Gold Price Forecast: XAU/USD strives for direction as uncertainty over Fed rate cuts deepen
08.05.2024, 11:13

Gold Price Forecast: XAU/USD strives for direction as uncertainty over Fed rate cuts deepen

  • Gold price is slightly up near $2,315 even though the US Dollar recovers sharply.
  • Worsening Middle East tensions keep the downside in the Gold price supported.
  • The US Dollar recovers after Fed Kashkari’s hawkish guidance on interest rates.

Gold price (XAU/USD) struggles for a direction in Wednesday’s London session. The precious metal is stuck in a tight range slightly above the crucial support of $2,300.

The yellow metal is up marginally by 0.10% despite a strong recovery in the US Dollar. Generally, the appeal for dollar-denominated Gold weakens when the US Dollar rises. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, recovers to 105.50. A hawkish guidance from Minneapolis Federal Reserve (Fed) Bank President Neel Kashkari on interest rates, delivered on Tuesday, boosted the US Dollar’s appeal.

Neel Kashkari said he wants to see multiple positive inflation readings, which could build confidence that inflation is on course to return to the desired rate of 2%, before moving to a policy normalization stance. Kashkari supported keeping interest rates steady for the entire year as progress in the disinflation process has stalled due to the strong housing market.

No progress in speculation for a ceasefire between Israel and Palestine has kept the Gold price well-supported. Israel is looking to extend its military activities to Rafah, the southern part of Gaza, where it believes that displaced Palestinians have been sheltered.

The expectations of an Israel-Palestine truce soften after Israel denied the ceasefire proposal, which was agreed by Palestine. Historically, worsening geopolitical tensions improve demand for safe-haven assets, such as Gold.

Gold technical analysis

Gold price is rangebound in the $2,280-2,330 region for more than a week, exhibiting indecisiveness among market participants. The precious metal remains sticky to the 20-period Exponential Moving Average (EMA) around $2,314.60, which suggests a consolidation ahead.

The 14-period Relative Strength Index (RSI) oscillates in the 40.00-60.00 range, indicating a sharp volatility contraction.

Gold four-hour chart

XAU/USD

Overview
Today last price 2315.59
Today Daily Change 1.43
Today Daily Change % 0.06
Today daily open 2314.16
 
Trends
Daily SMA20 2338.42
Daily SMA50 2246.03
Daily SMA100 2139.72
Daily SMA200 2041.79
 
Levels
Previous Daily High 2329.98
Previous Daily Low 2310.06
Previous Weekly High 2346.76
Previous Weekly Low 2277.31
Previous Monthly High 2431.61
Previous Monthly Low 2228.58
Daily Fibonacci 38.2% 2317.67
Daily Fibonacci 61.8% 2322.37
Daily Pivot Point S1 2306.15
Daily Pivot Point S2 2298.15
Daily Pivot Point S3 2286.23
Daily Pivot Point R1 2326.07
Daily Pivot Point R2 2337.99
Daily Pivot Point R3 2345.99

 

 

© 2000-2024. Sva prava zaštićena.

Sajt je vlasništvo kompanije Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

Svi podaci koji se nalaze na sajtu ne predstavljaju osnovu za donošenje investicionih odluka, već su informativnog karaktera.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

Politika sprečavanja pranja novca

Upozorenje o rizicima

Izvršenje trgovinskih operacija sa finansijskim instrumentima upotrebom marginalne trgovine pruža velike mogućnosti i omogućava investitorima ostvarivanje visokih prihoda. Međutim, takav vid trgovine povezan je sa potencijalno visokim nivoom rizika od gubitka sredstava. Проведение торговых операций на финанcовых рынках c маржинальными финанcовыми инcтрументами открывает широкие возможноcти, и позволяет инвеcторам, готовым пойти на риcк, получать выcокую прибыль, но при этом неcет в cебе потенциально выcокий уровень риcка получения убытков. Iz tog razloga je pre započinjanja trgovine potrebno odlučiti o izboru odgovarajuće investicione strategije, uzimajući u obzir raspoložive resurse.

Politika poverenja

Upotreba informacija: U slučaju potpunog ili delimičnog preuzimanja i daljeg korišćenja materijala koji se nalazi na sajtu, potrebno je navesti link odgovarajuće stranice na sajtu kompanije TeleTrade-a kao izvora informacija. Upotreba materijala na internetu mora biti praćena hiper linkom do web stranice teletrade.org. Automatski uvoz materijala i informacija sa stranice je zabranjen.

Ako imate bilo kakvih pitanja, obratite nam se pr@teletrade.global.

Банковни
транcфери
Feedback
Lajv čet E-mail
Povratak na vrh
Izaberi lokaciju / jezik