GOLD → The shakeup after the rate cuts... What's next?

ontemXAUUSD updates high to 2600 and then experiences a shakeout. Traders held the 2550 area and are currently trying to recover losses by testing the upper end of the range....



The Fed announced a 0.5% rate cut, bringing the interest rate to a range of 4.75%-5.0%. Why 0.5 and not 0.25? The Fed chief said that 0.25 poses threats to the economy that can no longer be allowed to...
The gold price failed to capitalize on the sharp Fed rate cut, updating the ATH to 2600 the price headed down to the 2560 - 2550 liquidity zones. Traders are waiting for data on jobless claims and existing home sales to assess the state of the economy as a whole, the news may set the course for a correction or strengthen the general background, which will affect further growth
Technically, the price approached the resistance rather quickly, which increases the chances of a bounce or a false breakout. The focus is on 2588- 2585. If the bears hold this area, the price may decline to the area of interest before rising.

Resistance levels: 2585, 2588, 2600
Support levels: 2566, 2559, 2550

The overall bullish market structure is clearly visible on D1. Traders, after the rate cuts, need to take a breath and wait for additional confirming signs.... For today, the focus is on the trading range indicated on the chart...

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

há 21 horas

Trade ativo

Good movement after a false breakout.
+200 pips!

há 6 horas

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False breakdown led to a 200 pips drop, but the price hits the local support at 2570 and returns. A retest of resistance 2585-88 and a breakout is formed.
testing ATH

há 5 horas

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Let's go for a new high!

há 4 horas

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há 2 horas

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! UPDATE !



GOLD is updating the high to 2612. BUT! The price is at its highs and we have no history except for the one that was made in the last 2-3 days. Be careful, there may be deep bounces (to liquidity zones).

The stabilization of the US dollar may have an impact on gold lovers, which may lead to profit taking and correction due to the recent rally and ahead of next week's US macroeconomic data and Fed Chairman Jerome Powell's speech. But the downtrend is generally subdued, with an emphasis on localized liquidity and support zones. Traders also remain cautious due to Asian markets and expected Bank of Japan policy statements.

Resistance levels: 2612
Support levels: 2600, 2588, 2585, 2570

If gold does consolidate above 2612, the price could easily reach 2626.
BUT! We should be careful, there may be deep pullbacks or even correction on the background of possible profit taking! (Correction before further growth)

Regards R. Linda!