Gold Analysis on the H4 17/09/2024
- Macro Overview
Gold prices reached a new record high near $2,590 per ounce due to heightened expectations of a 0.50% interest rate cut. However, the short-term impact depends on the final decision regarding the rate cut, while the long-term movement will be influenced by the future policy direction of the Federal Reserve. Major volatility is expected around the FOMC press release.
- Technical Analysis
XAUUSD continues to maintain a strong uptrend within the ascending channel. After surpassing 2570, the price is awaiting the next bullish signal near 2580. If XAUUSD breaks through the resistance at 2600, the price could extend its upward momentum to a new high at 2630. On the other hand, if XAUUSD breaks below 2570 and fails to hold above the EMA21, the price could plummet to 2530.
Gold prices reached a new record high near $2,590 per ounce due to heightened expectations of a 0.50% interest rate cut. However, the short-term impact depends on the final decision regarding the rate cut, while the long-term movement will be influenced by the future policy direction of the Federal Reserve. Major volatility is expected around the FOMC press release.
- Technical Analysis
XAUUSD continues to maintain a strong uptrend within the ascending channel. After surpassing 2570, the price is awaiting the next bullish signal near 2580. If XAUUSD breaks through the resistance at 2600, the price could extend its upward momentum to a new high at 2630. On the other hand, if XAUUSD breaks below 2570 and fails to hold above the EMA21, the price could plummet to 2530.
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