GOLD accumulates and shrinks,the market lacks fundamental impact

٩ مايو

Scarce U.S. economic data will keep investors focused on Federal Reserve officials in the week following last Friday's U.S. jobs report.

Gold prices are trading around 2,312USD/oz after reaching a daily high yesterday of 2,321USD/oz. The story in financial markets focuses on when the Federal Reserve will begin easing policy after releasing weak economic data.
The U.S. Department of Labor revealed that nonfarm payroll employment in April was 175,000, lower than expected and lagging March's upwardly revised figure of 315,000.

"Lack of progress" in inflation has pushed back expectations for the Fed's first interest rate cut from July to September. However, the market still expects three interest rate cuts, each by 25 basis points. in this year.
The report said that the lack of progress since the beginning of this year means that it will take longer for Fed policymakers to believe that inflation is continuing to fall toward the 2% target.
They expect 3-month and 6-month annualized core PCE to be "near or below" 2% by the end of the year, in which case it would be "too late" to wait until after September to cut rates .

This week's economic calendar will take a closer look at news from Federal Reserve officials, as well as initial jobless claims for the week ending May 4 and a preliminary release of the index. University of Michigan consumer confidence numbers.

Analysis of technical prospects for XAUUSD
On the daily chart, gold is generally still entering the stage of accumulating attention from readers in previous publications. However, gold prices are also becoming more narrowly accumulated as depicted by the green triangle on the chart.

In terms of overall factors, gold prices are more likely to decline because the main trend has not changed, noticed by the short-term downward price channel and the latest pressure from the 21-day moving average EMA21.
As long as the gold price remains below the EMA21, it still has enough room to fall in the short term. Meanwhile, gold could open a new bearish cycle if it breaks below the 0.236% Fibonacci level, then the target level is aimed around the lower channel edge and upper channel edge, more likely to be the 0.382 Fibonacci level %.

Temporarily, gold prices will continue to tend to accumulate without much macroeconomic impact on the market. But the technical conditions still favor the possibility of price reduction as mentioned above. During the day, notable technical levels are listed below.
Support: 2,300 – 2,284USD
Resistance: 2,330 – 2,340 – 2,345USD

🪙SELL XAUUSD | 2351 - 2349

⚰️SL: 2355

⬆️TP1: 2344
⬆️TP2: 2339

🪙BUY XAUUSD | 2268 - 2270

⚰️SL: 2264

⬆️TP1: 2275
⬆️TP2: 2380

٩ مايو

ملاحظة

Gold investors are waiting for new directional information. US weekly initial jobless claims numbers will be released on Thursday. In addition, San Francisco Fed President Mary Daly will also give a speech on the day. Dovish comments from Fed officials could limit gold price declines for the time being.

٩ مايو

ملاحظة

Gold increased sharply to $2,338/oz

١٠ مايو

ملاحظة

Gold rebounded to $2,352 during the Asian session

After a gloomy start to the week, moving sideways near $2,300, gold suddenly rebounded to $2,352 at the present time.

Today's data focus is US consumer sentiment data

١٠ مايو

ملاحظة

١٢ مايو

ملاحظة

The Israeli Army: We decided to return to work in Jabalia, north of Gaza, and evacuate the residents after Hamas attempts to restore its capabilities there.

١٢ مايو

ملاحظة

🔹Gold prices jumped on Friday, May 10, and are on track to record weekly gains supported by momentum thanks to weak US jobs data this week.

Gold rose in spot transactions by 0.71% to $2,362.49 per ounce. US gold futures contracts for June delivery also rose by 1.26% to $2,369.60.

١٣ مايو

ملاحظة

The global dollar system works best when dollars are abundant, when US interest rates are low and other currencies are rising. Easy access to the dollar boosts economic activity around the world. Currently, we are in the opposite situation. The positive recovery of the US economy has forced the Fed to raise interest rates, pushing the dollar higher and putting a strain on dollar-based business around the world.

١٣ مايو

ملاحظة

Gold falls below $2,342

After rising to $2,348 at the beginning of the US session, gold is currently correcting back to nearly $2,341.

Fed Board of Governors member Jefferson continued to repeat the argument that the economy is still in a good position, and clear evidence is needed that inflation is falling sustainably toward the 2% target level to cut interest rates.

The focus this week is US CPI data for April

١٤ مايو

ملاحظة

Gold recovered to above $2,343 during the Asian session

After falling to nearly $2,336 during yesterday's US session following the announcement of the New York Fed's inflation expectations, gold is now up nearly $10 back to $2,343.