The price of gold, represented by #XAUUSD, has experienced a rebound after suffering losses in the previous week. It currently stands at 1,927.34.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• Gold price rebounds from the previous week’s losses.

The pair currently trades last at 1927.34.

The previous day high was 1929.75 while the previous day low was 1917.41. The daily 38.2% Fib levels comes at 1922.12, expected to provide support. Similarly, the daily 61.8% fib level is at 1925.04, expected to provide support.

Gold price trades higher around $1,930 a troy ounce, rebounding from the losses registered in the previous week. The pullback in the US Dollar (USD) is providing support in strengthening the prices of Gold, which could be attributed to the lower likelihood of the US Federal Reserve (Fed) keeping interest rates unchanged in the upcoming September.

However, the yields on 10-year US Treasury bonds improved to 4.30%, up by 0.84% at the time of writing. The US Dollar Index (DXY) is extending intraday losses during the Asian session on Monday despite the upbeat US Treasury yields. Spot price beats lower around 104.60.

The Greenback is expected to exhibit resilience, driven by the consistent flow of positive economic data from the United States (US). Investors will likely monitor the upcoming data of the Consumer Price Index (CPI) for August from the US, scheduled to be released Wednesday. The data could provide further insights into the inflation scenario of the country.

Investors may price in anticipation of a 25 basis point (bps) interest rate hike by the Fed in November or December meetings. Along with this, the Fed is expected to sustain elevated interest rates over an extended period. This hawkish tone could potentially provide further support for the precious metal.

US Treasury Secretary Janet Yellen made a statement on Sunday while coming back from the G20 Summit. Yellen showed an increasing level of confidence in the United States’ ability to curb inflation without harming the employment market. Yellen also stated, “Every measure of inflation is on the road down.”

Also, Chicago Fed Bank President Austan Goolsbee mentioned the objective of the US Federal Reserve (Fed) to steer the economy onto a “golden path.” This path represents a situation in which inflation decreases without triggering a recession, a challenging equilibrium that central banks frequently aim for to sustain economic stability and growth.

The yellow metal was possibly undermined after the release of China’s weaker-than-expected Consumer Price Index (CPI) for August, which was published on Saturday. The report showed a rise of 0.1% on an annual basis, falling short of market expectations of a 0.2% reading. However, the consumer prices improved from the previous month’s figure of -0.3%.

Moreover, China’s real estate developer, Country Garden, is set to undergo a new voting for extending onshore bond maturities. Creditors will cast their votes on Monday to decide whether to extend the maturity of several debts, following two instances of narrowly avoiding default earlier this month.

Market participants will observe the challenges that Chinese authorities are confronting as they work to implement the necessary monetary and fiscal measures required to meet Beijing’s goal of achieving a 5% GDP growth rate for the current year.

Technical Levels: Supports and Resistances

XAUUSD currently trading at 1927.16 at the time of writing. Pair opened at 1918.96 and is trading with a change of 0.43 % .

The pair is trading above its 20 Daily moving average @ 1915.98, below its 50 Daily moving average @ 1932.21 , below its 100 Daily moving average @ 1950.65 and above its 200 Daily moving average @ 1918.88

The previous day high was 1929.75 while the previous day low was 1917.41. The daily 38.2% Fib levels comes at 1922.12, expected to provide support. Similarly, the daily 61.8% fib level is at 1925.04, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1914.33, 1909.7, 1901.99
• Pivot resistance is noted at 1926.67, 1934.38, 1939.01

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...