XAUUSD : Gold awaits US economic data
Actualizado
Gold's implied volatility from the derivatives market remains low and there are few signs of a spike.
Typically, gold prices increase during periods of high volatility and decline during periods of lower volatility.
However, weakness in the USD and US government bond yields on Tuesday helped prolong gold's rally. Gold prices tend to move inversely to the USD because the weakening of the greenback allows investors to buy the precious metal at lower prices.
Gold is performing well as markets weigh up interest rate cuts in 2024. At the end of last year, 2024 was seen as a strong year for gold as interest rate cuts were expected coming as early as Q1, with about six 25bps cuts priced in for the Fed. Lower interest rates make precious metals more attractive, along with geopolitical tensions continuing to increase.
However, markets later downgraded the valuation to three rate cuts for the year. Therefore, government bond yields have increased again but gold still maintains its price quite well. According to a report from Reuters, in January, net imports of gold into China via Hong Kong reached their highest level since mid-2018, central bank purchases helped support gold prices along with the The middle class seeks to preserve assets in the context of difficulties in the real estate sector.
Gold is currently near trendline support, with the 50-day SMA as current resistance. The $2050 level is a hurdle for the bulls while a dip to $2010 would push the precious metal towards $1985 but for now gold is unlikely to break out strongly unless the US Q4 GDP data or the PCE index surprise.
Typically, gold prices increase during periods of high volatility and decline during periods of lower volatility.
However, weakness in the USD and US government bond yields on Tuesday helped prolong gold's rally. Gold prices tend to move inversely to the USD because the weakening of the greenback allows investors to buy the precious metal at lower prices.
Gold is performing well as markets weigh up interest rate cuts in 2024. At the end of last year, 2024 was seen as a strong year for gold as interest rate cuts were expected coming as early as Q1, with about six 25bps cuts priced in for the Fed. Lower interest rates make precious metals more attractive, along with geopolitical tensions continuing to increase.
However, markets later downgraded the valuation to three rate cuts for the year. Therefore, government bond yields have increased again but gold still maintains its price quite well. According to a report from Reuters, in January, net imports of gold into China via Hong Kong reached their highest level since mid-2018, central bank purchases helped support gold prices along with the The middle class seeks to preserve assets in the context of difficulties in the real estate sector.
Gold is currently near trendline support, with the 50-day SMA as current resistance. The $2050 level is a hurdle for the bulls while a dip to $2010 would push the precious metal towards $1985 but for now gold is unlikely to break out strongly unless the US Q4 GDP data or the PCE index surprise.
Operación activa
BUY 2028 - 2030TP 2035
SL 2020
SELL 2035 - 2037
TP 2030
SL 2045
Nota
Buy hit TP1 70 pipsNota
Buy 2033 2035 TP 2040
SL 2028
👉 Free Signals Everyday: t.me/SantaTradeProInsightsFX
👉 Support 24/7 and More
👉 Join the group to profit every day.
👉 @bellatrader_2509
👉 Support 24/7 and More
👉 Join the group to profit every day.
👉 @bellatrader_2509
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.