XAUUSD: Outlook Favors the Bears!

Sep 4What are your thoughts on gold? Let's discuss and strategize for today!

As predicted yesterday, gold prices dropped sharply following the news, briefly dipping near the 2470 USD level before quickly stabilizing above 2496 USD, with little change from the previous day.

The main driver behind this decline was the strengthening of the US dollar, as investors await the US Non-Farm Payrolls data to gauge the scale of potential rate cuts at the Federal Reserve's September policy meeting.

The US dollar hovered near a two-week high, making gold more expensive for holders of other currencies. On the technical chart, gold remains in a consolidation phase, forming a new support level. After thorough analysis, considering both technical factors and the current situation, it is notable that the price is closely interacting with the EMA. If the price breaks below this level and violates support, a selling strategy would be favored, with the profit target set around the 2440 - 2432 USD range.

Sep 4

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Bearish scenario is working

Sep 4

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Hello to all the smart and wealthy investors!

As mentioned in recent analysis, gold has moved exactly in line with the strategy, losing nearly 200 pips and is currently hovering around $2475.

Gold's decline is driven by continued negative market sentiment following the global sell-off due to weak U.S. manufacturing data released on Tuesday and concerns about a potential burst in the AI tech bubble.

Looking at the chart, it’s clear that the downtrend is intact, with sellers remaining dominant in both the medium and long term. Given the current market momentum, it's likely that sellers will regain control after a retracement and a test of the 0.618 Fibonacci level, along with bearish signals from the nearby EMA.

That’s my take on gold. What do you think? Share your thoughts on gold in the comments below! :)

7 days ago

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Dear Investors,

Today, the gold market has witnessed a strong recovery after prices dropped to a record low of 2470 USD at the end of yesterday's trading session. Currently, gold is gradually moving towards a critical resistance zone, creating new expectations for investors.

Meanwhile, the global gold market has shown stability mid-week, with prices trading around the lowest level in nearly two weeks. Investors are focusing on waiting for important economic data to be released, especially clearer signs regarding the future policy direction of the U.S. Federal Reserve (Fed), which is expected to have a strong impact on gold prices.

The downward trend is still predicted to continue in the near future due to potential risks in the market. The ADP employment report along with jobless claims and non-farm payroll data will be important factors in assessing the market situation. It is predicted that, in the coming days, gold prices may continue to face pressure, and a return to the 2472 USD level is entirely possible.