XAUUSD: Poised to rise further above $2050
Hello everyone, let's explore gold as we start the new trading week. Join me in discussing today's strategy!
Looking back at the previous weekend, gold has proven its strength with a remarkable breakout, completely surpassing $2035 and breaking through the resistance level of $2050. Currently, it is trading at a new high of $2084 after reaching $2088, marking a 0.07% increase for the day. So, what are the reasons and factors that have driven the price of gold?
In terms of influencing factors, gold investors are waiting for further signals regarding the Federal Reserve's interest rate cuts. This could contribute to limiting the precious metal ahead of Fed Chairman Jerome Powell's semi-annual congressional testimony on Wednesday and Thursday. Additionally, important macroeconomic data from the United States is scheduled for the beginning of the new month, including the crucial Non-Farm Payrolls (NFP) report on Friday, providing fresh momentum.
Regarding the new outlook for XAUUSD: On the 1-hour chart, XAUUSD is currently receiving strong support around the breakout level of $2050. Breaking below this level would result in a significant price decrease, while maintaining this level would lead to price increase. It is expected to continue recovering after retesting the EMA 34, 89 levels, and Fibonacci also indicates this
Looking back at the previous weekend, gold has proven its strength with a remarkable breakout, completely surpassing $2035 and breaking through the resistance level of $2050. Currently, it is trading at a new high of $2084 after reaching $2088, marking a 0.07% increase for the day. So, what are the reasons and factors that have driven the price of gold?
In terms of influencing factors, gold investors are waiting for further signals regarding the Federal Reserve's interest rate cuts. This could contribute to limiting the precious metal ahead of Fed Chairman Jerome Powell's semi-annual congressional testimony on Wednesday and Thursday. Additionally, important macroeconomic data from the United States is scheduled for the beginning of the new month, including the crucial Non-Farm Payrolls (NFP) report on Friday, providing fresh momentum.
Regarding the new outlook for XAUUSD: On the 1-hour chart, XAUUSD is currently receiving strong support around the breakout level of $2050. Breaking below this level would result in a significant price decrease, while maintaining this level would lead to price increase. It is expected to continue recovering after retesting the EMA 34, 89 levels, and Fibonacci also indicates this
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Price increases without adjustment
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