Gold prices fluctuate around a two-week peak

2024年7月5日

☘️Fundamental analysis
Firm expectations that the Federal Reserve (Fed) will cut interest rates in September, supported by recent weaker US macroeconomic data, dragged the US Dollar (USD) to lows strongest in more than three weeks and is said to be beneficial for the non-yielding yellow metal. Additionally, persistent geopolitical tensions, coupled with political instability in the United States and Europe, turned out to be another factor driving flows into safe-haven commodities.

Traders may also refrain from placing aggressive bets and prefer to wait for the release of monthly US employment details. The widely known Nonfarm Payrolls (NFP) report will influence market expectations about the Fed's future policy decisions.

☘️Technical analysis
After a strong breakout from the 2340 resistance zone, gold is being supported by buyers. Gold is approaching the next resistance zone around 2365. Some follow-through buy orders above the $2,365 area will reaffirm the prospect of regaining the $2,400 mark.

On the other hand, weakness back to the 2340 zone support, could be seen as a buying opportunity. Next is the support level near the $2,319-2,318 area, which if broken decisively could cause the Gold price to weaken further below the $2,310 mark.

Support: 2349-2339-2319
Resistance: 2365-2370-2385

SELL 2365-2367 stoploss 2370
SELL 2385-2387 stoploss 2390
BUY 2339-2337 stoploss 2334
BUY 2319-2317 Stoploss 2314

2024年7月5日

註釋

SELL gold + 20 pips running