Daily Price Outlook

Gold prices have recently engaged the crucial resistance level at $1945.20, yet have managed to maintain their stability below this level. This threshold acts as a significant obstacle to positive price fluctuations.

Notably, the Stochastic Oscillator indicates evident overbought conditions at present, which may potentially trigger a return to the anticipated intraday bearish wave, targeting the next level at $1913.15.

The 50-day Exponential Moving Average (EMA50) reinforces the likelihood of the projected bearish trend, a prediction that will stand as long as the price sustains below the $1945.20 level.

It should be noted that a breakthrough of the proposed target might instigate further losses for the price, potentially driving it towards $1893.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1940

Take Profit – 1925

Stop Loss – 1955

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1500/ -$1500

Profit & Loss Per Micro Lot = +$150/ -$150

Daily Price Outlook

Gold (XAU/USD) price has been fluctuating as investors closely watch economic indicators and global developments. Gold price failed to stop its previous bearish rally and remained well offered around well below 1,930 level. However, the upcoming US Nonfarm Payrolls report is crucial, as it could impact the Federal Reserve's decision on interest rates in September. This uncertainty has put pressure on Gold prices, as investors fear a potential rate hike, which could strengthen the US Dollar and reduce demand for Gold.

In the meantime, the market's risk-off sentiment and high US Treasury bond yields have made it difficult for Gold buyers. Moreover, the economic data and geopolitical events continue to influence Gold's movement, making it essential for investors to analyze these factors carefully.

Economic Indicators and US Dollar Performance

Gold price remained relatively unaffected despite weak economic indicators like the US Services PMI and labor cost index. This is because the strength of the labor market does not always directly impact Gold prices; it's more connected to the performance of the US Dollar. Thus, the stronger US Dollar have contributed to a dip in Gold prices.

Furthermore, the global events and geopolitical tensions have significantly impacted the Gold price. For example, when Fitch Ratings downgraded the US credit rating, investors sought safety in Treasury bonds, affecting market sentiment. Apart from this, the tensions between the US and China, worries about China's economic growth, and news of potential restrictions on US investments in China have created uncertainty, influencing Gold prices. Hence, these events highlight how external factors can play a crucial role in shaping Gold's market movements.

Impact of Recently Released US Statistics on Fed Rate Hike, US Dollar, and Gold Price

According to the recently released US statistics, there is a chance of another rate hike by the Fed in 2023, despite low probabilities. The US Dollar is being boosted by economic fears arising from the US credit rating downgrade and US-China tensions, which is affecting the Gold price. In July, the US ISM Services PMI dropped to 52.7 from 53.9, with softer Employment and New Order Index readings, while Prices Paid increased. On a positive note, US Factory Orders improved to 2.3% in June, and Initial Jobless Claims met expectations. Nonfarm Productivity for Q2 rose by 3.7%, and Unit Labor Cost eased to 1.6%.

GOLD(XAU/USD) - Technical Analysis

The gold price is currently teetering just below the critical mark of $1929.00, but it's not sitting still! Amid timid yet intriguing positive trading, the precious metal managed to stage a bounce back. However, all eyes are on the Stochastic indicator, which seems to have lost its positive momentum, eagerly waiting for the price to unveil its next move. Will it resume its downward journey, targeting the intriguing level of $1913.15?

The stakes are high as the downward trend awaits continuation, with all eyes on the intriguing Double Top pattern that has been completed. To maintain this exciting bearish momentum, the price must strive to remain below $1945.20.

Today's trading is sure to keep traders on their toes, with an expected trading range of $1915.00 to $1945.00. The suspense builds as we eagerly watch the thrilling price action unfold!

Daily Price Outlook

The gold price is currently teetering just below the critical mark of $1929.00, but it's not sitting still! Amid timid yet intriguing positive trading, the precious metal managed to stage a bounce back. However, all eyes are on the Stochastic indicator, which seems to have lost its positive momentum, eagerly waiting for the price to unveil its next move. Will it resume its downward journey, targeting the intriguing level of $1913.15?

The stakes are high as the downward trend awaits continuation, with all eyes on the intriguing Double Top pattern that has been completed. To maintain this exciting bearish momentum, the price must strive to remain below $1945.20.

Today's trading is sure to keep traders on their toes, with an expected trading range of $1915.00 to $1945.00. The suspense builds as we eagerly watch the thrilling price action unfold!

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1936

Take Profit – 1925

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1100/ -$900

Profit & Loss Per Micro Lot = +$110/ -$90

Daily Price Outlook

Gold (XAU/USD) price managed to halt its downward trend and exhibited a slight recovery on Thursday. It bounced back from a three-week low around the $1,932 mark. The XAU/USD pair is currently trading in the range of $1,937-$1,938, reflecting a modest increase of about 0.20% for the day. Despite this, gold is still facing challenges in gaining strong traction, as various market dynamics continue to influence its performance.

