XAU/USD GOLD Outlook

XAU/USD 1H Chart

XAU/USD 4H Chart

Key Support Level: $2,384

Key Resistance Level: $2,416

XAU/USD Gold Analysis

Recent News and Analysis:

• Gold Set for 3rd Straight Weekly Gain

• Summary:Gold prices are on the rise, marking a third consecutive weekly gain, driven by expectations of U.S. rate cuts. Investors are seeking safe-haven assets amid economic uncertainties.

• Gold Eases but Set for Weekly Gain

• Summary:Despite a slight dip, gold remains poised for weekly gains as the prospect of Fed rate cuts continues to bolster its appeal. Market sentiment towards gold remains positive.

• Yen Choppy Amid Intervention Nerves

• Summary:The yen's volatility amid intervention talks is affecting global currencies, supporting gold prices as investors seek stability.

• Gold Reclaims $2,400 Mark

• Summary:Gold surpassed the $2,400 mark following favorable U.S. inflation data, with expectations of rate cuts driving prices higher.

Analysis:

Impact on XAU/USD:

• Positive Sentiment:The overall market sentiment for gold is bullish, driven by expectations of Federal Reserve rate cuts. This optimism is enhancing golds appeal as a safe-haven asset.

• Price Movements:The anticipation of rate cuts and supportive remarks from Fed officials have led to a rally in gold prices, pushing them closer to all-time highs.

• Future Outlook:Short-term, gold is likely to continue its upward momentum if the dollar weakens and rate cut expectations persist. Long-term, the market will closely monitor Fed actions and economic data for further direction.

Overall Sentiments and Key Influences:

• Bullish Sentiment:The market remains bullish on gold due to ongoing rate cut expectations and the Fed's cautious stance on monetary policy.

• Federal Reserve Policy:The Feds potential shift towards a more dovish stance and willingness to cut rates are key drivers influencing gold prices.

• Economic Uncertainty:Concerns about slowing economic growth and potential inflation are reinforcing gold's status as a safe-haven asset.



Key Economic Calendar Events Impacting Gold (XAU/USD) for the Week (GMT+8)

Wednesday, July 24, 2024

• 14:00 GBP - CPI (YoY) (Jun):Higher-than-expected inflation can lead to increased demand for gold as a hedge against inflation.

• 17:00 EUR - CPI (YoY) (Jun):Higher-than-expected inflation in the Eurozone can boost gold prices as a hedge against inflation.

Thursday, July 25, 2024

• 20:15 EUR - ECB Interest Rate Decision (Jul):A rate hike is bearish for gold as it strengthens the EUR and decreases gold's appeal. A rate cut is bullish for gold.

• 20:30 USD - Initial Jobless Claims:Higher-than-expected claims are bullish for gold as it indicates a weakening labor market.

• 20:30 USD - Philadelphia Fed Manufacturing Index (Jul):Higher-than-expected readings indicate improving economic conditions, bearish for gold. Lower readings are bullish for gold.

• 20:45 EUR - ECB Press Conference:High volatility expected as the press conference can provide insights into future monetary policy and economic outlook, impacting gold prices.

Friday, July 26, 2024

• 20:30 USD - Core PCE Price Index (MoM) (Jun):A key inflation gauge for the Federal Reserve. Higher readings can lead to expectations of tighter monetary policy, impacting gold prices.