XAUUSD Technical Analysis

Market Analysis

04Mar

Gold Trend 04/03 – The next bull after US stocks & crypto ?

2024-03-04 @ 16:27

A series of US data was released last week. The durable goods orders and 4Q GDP announced early on Tue’s and Wed’s were both below market expectations. However, the price of gold remained in a narrow range. It wasn’t until Thur’s release of the core PCE price index that the gold price finally broke clear the resistance zone of 2035-40. On Fri, a new round of buying was triggered after a weaker-than-expected manufacturing PMI pushed the price to the recent high of 2088. Th

26Feb

Gold Trend 26/02

2024-02-26 @ 10:56

The expectation of the Fed’s interest rate cuts continues to support the fundamentals of the gold price. However, since the market kept delaying the rate cuts schedule without significant economic news, gold was traded sideways above 2020 last week. More news is expected this week, with the US announcing durable goods orders, 4Q GDP, PCE inflation, and manufacturing PMI. Regardless of whether the data is better or worse than expectations, the daily price fluctuations of gold should be wide

19Feb

Gold Trend 19/02

2024-02-19 @ 15:55

Gold price rallied from a 3-month low last week. The US core inflation rate came in higher than expected, causing the gold price to break below the critical support level of 2000 and drop close to 1980. However, the release of the disappointing US retail sales data pushed the gold price back above 2000 (1) on Thu., ending the week near 2013. The main event on the economic calendar this week will be the release of the US Fed. Meeting minutes on Wed. Not expecting any surprising content, the domin

12Feb

Gold trend 12/02

2024-02-12 @ 14:16

Keep an eye on the gold price for a downward adjustment after the US CPI this week. The gold market was relatively calm last week; the trading volume of COMEX gold futures noticeably declined, dropping from an average daily volume of over 200,000 contracts in Jan. to only 140,000 since the beginning of the week. Adding that no significant economic data was being released, the price mainly bounced within the range of 2020-2040(1). As expected, we hope everyone took advantage of the situation✊. Th

05Feb

Gold trend 05/02

2024-02-05 @ 11:02

The gold price was under the influence of two major events last week, the FOMC meeting and the non-farm payrolls report, which resulted in significant daily fluctuations; however, the closing price for the entire week resumed its position below 2040, without any clear structural breakthrough. The post-FOMC statement kept the probability of a rate cut in March to a mere 15% (according to CME’s FedWatch Tools). Adding the non-farm payroll data on Fri., once again exceeded the market’s