XAUUSD 28/05/2024
Macroeconomic News:
Gold (XAU/USD) prices increased in early Asian trading on Tuesday, supported by a weakening USD and safe-haven flows amid escalating geopolitical tensions in the Middle East. Traders will be closely watching the US Conference Board Consumer Confidence Index and speeches by Fed officials such as Neel Kashkari, Mary Daly, and Lisa Cook on Tuesday. Key US inflation data, specifically the Core Personal Consumption Expenditures (PCE) Price Index, is set to be released on Friday. Hawkish comments from Fed officials and any signs of persistent inflation could prompt traders to reassess expectations of Fed rate cuts, thereby supporting the USD and exerting selling pressure on gold prices.
Technical Analysis:
Gold prices currently maintain a long-term positive outlook. On the 1-hour chart, the precious metal retains its upward momentum, trading above the 100-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) hovers around the neutral 50 level, indicating a balance between buying and selling pressures, which could lead to consolidation or a lack of clear direction. The immediate resistance for gold is at the upper band of the Bollinger Bands at $2,430. Surpassing this level could attract buyers towards the all-time high of $2,450 and then the psychological level of $2,500. On the downside, the initial support is at $2,300. A break below this level could see gold decline to $2,268 and subsequently to the 100-day EMA at $2,220.
Gold (XAU/USD) prices increased in early Asian trading on Tuesday, supported by a weakening USD and safe-haven flows amid escalating geopolitical tensions in the Middle East. Traders will be closely watching the US Conference Board Consumer Confidence Index and speeches by Fed officials such as Neel Kashkari, Mary Daly, and Lisa Cook on Tuesday. Key US inflation data, specifically the Core Personal Consumption Expenditures (PCE) Price Index, is set to be released on Friday. Hawkish comments from Fed officials and any signs of persistent inflation could prompt traders to reassess expectations of Fed rate cuts, thereby supporting the USD and exerting selling pressure on gold prices.
Technical Analysis:
Gold prices currently maintain a long-term positive outlook. On the 1-hour chart, the precious metal retains its upward momentum, trading above the 100-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) hovers around the neutral 50 level, indicating a balance between buying and selling pressures, which could lead to consolidation or a lack of clear direction. The immediate resistance for gold is at the upper band of the Bollinger Bands at $2,430. Surpassing this level could attract buyers towards the all-time high of $2,450 and then the psychological level of $2,500. On the downside, the initial support is at $2,300. A break below this level could see gold decline to $2,268 and subsequently to the 100-day EMA at $2,220.
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