USD Strength and Gold's Response

The broad-based US Dollar is currently showing strength, maintaining a tight range close to its peak since July 7. This has provided some mild support to the gold price, which is quoted in US Dollars. However, the complexity deepens due to the anticipation that the Federal Reserve (Fed) will uphold higher interest rates for an extended period. This cautious stance has led traders to avoid making significant bullish bets on gold, thus constraining the potential upward movement of the precious metal.

Meanwhile, the recent ADP National Employment report for Wednesday revealed a strong addition of 324,000 jobs to the US economy in July, surpassing the expected 189,000. This surprising job growth underscores the job market's strength and could protect the economy from the threat of a recession.

Consequently, the Federal Reserve (Fed) is likely to maintain its cautious approach. These prospects have kept US Treasury bond yields higher, supporting the US Dollar and implying that gold is more likely to face downward pressure.

Global Factors and Future Outlook

Investors have seemingly absorbed the recent Fitch downgrade of the US government's credit rating, shifting it from AAA to AA+. In addition to this, China's Caixin Services PMI climbed to 54.1 in July from the previous month's 53.9. Thus, this unexpected positive development has helped improve the overall mood for taking risks globally, leading to a small improvement in the predicted future value of US stocks. Hence, this uptick may reduce the appeal of gold as a safe investment choice.

Focus on US Economic Docket and Beyond

Looking forward, market participants are now focusing on the upcoming US economic schedule, which includes key releases like the Weekly Initial Jobless Claims, the ISM Services PMI, and Factory Orders. These data points, coupled with changes in US bond yields, are likely to influence the movements of the USD and provide guidance for the direction of the gold price.

GOLD(XAU/USD) - Technical Analysis

Gold prices made a significant move by breaking through the critical level at $1,945.20 during yesterday's trading session. This sharp reversal has set the stage for further correctional decline, and our analysis suggests that the price is likely to target $1,929.00 and then $1,913.15 as the next key levels.

In the short term, the downward trend appears to be dominant, with the price forming a Double Top pattern, adding more pressure on the downside and potentially pushing the price towards the $1,905.00 mark. However, it is essential to note that if the price manages to breach the resistance at $1,945.20, it could effectively thwart the negative pressure and pave the way for a potential recovery.

For today's trading, we anticipate the price to move within the range of support at $1,915.00 and resistance at $1,945.00. As per our analysis, the expected trend for today remains bearish.

Daily Price Outlook

Gold prices made a significant move by breaking through the critical level at $1,945.20 during yesterday's trading session. This sharp reversal has set the stage for further correctional decline, and our analysis suggests that the price is likely to target $1,929.00 and then $1,913.15 as the next key levels.

In the short term, the downward trend appears to be dominant, with the price forming a Double Top pattern, adding more pressure on the downside and potentially pushing the price towards the $1,905.00 mark. However, it is essential to note that if the price manages to breach the resistance at $1,945.20, it could effectively thwart the negative pressure and pave the way for a potential recovery.

For today's trading, we anticipate the price to move within the range of support at $1,915.00 and resistance at $1,945.00. As per our analysis, the expected trend for today remains bearish.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1936

Take Profit – 1925

Stop Loss – 1945

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1100/ -$900

Profit & Loss Per Micro Lot = +$110/ -$90

Daily Price Outlook

The safe-haven gold price has faced challenges lately, recording its first daily loss in three days. However, this decline can be attributed to the stronger US Dollar and rising Treasury bond yields, which have put pressure on the precious metal. Moreover, several factors have contributed to the uncertainty in the market, such as disappointing economic data from China, concerns about escalating tensions between the US and China, and the anticipation surrounding US economic indicators. These combined elements have led to challenges for gold, affecting its performance in the market.

US Dollar Strength and US-China Tensions Impact Gold Price

The US Dollar has surged to a three-week high recently due to hawkish statements from a Federal Reserve official and worries surrounding US-China relations. Adding to the geopolitical tensions, Beijing's decision to restrict drone exports in response to US tech and trade war strategies, citing "national security," has further exacerbated the situation.

As a result, the strength of the US Dollar and the fear of potential conflicts between the two economic powerhouses have impacted the price of gold. Consequently, gold has lost momentum and retreated to approximately $1,955 as investors seek refuge in the US Dollar amid the uncertain global landscape.

Economic Data and US Federal Reserve's Stance Influence Gold Price

Apart from this, the recent economic data releases from China and the United States have influenced the sentiment in the gold market. The lower-than-expected Caixin Manufacturing PMI for July in China, the lowest since January, has affected the potential for precious metals, as China is a major gold consumer.

On the other hand, if the US economy shows signs of slowing down, the Federal Reserve might change its plan to increase interest rates. This could limit the growth of the US Dollar and help support the price of gold. These factors are shaping how the gold market behaves right now.

