Gold approaches all-time peak
Zaktualizowano
☘️Fundamental analysis
Gold prices rose sharply for the second day in a row, reflecting positive moves over the previous six days - and surpassed $2,440 in early European trading. The prevailing risk environment is helping to limit gains in this safe-haven commodity. The short-term bias appears to favor bullish traders amid growing acceptance that the Federal Reserve (Fed) will begin cutting interest rates in September. overnight comments from the Chairman Fed Jerome Powell, kept US Treasury yields low and confirmed a positive outlook for the non-yielding yellow metal. Traders are now looking towards the release of the US Monthly Retail Sales data for fresh impetus.
☘️Technical analysis
The large-frame chart oscillators remain in positive territory and remain far from overbought territory, suggesting that the path of least resistance for Gold prices is to the upside. Therefore, further strength towards challenging the all-time high, around the $2,450 region, seems a clear possibility. Some follow-through buying should be seen as a fresh trigger for bullish traders and pave the way for an extension of the recent uptrend witnessed over the past three weeks or so.
On the other hand, a drop below the 1,618 fibonacci around the $2,430 zone could now be considered a prerequisite for a return to the 2,400 lows. Although this is not an easy thing to do in the current market climate. If this happens, it is considered a great opportunity for investors who missed this price range at the beginning of the week to recapture a long-term BUY signal.
Support: 2430 - 2413 - 2401 - 2392
Resistance: 2449 - 2470 - 2500
SELL price range 2449 - 2451 stoploss 2455
BUY price range 2392 - 2390 stoploss 2386
Gold prices rose sharply for the second day in a row, reflecting positive moves over the previous six days - and surpassed $2,440 in early European trading. The prevailing risk environment is helping to limit gains in this safe-haven commodity. The short-term bias appears to favor bullish traders amid growing acceptance that the Federal Reserve (Fed) will begin cutting interest rates in September. overnight comments from the Chairman Fed Jerome Powell, kept US Treasury yields low and confirmed a positive outlook for the non-yielding yellow metal. Traders are now looking towards the release of the US Monthly Retail Sales data for fresh impetus.
☘️Technical analysis
The large-frame chart oscillators remain in positive territory and remain far from overbought territory, suggesting that the path of least resistance for Gold prices is to the upside. Therefore, further strength towards challenging the all-time high, around the $2,450 region, seems a clear possibility. Some follow-through buying should be seen as a fresh trigger for bullish traders and pave the way for an extension of the recent uptrend witnessed over the past three weeks or so.
On the other hand, a drop below the 1,618 fibonacci around the $2,430 zone could now be considered a prerequisite for a return to the 2,400 lows. Although this is not an easy thing to do in the current market climate. If this happens, it is considered a great opportunity for investors who missed this price range at the beginning of the week to recapture a long-term BUY signal.
Support: 2430 - 2413 - 2401 - 2392
Resistance: 2449 - 2470 - 2500
SELL price range 2449 - 2451 stoploss 2455
BUY price range 2392 - 2390 stoploss 2386
Uwaga
SELL zone 2449-2451 + 30 pips.Uwaga
GOLD break fibonacci 2.618
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