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XAUUSD Last rally of the year before the crash!
The analysis gold price (XAU/USD) highlights several key factors influencing its market behavior. I will examine each element and assess its impact:
Gold Price Movement: The gold price has increased, reaching a daily high above $2,060. This rise indicates strong investor interest, often triggered by economic uncertainty or the search for safe-haven assets.
10-year US Treasury Yield: There has been a significant decrease in the yield of 10-year US Treasury bonds, falling below 4%. Bond yields move inversely to prices; a decrease in yield indicates an increase in demand for safe bonds, which often translates into a rise in the gold price.
Mixed Macroeconomic Data from the US: The varied economic data from the US have fueled the gold rally. Uncertain or weak data tend to push investors towards the safety of gold.
Situation of the US Dollar and the Federal Reserve (Fed): The US dollar has been under mild pressure, influenced by mixed data and the minutes from the FOMC (Federal Open Market Committee). The Fed has considered rate cuts but has not provided precise timing indications. This uncertainty can fuel volatility and the desire for safe assets like gold.
ADP Report and Labor Market: The ADP report indicated a higher-than-expected private job creation, suggesting a robust labor market "aligned with pre-pandemic hiring." A strong labor market can indicate a healthy economy but also potential inflationary pressures, influencing the Fed's interest rate decisions and, indirectly, the gold price.
Nonfarm Payrolls (NFP) Report: The NFP report is awaited, which is expected to reveal the addition of 170K new jobs in September. These data are crucial to understand the health of the economy and future monetary policies, consequently influencing the gold price.
Forecast:
Currently, gold stands at 2045, a critical support/resistance level. I have identified two possible scenarios: the first anticipates a breakout of the bearish trendline with a retest on the breakout point followed by a rise to about 2085, while the second scenario suggests a decline towards the 1990 area. At the moment, I am leaning towards a further rise before a significant drop, so I will assess at the beginning of the week if there are conditions to go long on the market. Greetings and a good weekend to everyone from Nicola.
Gold Price Movement: The gold price has increased, reaching a daily high above $2,060. This rise indicates strong investor interest, often triggered by economic uncertainty or the search for safe-haven assets.
10-year US Treasury Yield: There has been a significant decrease in the yield of 10-year US Treasury bonds, falling below 4%. Bond yields move inversely to prices; a decrease in yield indicates an increase in demand for safe bonds, which often translates into a rise in the gold price.
Mixed Macroeconomic Data from the US: The varied economic data from the US have fueled the gold rally. Uncertain or weak data tend to push investors towards the safety of gold.
Situation of the US Dollar and the Federal Reserve (Fed): The US dollar has been under mild pressure, influenced by mixed data and the minutes from the FOMC (Federal Open Market Committee). The Fed has considered rate cuts but has not provided precise timing indications. This uncertainty can fuel volatility and the desire for safe assets like gold.
ADP Report and Labor Market: The ADP report indicated a higher-than-expected private job creation, suggesting a robust labor market "aligned with pre-pandemic hiring." A strong labor market can indicate a healthy economy but also potential inflationary pressures, influencing the Fed's interest rate decisions and, indirectly, the gold price.
Nonfarm Payrolls (NFP) Report: The NFP report is awaited, which is expected to reveal the addition of 170K new jobs in September. These data are crucial to understand the health of the economy and future monetary policies, consequently influencing the gold price.
Forecast:
Currently, gold stands at 2045, a critical support/resistance level. I have identified two possible scenarios: the first anticipates a breakout of the bearish trendline with a retest on the breakout point followed by a rise to about 2085, while the second scenario suggests a decline towards the 1990 area. At the moment, I am leaning towards a further rise before a significant drop, so I will assess at the beginning of the week if there are conditions to go long on the market. Greetings and a good weekend to everyone from Nicola.
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