2023-12-14 • Updated
Gold prices (XAU/USD) continued their upward trajectory on Thursday, bolstered by dovish guidance from the Federal Reserve (Fed). The precious metal's fundamentals are gaining strong support, suggesting a potential for sustained gains in the long term.
The Fed's new projections indicate a willingness for more rate cuts than previously anticipated. This shift is attributed to substantial progress in inflation, which is on a declining trend toward the 2% target. Additionally, a stable job market and reduced inflation projections contribute to the favorable environment for gold.
Despite signaling potential rate cuts and offering lower inflation guidance, Fed Chair Jerome Powell refrained from declaring victory over inflation. The central bank is, however, expected to navigate a 'soft landing,' achieving price stability without negatively impacting the labor market or triggering a recession.
Gold(XAUUSD) created a new ATH (All-Time-High) last week, and retraced almost immediately after. Right now on the weekly timeframe, Gold seems to be in search of new support levels from which it could possibly reclaim the high. In my opinion, I think Gold is likely going to retest the supply zone once again before completing the retracement.
On the Daily timeframe, Gold has bounced off the 50-Day moving average, heading towards the supply zone as indicated. It is my sentiment in the meantime that Gold would reach the supply zone before any real decline in prices can occur.
Analyst’s Expectations:
Direction: Bullish
Target: 2070.10
Invalidation: 2012.58
The trading of CFDs comes at a risk. To succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more trade ideas and prompt market updates on the telegram channel.
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone
Bullish scenario: Intraday buys above 2160.00 with TP: 2171 and TP2: 2177 // Bearish scenario: Sells below 2177 with TP1: 2150, TP2: 2142, and 2126
This article uses price action and volume profile techniques to address a fundamental and technical perspective based on the daily chart analysis of spot gold (XAUUSD).
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