Moreover, the ongoing trade war tensions between the US and China, specifically surrounding technology access, have added to the uncertainty in the market. China's announcement of export restrictions on certain drones and drone-related equipment to the US in September, citing "national security and interests," has heightened concerns among investors.

Moving on, market participants are closely monitoring upcoming economic indicators, including the US ISM Manufacturing PMI and the Nonfarm Payrolls (NFP) data, as they could provide further understandings into the direction of the gold price.

GOLD(XAU/USD) - Technical Analysis

Gold price displayed a notable upswing in the preceding session, edging closer to our anticipated target at $1,977.25. Subsequently, a mild retracement occurred, testing the EMA50, influenced by a negative stochastic momentum.

Conversely, a breach of the support at $1,945.20 would halt the envisioned upward movement, redirecting the price towards a corrective bearish trajectory, with potential objectives at $1,929.00 and $1,913.15.

In today's trading, the projected trading range is positioned between the support at $1,945.00 and the resistance at $1,977.00.

Daily Price Outlook

Gold price displayed a notable upswing in the preceding session, edging closer to our anticipated target at $1,977.25. Subsequently, a mild retracement occurred, testing the EMA50, influenced by a negative stochastic momentum.

Nevertheless, we maintain a positive outlook and expect a resumption of bullish trades to retest the aforementioned level. Vigilance is essential as the price approaches $1,977.25, as surpassing this level is pivotal in achieving further gains, with the subsequent target set at $2,000.00.

Conversely, a breach of the support at $1,945.20 would halt the envisioned upward movement, redirecting the price towards a corrective bearish trajectory, with potential objectives at $1,929.00 and $1,913.15.

In today's trading, the projected trading range is positioned between the support at $1,945.00 and the resistance at $1,977.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Below 1965

Take Profit – 1955

Stop Loss – 1975

Risk to Reward – 1: 1

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

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

Daily Price Outlook

Gold is facing challenges as it is trading at 1991 with -0.40% loss today. The US economy's resilience, as indicated by a positive GDP report, has increased the likelihood of another rate hike by the Federal Reserve (Fed) in the near future, potentially in September or November. Fed Chair Jerome Powell emphasized the need for a slowdown in the economy and a weaker labor market to achieve the 2% inflation target.

These factors have led to higher US Treasury bond yields, supporting the greenback, which, in turn, exerts pressure on Gold as a USD-denominated commodity. Additionally, other major central banks like the European Central Bank (ECB) and the Bank of England (BoE) are also adopting a more hawkish stance due to persistent price pressures.

While the Bank of Japan (BoJ) is moving away from massive monetary stimulus, speculations about the Fed reaching the end of its aggressive rate-hiking cycle since the 1980s might limit potential losses for Gold.

 The US Bureau of Economic Analysis reported that the PCE Price Index rose 3.0% over twelve months, the smallest gain since March 2021. The Core PCE Price Index (excluding food and energy) rose 4.1% YoY, the smallest increase since September 2021. This suggests easing inflationary pressures, which may lead the Fed to soften its hawkish stance, supporting potential dip-buying in Gold.

GOLD(XAU/USD) - Technical Analysis

The gold price saw an upward bounce from the 1945.20 level in recent sessions, testing the resistance at the EMA50, which is currently at $1960.00. A potential break above this level could pave the way for a move towards the next main target at $1977.25.

Hence, a bullish trend is expected on an intraday basis, contingent upon the price remaining stable above $1945.20. However, a break below this level would introduce negative factors, potentially leading to further declines towards $1929.00 and subsequently $1913.15.

The projected trading range for today lies between the support level of $1945.00 and the resistance level of $1977.00.

Daily Price Outlook

The gold price saw an upward bounce from the 1945.20 level in recent sessions, testing the resistance at the EMA50, which is currently at $1960.00. A potential break above this level could pave the way for a move towards the next main target at $1977.25.

Hence, a bullish trend is expected on an intraday basis, contingent upon the price remaining stable above $1945.20. However, a break below this level would introduce negative factors, potentially leading to further declines towards $1929.00 and subsequently $1913.15.

The projected trading range for today lies between the support level of $1945.00 and the resistance level of $1977.00.

 GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1960

Take Profit – 1945

Stop Loss – 1970

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Micro Lot = +$150/ -$100

Daily Price Outlook

The price of gold has consolidated above the level of $1945.20, indicating potential signs of a bullish rebound. The stochastic positivity observed on the four-hour timeframe suggests a bullish bias in the upcoming sessions, with the price potentially aiming to test the level of $1977.25.

As long as the price remains above $1955.00, the overall positive scenario remains valid, reinforcing the positive outlook. However, if the price breaks below $1945.20, the suggested bullish trend may come to a halt, leading to a potential decline in the price.

For today's trading, the expected range is between support at $1940.00 and resistance at $1975.00. The expected trend for today is bullish.

 GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Limit 1945

Take Profit – 1965

Stop Loss – 1935

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$1000

Profit & Loss Per Micro Lot = +$200/ -$100