XAUUSD → How is the Near-Term Landscape Shaping up?

XAUUSD : NEAR-TERM TECHNICAL UPDATE
- Gold prices weakened on Monday
- XAUUSD inches closer to key rising support

XAUUSD Analysis
Gold prices are declining due to higher US Treasury yields and a stronger US Dollar. The near-term technical landscape for precious metals is uncertain as gold continues to trade without a clear direction. Prices are currently consolidating between a falling trendline from July and rising support from February.

The overall levels remain similar to those seen in mid-2020. The breakout direction will be crucial for the future trend, with the August low of 1884.89 as a key support level and the 23.6% Fibonacci retracement level of 1971.63 as resistance.

Komentarz:

Gold is in a consolidation phase after prices failed to sustain above $1,930/ounce last week. In addition, this expert also added that bullion could be further pressured towards the important psychological level of 1,900 USD/ounce, if the Fed raises interest rates.

Komentarz:

🕯 BUY GOLD | 1896 - 1894

🔴 SL: 1890

🟢 TP1: 1900
🟢 TP2: 1914

Komentarz:

After the FOMC event, FED data clearly shows that DXY is very healthy
So the time after that GOLD decreased + Stock decreased because the money flow moved to DXY so its decline was high.
Money is King, USD is King

Komentarz:

Initial resistance is expected to be around 1,850 USD/ounce. The perception that higher inflation means higher interest rates makes non-interest-bearing metals somewhat worse off. If as predicted, gold will slide to 1,840 USD/ounce.

Komentarz:

Gold prices have seen a difficult week as a recovery in the US dollar and rising US bond yields have had a negative impact on the market.

Although gold is facing many difficulties, Kitco News's latest weekly gold survey shows that most market analysts are optimistic that this precious metal will recover in the near future.

Komentarz:

🕯 BUY GOLD |  1837 - 1840

🔴 SL: 1832

🟢 TP1: 1845
🟢 TP2: 1850

Zlecenie aktywne:

HIT TP1 + 50pips. Heading to TP2 ✔️✔️✔️

Komentarz:

It is possible that gold will reverse this week and the driving force for gold's increase is that the USD has peaked and begun to decline, the precious metal will soon bottom. Falling core inflation helps stabilize US interest rates and the decline in the USD will support the precious metal. Gold needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.