably positive note, breaking free from the recent intraday bearish constraints. It is now on course to achieve anticipated gains in the forthcoming sessions. Key milestones include surpassing the $1,929 mark, which would signify a trajectory towards $1,945.20 as the next primary target.

Thus, a bullish outlook is forecasted for today, bolstered by optimistic stochastic indicators. It's crucial to note that maintaining above the $1,929 level is pivotal for this bullish wave. Failure to do so could counteract this positive trend and result in a price pullback.

Today's anticipated trading range lies between a support of $1,915 and a resistance of $1,945.

Daily Price Outlook

The gold price began today's trading on a notably positive note, breaking free from the recent intraday bearish constraints. It is now on course to achieve anticipated gains in the forthcoming sessions. Key milestones include surpassing the $1,929 mark, which would signify a trajectory towards $1,945.20 as the next primary target.

Thus, a bullish outlook is forecasted for today, bolstered by optimistic stochastic indicators. It's crucial to note that maintaining above the $1,929 level is pivotal for this bullish wave. Failure to do so could counteract this positive trend and result in a price pullback.

Today's anticipated trading range lies between a support of $1,915 and a resistance of $1,945.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1930

Take Profit – 1938

Stop Loss – 1922

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$800/ -$800

Profit & Loss Per Micro Lot = +$80/ -$80

Daily Price Outlook

Gold price (XAU/USD) managed to stop its three-day losing streak and gained some fresh traction on Thursday. However, this uptick can be attributed to a combination of factors, including a generally pessimistic sentiment in the stock markets, concerns about China's economic situation, and ongoing trade tensions. As of now, the XAU/USD pair is hovering just below the $1,920 mark, posting a modest gain of nearly 0.15% for the day.

It's worth noting that the equity markets are showing signs of weakness, prompting investors to seek refuge in safe-haven assets such as gold. Moreover, worries about the worsening economic situation in China and the ongoing trade disputes between the United States and China are lending support to the XAU/USD pair. On the other hand, there are expectations of more interest rate hikes by the Federal Reserve, which could boost the value of the US dollar and potentially limit the upside for gold.

Gold Gains Support Amidst China Concerns and Trade Tensions

As we mentioned above, the ongoing concerns about China's worsening economic conditions and long-lasting US-China trade tensions are having a noticeable impact on investor sentiment. This is evident in the overall weaker performance of equity markets. These factors, in turn, are bolstering the safe-haven appeal of precious metals like gold. Furthermore, the subdued performance of the US Dollar is offering additional support to the price of gold. However, it's important to note that despite these factors, a significant upward move in gold prices remains relatively inaccessible at this point.

US Economic Strength and Fed Rate Hike Expectations Impacting XAU/USD

On the flip side, the outlook for the US economy appears to be influencing the trajectory of the US dollar and, consequently, the performance of the XAU/USD pair. The Institute for Supply Management (ISM) reported a surprising acceleration in business activity within the US services sector for August, with the non-manufacturing PMI rising from 52.7 in July to 54.5 last month, marking its highest level since February.

Moreover, the report revealed an increase in new orders, indicating strength in the US economy, and a higher Prices Paid sub-component, hinting at lingering inflation pressures. These developments have raised the probability of another 25 basis points Fed rate hike by year-end, causing the yield on the 10-year US government bond to approach its August 23 peak and pushing the USD to its highest level since March 9. These factors are expected to limit any significant correction in the US dollar and cap potential gains for XAU/USD.

GOLD(XAU/USD) - Technical Analysis

Gold prices have distinctly retraced, approaching the anticipated primary target level at $1,913.15. Current indicators suggest an ongoing decline, potentially reaching the vicinity of $1,890.00, especially after surpassing the preceding benchmark.

Given this backdrop, we project a bearish trajectory in the near future, further underscored by the downward pressure exerted by the EMA50. It's imperative to highlight, however, that any breach above the $1,929.00 mark could halt the anticipated downtrend and prompt an intraday price recovery attempt.

Today's projected trading range lies between a support at $1,900.00 and a resistance at $1,930.00.

