GOLD analysis week 36
🌐Fundamental Analysis:
Gold prices fell about 1% as the US dollar and US Treasury yields rose sharply after US inflation data matched expectations over the weekend. However, given the Federal Reserve's September rate cut and geopolitical tensions remain a risk, gold still has plenty of potential support on a fundamental level.
Gold prices closed slightly lower this week but still held the $2,500/ounce mark. Next week, investors will receive US ISM data and non-farm payrolls reports, which are expected to cause major fluctuations in the gold market. Next week's NFP data will be the main focus, as Fed Chairman Jerome Powell and other members have also focused heavily on the upcoming employment data during the Jackson Hole conference.
Meanwhile, tensions in the Middle East have boosted safe-haven demand for gold. Signs of steady buying from central banks in emerging markets also support prices.
📊Technical analysis:
Looking at the D candle, selling pressure has started to appear on gold. The buying pressure at the end of the day is insignificant and there are ready to be more sell-offs next week. Returning to the familiar H4 time frame, the breakout area of 2512 becomes the immediate resistance zone to push gold prices deeper. The declines may extend to the 2485 area and even the 2470 area next week. The downtrend is the path of least resistance for gold. After rejecting the resistance level of 2525 many times, gold may easily break through this hook once again and move straight to the important resistance zones of 2530-2540-2550.
Resistance: 2412 - 2420 - 2430 - 2440 - 2450
Support: 2494 - 2485 - 2470
🕯Trading Signal:
BUY GOLD 2485-2483 Stoploss 2480
BUY GOLD 2472-2470 Stoploss 2467
SELL GOLD 2513-2515 Stoploss 2518
SELL GOLD 2530-2532 Stoploss 2535
Gold prices fell about 1% as the US dollar and US Treasury yields rose sharply after US inflation data matched expectations over the weekend. However, given the Federal Reserve's September rate cut and geopolitical tensions remain a risk, gold still has plenty of potential support on a fundamental level.
Gold prices closed slightly lower this week but still held the $2,500/ounce mark. Next week, investors will receive US ISM data and non-farm payrolls reports, which are expected to cause major fluctuations in the gold market. Next week's NFP data will be the main focus, as Fed Chairman Jerome Powell and other members have also focused heavily on the upcoming employment data during the Jackson Hole conference.
Meanwhile, tensions in the Middle East have boosted safe-haven demand for gold. Signs of steady buying from central banks in emerging markets also support prices.
📊Technical analysis:
Looking at the D candle, selling pressure has started to appear on gold. The buying pressure at the end of the day is insignificant and there are ready to be more sell-offs next week. Returning to the familiar H4 time frame, the breakout area of 2512 becomes the immediate resistance zone to push gold prices deeper. The declines may extend to the 2485 area and even the 2470 area next week. The downtrend is the path of least resistance for gold. After rejecting the resistance level of 2525 many times, gold may easily break through this hook once again and move straight to the important resistance zones of 2530-2540-2550.
Resistance: 2412 - 2420 - 2430 - 2440 - 2450
Support: 2494 - 2485 - 2470
🕯Trading Signal:
BUY GOLD 2485-2483 Stoploss 2480
BUY GOLD 2472-2470 Stoploss 2467
SELL GOLD 2513-2515 Stoploss 2518
SELL GOLD 2530-2532 Stoploss 2535
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