Gold is about to welcome a low interest rate cycle
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☘️Fundamental analysis
Gold prices ended their decline in early European trading on Monday. Gold will gain further amid dovish expectations from the Federal Reserve (Fed). In fact, market participants appear to believe that the Federal Reserve (Fed) will begin cutting interest rates in September, which is seen as a boost for the yellow metal.
Additionally, US political anxiety following the assassination of former US President Donald Trump and China's economic difficulties confirm the positive short-term outlook for XAU/USD.
☘️Technical analysis
From a technical perspective, the strong recovery after touching the 2400 support zone has shown that investor sentiment is still supporting the BUY side. Buying power is further strengthened when RSI always remains stable above 50.
If the pre-market reaction is small and continued selling at 2410 could pull gold towards the key support area at 2393. A further decline could expose support at the 89 EMA in the h4 frame and this is a controversial price area around 2370-2368.
In the direction that the whole market is expecting. Last week's high, around $2,425 now appears to be acting as an immediate barrier, above which Gold prices are more likely to return to challenge all-time highs, around 2,450.
Support: 2393 - 2382- 2370
Resistance: 2425 - 2433 - 2448
Trading signals
BUY GOLD 2393-2391 Stoploss 2387
BUY GOLD 2370-2368 Stoploss 2365
SELL GOLD 2433-2435 Stoploss 2438
SELL GOLD 2448-2450 Stop loss 2453
Gold prices ended their decline in early European trading on Monday. Gold will gain further amid dovish expectations from the Federal Reserve (Fed). In fact, market participants appear to believe that the Federal Reserve (Fed) will begin cutting interest rates in September, which is seen as a boost for the yellow metal.
Additionally, US political anxiety following the assassination of former US President Donald Trump and China's economic difficulties confirm the positive short-term outlook for XAU/USD.
☘️Technical analysis
From a technical perspective, the strong recovery after touching the 2400 support zone has shown that investor sentiment is still supporting the BUY side. Buying power is further strengthened when RSI always remains stable above 50.
If the pre-market reaction is small and continued selling at 2410 could pull gold towards the key support area at 2393. A further decline could expose support at the 89 EMA in the h4 frame and this is a controversial price area around 2370-2368.
In the direction that the whole market is expecting. Last week's high, around $2,425 now appears to be acting as an immediate barrier, above which Gold prices are more likely to return to challenge all-time highs, around 2,450.
Support: 2393 - 2382- 2370
Resistance: 2425 - 2433 - 2448
Trading signals
BUY GOLD 2393-2391 Stoploss 2387
BUY GOLD 2370-2368 Stoploss 2365
SELL GOLD 2433-2435 Stoploss 2438
SELL GOLD 2448-2450 Stop loss 2453
ملاحظة
Gold price bulls retain control despite modest USD strength, risk-on environmentGold price remains close to a nearly two-month top set on Monday amid rising Fed rate cut bets. Investors seem convinced that the Fed will begin its rate-cutting cycle at the September meeting. The risk-on mood, along with a modest US Dollar strength, might cap the upside for the XAU/USD.
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