Gold Analysis on the H4 12/09/2024
- Macro Overview
Gold prices approached $2,530 per ounce early in the day but closed lower after the release of U.S. CPI data for August. While the market has now priced in a 0.25% rate cut, post-meeting statements from the Fed will determine the future direction. Given gold's recent significant gains, further upside potential seems limited, with high short-term volatility expected.
- Technical Analysis
XAUUSD was unable to retest the 2,530 resistance level. The formation of higher lows during the consolidation phase suggests growing bullish momentum, indicating a potential breakout. If XAUUSD breaks through 2,530, the price could reach the next potential resistance at 2,570. Conversely, if XAUUSD fails to break through 2,530, the price may continue to consolidate sideways.
Gold prices approached $2,530 per ounce early in the day but closed lower after the release of U.S. CPI data for August. While the market has now priced in a 0.25% rate cut, post-meeting statements from the Fed will determine the future direction. Given gold's recent significant gains, further upside potential seems limited, with high short-term volatility expected.
- Technical Analysis
XAUUSD was unable to retest the 2,530 resistance level. The formation of higher lows during the consolidation phase suggests growing bullish momentum, indicating a potential breakout. If XAUUSD breaks through 2,530, the price could reach the next potential resistance at 2,570. Conversely, if XAUUSD fails to break through 2,530, the price may continue to consolidate sideways.
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