Daily Price Outlook

Gold prices have distinctly retraced, approaching the anticipated primary target level at $1,913.15. Current indicators suggest an ongoing decline, potentially reaching the vicinity of $1,890.00, especially after surpassing the preceding benchmark.

Given this backdrop, we project a bearish trajectory in the near future, further underscored by the downward pressure exerted by the EMA50. It's imperative to highlight, however, that any breach above the $1,929.00 mark could halt the anticipated downtrend and prompt an intraday price recovery attempt.

Today's projected trading range lies between a support at $1,900.00 and a resistance at $1,930.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1915

Take Profit – 1924

Stop Loss – 1909

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$900/ -$600

Profit & Loss Per Micro Lot = +$90/ -$60

Daily Price Outlook

Gold price (XAU/USD) has extended its recent downtrend, marking a third consecutive day of negative performance after touching a nearly one-month high in the $1,952-$1,953 range last week. During the Asian trading session, XAU/USD slipped to a low not seen in over a week but has failed to sustain significant follow-through, currently hovering near the $1,925 mark with a marginal decline of less than 0.10% for the day. However, the decline is primarily attributed to the prevailing hawkish expectations surrounding the Federal Reserve, which are bolstering US bond yields and thereby supporting the US dollar, thus contributing to the decline in gold prices. Nevertheless, a cautious market sentiment may deter traders from aggressively pursuing bearish positions.

Fed's Rate Outlook and Dollar Strength Impacting Gold

It's important to note that the Federal Reserve is expected to keep interest rates higher for a while, which makes the US Dollar stronger and pushes down Gold prices. This also means that US Treasury bond yields stay high, giving more strength to the Dollar and making Gold less attractive. Even though the Fed might pause rate hikes in September, there's still a chance of one more increase later in the year. This maintains high US Treasury bond yields, supporting the Dollar and putting pressure on Gold. However, Gold is finding some support as a safe-haven asset due to concerns about China's slowing services sector affecting global markets.

China's Economic Concerns and US-China Trade Tensions Impacting Gold

Besides this, there's growing concern about China's slowing services sector, with a recent private survey revealing its slowest growth in eight months. Thus, this raises worries about the weakening Chinese economy and makes riskier investments less attractive. In the meantime, the ongoing trade tensions between the US and China could also boost interest in Gold as a safe-haven asset. US Secretary of Commerce Gina Raimondo mentioned that the current tariffs on China won't change until a US Treasury review is completed.

So, it's wise to wait for stronger selling pressure before assuming Gold's recent rebound from its March low has ended and taking aggressive bearish positions on XAU/USD. Traders are now watching the US ISM Services PMI release for potential impact on the USD and Gold's direction.

GOLD(XAU/USD) - Technical Analysis

The price of gold remains on a declining course, approaching the pivotal support mark set at $1,923. This threshold mirrors the broken neckline of the clear double bottom pattern illustrated on the chart, acting as a barrier to further price drops.

The lingering effects of the recently culminated double top pattern are palpable, enhancing the prospects of the gold price declining past the noted support, steering towards our chief target at $1,913.15. As a result, our forecast is inclined towards a bearish trend in the near term. Importantly, if there's a breach of the $1,929 level, it might trigger a price reversal, ushering in a brief recovery with potential intraday upswings aiming for $1,945.20.

For today's trading, we anticipate a range bordered by the $1,913 support and $1,940 resistance, maintaining a bearish stance.

Daily Price Outlook

The price of gold remains on a declining course, approaching the pivotal support mark set at $1,923. This threshold mirrors the broken neckline of the clear double bottom pattern illustrated on the chart, acting as a barrier to further price drops.

The lingering effects of the recently culminated double top pattern are palpable, enhancing the prospects of the gold price declining past the noted support, steering towards our chief target at $1,913.15. As a result, our forecast is inclined towards a bearish trend in the near term. Importantly, if there's a breach of the $1,929 level, it might trigger a price reversal, ushering in a brief recovery with potential intraday upswings aiming for $1,945.20.

