2024-01-30 • Updated
Gold prices, stable above $2,000 per ounce, commenced the week on an uptrend driven by a rallying US dollar and anticipation surrounding the upcoming Federal Reserve meeting. Analysts highlight that the market is keen on the Fed's signals for the coming months rather than immediate announcements. Gold touched $2,037 per ounce, holding near this level into Tuesday's session. Until the US jobs report, gold prices are likely to be influenced by the US dollar's performance and Treasury market movements. The US Dollar Index (DXY) reached 103.63, up 2.3% for the year. The strong dollar traditionally exerts downward pressure on dollar-denominated commodities.
The last time we looked at XAUUSD, I mentioned that we were to wait for a break and retest of the trendline before picking a side; that seems to be happening right now. As seen on the chart, price broke below the trendline, then reached back up to retest the supply zone. Following such a move, price usually tends to continue in the direction of the breakout, so let’s see if the lower timeframe agrees with this sentiment.
On the 4-hour timeframe of XAUUSD, price seems to have been rejected from the intersection of the two trendlines, as well as the supply zone. This means we have a total of 4 confluences if we include the bearish array of the moving averages. In line with the technical factors, my sentiment is bearish, until price presents a conflicting argument.
Analyst’s Expectations:
Direction: Bearish
Target: $1997.55
Invalidation: $2045
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone
Bullish scenario: Intraday buys above 2160.00 with TP: 2171 and TP2: 2177 // Bearish scenario: Sells below 2177 with TP1: 2150, TP2: 2142, and 2126
This article uses price action and volume profile techniques to address a fundamental and technical perspective based on the daily chart analysis of spot gold (XAUUSD).
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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