Gold price fluctuation analysis
Fundamental Analysis
Upbeat US growth reports and initial jobless claims have pushed back expectations of a deeper Federal Reserve rate cut in September, weighing on non-yielding gold. However, escalating geopolitical tensions in the Middle East and the war between Russia and Ukraine could boost safe-haven demand, benefiting the yellow metal.
Investors will be closely watching US inflation data for further insight into the potential size of the Fed’s rate cut. The core personal consumption expenditure (PCE) price index, the Fed's preferred inflation gauge, is estimated to have risen 2.7% year-on-year in July, up from 2.6% in June. A weaker-than-expected PCE reading could prompt the Fed to start a rate-cutting cycle, acting as a bullish catalyst for XAU/USD.
Technical Analysis
Gold is pushing higher in the European session ahead of an all-time high. If the resistance at 2525 is broken before the US session starts, we will see a new ATH around 2450. In the event that gold is pushed below 2525 and the US enters, it could push gold deeper into the current support at 2503-2494 as a hurdle ahead before heading towards 2485 to end a volatile Friday for gold.
Resistance: 2530 - 2535 - 2543 - 2550 - 2558 - 2568
Support: 2513 - 2505 - 2500 - 2494 - 2485 - 2472
SELL zone 2541 - 2543 stoploss 2547
SELL zone 2548 - 2550 stoploss 2554
BUY zone 2509 - 2507 stoploss 2503
BUY zone 2485- 2483 stoploss 2480
Upbeat US growth reports and initial jobless claims have pushed back expectations of a deeper Federal Reserve rate cut in September, weighing on non-yielding gold. However, escalating geopolitical tensions in the Middle East and the war between Russia and Ukraine could boost safe-haven demand, benefiting the yellow metal.
Investors will be closely watching US inflation data for further insight into the potential size of the Fed’s rate cut. The core personal consumption expenditure (PCE) price index, the Fed's preferred inflation gauge, is estimated to have risen 2.7% year-on-year in July, up from 2.6% in June. A weaker-than-expected PCE reading could prompt the Fed to start a rate-cutting cycle, acting as a bullish catalyst for XAU/USD.
Technical Analysis
Gold is pushing higher in the European session ahead of an all-time high. If the resistance at 2525 is broken before the US session starts, we will see a new ATH around 2450. In the event that gold is pushed below 2525 and the US enters, it could push gold deeper into the current support at 2503-2494 as a hurdle ahead before heading towards 2485 to end a volatile Friday for gold.
Resistance: 2530 - 2535 - 2543 - 2550 - 2558 - 2568
Support: 2513 - 2505 - 2500 - 2494 - 2485 - 2472
SELL zone 2541 - 2543 stoploss 2547
SELL zone 2548 - 2550 stoploss 2554
BUY zone 2509 - 2507 stoploss 2503
BUY zone 2485- 2483 stoploss 2480
Nota
Gold has fallen from the resistance zone and could fall further in today's US session.
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