For today's trading, we anticipate a range bordered by the $1,913 support and $1,940 resistance, maintaining a bearish stance.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Below 1932

Take Profit – 1915

Stop Loss – 1943

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1700/ -$1100

Profit & Loss Per Micro Lot = +$170/ -$110

Daily Price Outlook

Gold price (XAU/USD) failed to stop its losing streak and dropped for the second straight day on Tuesday. The XAU/USD is currently trading just below the $1,940 level, down less than 0.10% for the day. The combination of factors is contributing to this downward pressure on gold. However, the optimism over more stimulus from China continues to weigh on the safe-haven metal. In the meantime, the Fed is expected to maintain higher interest rates for an extended period. This policy stance supports elevated US Treasury bond yields, which, in turn, provide some strength to the US Dollar (USD). Consequently, this strength in the USD acts as a deterrent for gold, given that gold is a non-yielding asset.

Gold Price Outlook Amidst Fed Policy and Labor Market Dynamics

Despite indications of an improved US labor market, the Federal Reserve is anticipated to persist with its policy of maintaining higher interest rates for an extended period. In fact, some market analysts are even contemplating the possibility of a 25 basis point rate hike by year-end. This situation supports elevated US Treasury bond yields and strengthens the US Dollar while putting downward pressure on non-yielding Gold prices.

At the same time, the central bank is likely to maintain interest rates at their current levels during its September meeting. This decision is primarily attributed to the mixed nature of the US job data, where a better-than-expected Non-Farm Payrolls (NFP) figure was offset by a downward revision of the previous month's data and an unexpected uptick in the unemployment rate. Besides, Average Hourly Earnings declined from 4.4% to 4.3% annually, signaling a minor weakening in the labor market. This restrained room for the Fed to raise rates further keeps USD bulls cautious and lends support to Gold priced in US Dollars.

Therefore, it's prudent to wait for sustained selling to confirm whether the recent recovery from the $1,885 level, the lowest since March 13, has concluded and whether aggressive bearish bets on XAU/USD are justified.

China's Stimulus Measures and Positive Risk Sentiment Impact Gold

Furthermore, optimism about China's potential stimulus measures to bolster its economic recovery weakens demand for the safe-haven XAU/USD. China recently injected more US dollars into its economy and eased mortgage rules to aid the property sector, with Country Garden Holdings postponing some payments. China's National Development and Reform Commission (NDRC) plans to create a department to support the private economy, boosting investor confidence. However, the downside for Gold prices appears limited due to expectations that the Federal Reserve is approaching the end of its interest rate hike cycle.

GOLD(XAU/USD) - Technical Analysis

The gold price faced resistance at the $1,945.20 threshold, subsequently pivoting to a bearish trajectory and descending past the $1,938.50 marker. This sets the stage for anticipated downward dynamics in ensuing sessions. This movement is underscored by the manifestation of a double top formation, indicating bearish objectives, initially targeting the $1,929.00 mark. A breach here could set sights on a primary target at $1,913.15.

Given this context, a bearish inclination is projected for today. However, it's crucial to note that a successful move beyond $1,945.20 could reinvigorate the bullish trend, steering the precious metal toward $1,960.00 as a subsequent focal point. The anticipated trading band for today spans a support level of $1,920.00 and a resistance at $1,945.00.

Daily Price Outlook

The gold price faced resistance at the $1,945.20 threshold, subsequently pivoting to a bearish trajectory and descending past the $1,938.50 marker. This sets the stage for anticipated downward dynamics in ensuing sessions. This movement is underscored by the manifestation of a double top formation, indicating bearish objectives, initially targeting the $1,929.00 mark. A breach here could set sights on a primary target at $1,913.15.

Given this context, a bearish inclination is projected for today. However, it's crucial to note that a successful move beyond $1,945.20 could reinvigorate the bullish trend, steering the precious metal toward $1,960.00 as a subsequent focal point. The anticipated trading band for today spans a support level of $1,920.00 and a resistance at $1,945.00.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Stop 1933

Take Profit – 1920

Stop Loss – 1945

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1300/ -$1200

Profit & Loss Per Micro Lot = +$130/ -$120