Gold shows signs of recovery and increases again
Atualizado
☘️Fundamental analysis
Gold prices showed uncertainty near key support at $2,400 during the European session on Monday. The precious metal remains on edge amid growing speculation that the Republican Party led by Donald Trump will win the United States (US) presidential election in November.
Market experts see Trump's victory as beneficial for economic growth because he has promised to cut corporate taxes and interest rates. This has driven upside risks to consumer inflation expectations.
Trump's growing margin of victory has improved the appeal of the US dollar. The US dollar index (DXY), which tracks the value of the US dollar against six major currencies, fell slightly to 104.20 on Monday after a strong recovery from a four-month low is 103.65.
The yield on the 10-year U.S. Treasury note fell to 4.22%. Lower yields on interest-bearing assets reduce the opportunity cost of investing in non-interest-bearing assets, such as Gold.
☘️Technical analysis
Gold prices trade in a narrow range near $2,400. This precious metal dropped near the EMA 89 of the 4 hour frame and is reacting bullishly.
The 14-day relative strength index (RSI) dipped into the 40.00-60.00 range, suggesting the bullish momentum has stalled. However, the uptrend remains intact. The bullish position is ready to return if the 2400 support level remains intact after the close of the daily candle.
Resistance: 2420 - 2431
Support: 2403 - 2397 - 2392 - 2382
SELL price range 2419 - 2421 stoploss 2425
BUY price range 2392 - 2390 stoploss 2386
Gold prices showed uncertainty near key support at $2,400 during the European session on Monday. The precious metal remains on edge amid growing speculation that the Republican Party led by Donald Trump will win the United States (US) presidential election in November.
Market experts see Trump's victory as beneficial for economic growth because he has promised to cut corporate taxes and interest rates. This has driven upside risks to consumer inflation expectations.
Trump's growing margin of victory has improved the appeal of the US dollar. The US dollar index (DXY), which tracks the value of the US dollar against six major currencies, fell slightly to 104.20 on Monday after a strong recovery from a four-month low is 103.65.
The yield on the 10-year U.S. Treasury note fell to 4.22%. Lower yields on interest-bearing assets reduce the opportunity cost of investing in non-interest-bearing assets, such as Gold.
☘️Technical analysis
Gold prices trade in a narrow range near $2,400. This precious metal dropped near the EMA 89 of the 4 hour frame and is reacting bullishly.
The 14-day relative strength index (RSI) dipped into the 40.00-60.00 range, suggesting the bullish momentum has stalled. However, the uptrend remains intact. The bullish position is ready to return if the 2400 support level remains intact after the close of the daily candle.
Resistance: 2420 - 2431
Support: 2403 - 2397 - 2392 - 2382
SELL price range 2419 - 2421 stoploss 2425
BUY price range 2392 - 2390 stoploss 2386
Trade ativo
Nota
Gold drops to fresh 10-day low below $2,390Gold stays under persistent bearish pressure after breaking below the key $2,400 level and trades at its lowest level in over a week below $2,390. In the absence of fundamental drivers, technical developments seem to be causing XAU/USD to stretch lower.
Nota
BUY SUPPORT 2383 + 200 pipsNota
Nota
Gold price consolidates above $2,400, looks to global PMIs for some impetusGold price struggles to capitalize on the previous day’s recovery from over a one-week trough. The USD climbs to a nearly two-week high on Wednesday and acts as a headwind for the metal. A softer risk tone and dovish Fed expectations should limit the downside ahead of global PMIs.
Trade fechado: objetivo atingido
Nota
Gold price slumps to two-week low despite softer USD, risk-off moodGold price continues losing ground for the second straight day and drops to a two-week low. The downfall could be attributed to some technical selling, though it is likely to remain limited. September Fed rate cut bets and the risk-off mood could lend support ahead of the US data.
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