GOLD slows down but the trend remains unchanged
US dollar falls to 7-month low and yen hits one-week high, Federal Reserve's Kashkari (hawkish) says he is optimistic about interest rate cuts, a a change from the official's stance in June.
XAUUSD Spots hit another record high on Monday, and although they later fell, a weaker US dollar and tensions in the Middle East limited the extent of the correction.
DXY , which tracks the US dollar against six major currencies, fell to 101.97 and touched 101.85, its lowest since January 2, on Monday's trading day.
The market's focus will be on whether Powell's speech in Jackson Hole on Friday indicates that the Fed could cut interest rates by 25 or 50 basis points. Another key focus will be whether Powell signals that a rate cut is possible at each meeting.
Powell also may not be in a hurry to release details this week, as August employment and inflation data have yet to be released before the Fed's September meeting.
Minneapolis Fed President Neel Kashkari of the Federal Reserve, recently stated that he is open to cutting interest rates at the next meeting due to the growing possibility of excessive labor market weakness. This is a change from his stance in June.
Kashkari said the discussion about cutting interest rates has changed because “inflation is progressing and the labor market is showing some worrying signs.”
He believes there is no reason to cut interest rates by more than 25 basis points because the layoff rate remains low and the number of people applying for unemployment benefits is not showing a clear worsening trend.
Geopolitically
Russia's Investigative Committee announced on Monday that a bridge on the Sem river, which flows through the Kursk region, was destroyed in a Ukrainian attack.
The Ukrainian military said the attack was aimed at disrupting Russian supply lines and making it more difficult to mobilize Russian troops and weapons.
Later, Ukrainian President Zelensky elaborated on his goals, saying in his speech: "Now, the top priority in our overall defense operations is to destroy the as much of Russia's war potential as possible and carry out maximum counter-offensive operations. This includes establishing a buffer zone within Russia's territory."
Hamas rejects the ceasefire agreement in the Middle East
Hamas accused the US of "continuing the fight for Israel" after US Secretary of State Antony Blinken announced that Israeli Prime Minister Benjamin Netanyahu had accepted transitional proposals for a ceasefire in Gaza and called on Palestinian groups to do the same on one's own.
However, Hamas spokesman Osama Hamdan said the Palestinian group would only “agree to implement” Biden's UN Security Council-backed proposal, which was accepted last month.
Medical sources said Israeli forces had killed at least 35 Palestinians in Gaza in the past 24 hours and Kamal Adwan Hospital warned that 11 children were at risk of death due to fuel shortages, which could lead to close the door.
Analysis of technical prospects forXAUUSD
After renewing its all-time peak, gold had certain but insignificant adjustments and maintained its price activity around the original price of 2,500 USD.
In terms of structure on the daily chart, gold is still being supported for an uptrend with the main trend being noticed by the price channel and main support by EMA21.
Meanwhile, the nearest support level is noticed in the area of 2,484 – 2,471 USD, sent to readers in the weekly publication.
As long as gold remains above the 0.618% Fibonacci extension level, it still has short-term bullish prospects. On the other hand, once gold maintains stability above the 0.786% Fibonacci extension level, it will tend to continue to increase for a period of time. new period and the target after that is about 2,544USD.
During the day, the technical outlook for gold prices remains bullish. But traders also always need to be ready for strong and widespread fluctuations in the current market context. Notable price points are listed below.
Support: 2,484 – 2,471USD
Resistance: 2,503 – 2,509 – 2,544USD
SELL XAUUSD PRICE 2536 - 2534⚡️
↠↠ Stoploss 2540
→Take Profit 1 2529
↨
→Take Profit 2 2524
BUY XAUUSD PRICE 2474 - 2476⚡️
↠↠ Stoploss 2470
→Take Profit 1 2481
↨
→Take Profit 2 2486
XAUUSD Spots hit another record high on Monday, and although they later fell, a weaker US dollar and tensions in the Middle East limited the extent of the correction.DXY , which tracks the US dollar against six major currencies, fell to 101.97 and touched 101.85, its lowest since January 2, on Monday's trading day.The market's focus will be on whether Powell's speech in Jackson Hole on Friday indicates that the Fed could cut interest rates by 25 or 50 basis points. Another key focus will be whether Powell signals that a rate cut is possible at each meeting.
Powell also may not be in a hurry to release details this week, as August employment and inflation data have yet to be released before the Fed's September meeting.
Minneapolis Fed President Neel Kashkari of the Federal Reserve, recently stated that he is open to cutting interest rates at the next meeting due to the growing possibility of excessive labor market weakness. This is a change from his stance in June.
