Navigating Gold's Struggle: Trendlines, Resistance,...
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Gold prices are currently encountering significant challenges in their attempt to surpass a crucial descending trendline that has been in place since May, as illustrated in the daily chart below. In the previous week, XAU/USD managed to reach the former ascending trendline originating from October after falling below it, but it struggled to regain ground above this trendline. This convergence of resistance marks a critical juncture where both trendlines intersect.
Subsequently, the price has made a slight descent, reinforcing the influence of the descending trendline. In the near term, the initial support level can be found at the 38.2% Fibonacci retracement level of 1903.46, followed by the lower point established in August at 1884.89. A successful breach of the descending trendline could potentially initiate a broader reversal, exposing the 23.6% Fibonacci level at 1971.63.
XAUUSD SELL LIMIT 1926 - 1928 🔽🔽
🟢TP: 1923
🟢TP: 1920
🔴SL: 1932
Subsequently, the price has made a slight descent, reinforcing the influence of the descending trendline. In the near term, the initial support level can be found at the 38.2% Fibonacci retracement level of 1903.46, followed by the lower point established in August at 1884.89. A successful breach of the descending trendline could potentially initiate a broader reversal, exposing the 23.6% Fibonacci level at 1971.63.
XAUUSD SELL LIMIT 1926 - 1928 🔽🔽🟢TP: 1923
🟢TP: 1920
🔴SL: 1932
Anmerkung
Wait EntryAnmerkung
On Tuesday, gold prices maintained a steady stance as investors anticipated the release of U.S. inflation data, which could offer fresh insights into interest rate dynamics following the Federal Reserve's willingness to consider additional policy tightening.Anmerkung
At 0306 GMT, the price of spot gold remained unchanged at $1,922.30 per ounce, while U.S. gold futures dipped slightly by 0.1% to $1,946.10.Anmerkung
XAUUSD BUY 1919- 1921🔼🔼🟢TP1: 1925
🟢TP2: 1930
🔴SL: 1914
Anmerkung
Market conditions are expected to remain relatively calm until the release of the U.S. Consumer Price Index (CPI) data on Wednesday, which could offer insights into the future direction of U.S. interest rates following the Federal Reserve's widely anticipated pause next week.Anmerkung
In August, Americans' general perceptions of inflation remained relatively stable, despite their expectations of increased prices for necessities like rent and food, according to a report from the New York Fed released on Monday.Anmerkung
In a statement, J.P. Morgan analysts noted that when considering the broader context, gold prices have managed to maintain their resilience, even in the face of a multi-month trend featuring a stronger U.S. dollar and elevated U.S. long-term yields.
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