Kashkari said the discussion about cutting interest rates has changed because “inflation is progressing and the labor market is showing some worrying signs.”
He believes there is no reason to cut interest rates by more than 25 basis points because the layoff rate remains low and the number of people applying for unemployment benefits is not showing a clear worsening trend.
Geopolitically
Russia's Investigative Committee announced on Monday that a bridge on the Sem river, which flows through the Kursk region, was destroyed in a Ukrainian attack.
The Ukrainian military said the attack was aimed at disrupting Russian supply lines and making it more difficult to mobilize Russian troops and weapons.
Later, Ukrainian President Zelensky elaborated on his goals, saying in his speech: "Now, the top priority in our overall defense operations is to destroy the as much of Russia's war potential as possible and carry out maximum counter-offensive operations. This includes establishing a buffer zone within Russia's territory."
Hamas rejects the ceasefire agreement in the Middle East
Hamas accused the US of "continuing the fight for Israel" after US Secretary of State Antony Blinken announced that Israeli Prime Minister Benjamin Netanyahu had accepted transitional proposals for a ceasefire in Gaza and called on Palestinian groups to do the same on one's own.
However, Hamas spokesman Osama Hamdan said the Palestinian group would only “agree to implement” Biden's UN Security Council-backed proposal, which was accepted last month.
Medical sources said Israeli forces had killed at least 35 Palestinians in Gaza in the past 24 hours and Kamal Adwan Hospital warned that 11 children were at risk of death due to fuel shortages, which could lead to close the door.
Analysis of technical prospects for
XAUUSD After renewing its all-time peak, gold had certain but insignificant adjustments and maintained its price activity around the original price of 2,500 USD.
In terms of structure on the daily chart, gold is still being supported for an uptrend with the main trend being noticed by the price channel and main support by EMA21.
Meanwhile, the nearest support level is noticed in the area of 2,484 – 2,471 USD, sent to readers in the weekly publication.
As long as gold remains above the 0.618% Fibonacci extension level, it still has short-term bullish prospects. On the other hand, once gold maintains stability above the 0.786% Fibonacci extension level, it will tend to continue to increase for a period of time. new period and the target after that is about 2,544USD.
During the day, the technical outlook for gold prices remains bullish. But traders also always need to be ready for strong and widespread fluctuations in the current market context. Notable price points are listed below.
Support: 2,484 – 2,471USD
Resistance: 2,503 – 2,509 – 2,544USD
SELL XAUUSD PRICE 2536 - 2534⚡️
↠↠ Stoploss 2540
→Take Profit 1 2529
↨
→Take Profit 2 2524
BUY XAUUSD PRICE 2474 - 2476⚡️
↠↠ Stoploss 2470
→Take Profit 1 2481
↨
→Take Profit 2 2486
Nota
Traders in the interest rate futures market continue to set the possibility of a 100% rate cut by the Fed in the September test, which pegs a 0.25 percent rate cut at 65% and sets value for 0.5 point cent cent is 35%...Nota
Nota
Today's economic calendar is quite exciting, opening in the European session with a series of preliminary PMI reports for August in Eurozone countries. Entering the US session, investors will focus their attention on weekly US PMI and unemployment data, after a sharp revision of employment statistics for the year to March this year from the BLS has been released. reinforcing expectations that the Fed will lower interest rates in September.Nota
🟥FED MEMBER HARKER: INTEREST RATES MAY REACH THIS LEVEL BY THE END OF THE MONETARY EASING CYCLE!
Philadelphia Fed member Patrick Harker expressed his support for a gradual rate cut starting in September if economic data matches expectations during an interview with CNBC.
Nota
World gold price this morning decreased by more than 27 USD, to the region of 2,486 USD/ounce. Precious metal prices fell sharply due to profit-taking pressure from investors. Domestic gold price stood still compared to yesterday.Nota
Today's gold price on the international market is forecast to continue to increase as investors expect the FED to reduce interest rates and the USD will plummet.
At the end of the last trading week, the world gold price closed at 2,513 USD/ounce, an increase of 6 USD/ounce compared to last week. During the week, precious metals on the international exchange fluctuated very violently, reaching a new historic peak of over 2,530 USD/ounce, then plummeting to 2,470 USD/ounce under pressure from investors to take profits.
Nota
World gold prices continue to increase sharply, countries will continue to diversify reserves by buying gold to preserve assets, according to the World Gold Council.
The World Gold Council (WGC) believes that gold is a national reserve asset due to its characteristics of safety, liquidity and profitability. For many years, countries have increased their gold reserves.
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🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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