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Gold (XAUUSD)
Sell Entry: 2515
TP1: 2512
TP2: 2509
TP3: 2506
TP4: 2503
TP5: 2500
TP6: 2495
Sl: 2533
Gold (XAUUSD)
Sell Entry: 2499
TP1: 2496
TP2: 2493
TP3: 2490
TP4: 2487
TP5: 2484
TP6: 2480
Sl: 2510
#XAUUSD SELL 2493
TP¹ 2490
TP² 2487
TP³ 2484
TP⁴ 2480
SL 2503
Follow Money Management 🔰 💪
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22.08.2024 - Key Global Topics
Central bank events continue to dominate market action. Flash eurozone PMIs are due. And pilotless, flying taxis are coming soon.
🇨🇳Stocks in Asia pulled back from session highs ahead of BOJ and Fed events. US and European futures dropped. Treasuries fell and Brent was little changed.
🇯🇵BOJ Governor Kazuo Ueda will respond to questions from lawmakers tomorrow, hours before Jerome Powell’s speech at Jackson Hole. Equities earlier gained on Fed minutes showing a “vast majority” of officials considered a move next month as likely appropriate.
Eco: Consensus is for the eurozone’s flash composite PMI to have fallen again this month, with Bloomberg Economics seeing Germany struggling more than France.
The UK gauge may have ticked further into expansionary territory after the BOE’s rate cut. The European gas market faces a crunch time.
Producers in Norway, the region's top supplier, start their annual maintenance spree. For about three weeks as of late August, the region will miss flows equivalent to the daily needs in Italy or France.
The stakes are high this time as it coincides with a bout of intense price volatility.
🇺🇸US politics: Kamala Harris will cut middle class taxes, make homes more affordable and take on Big Pharma, Tim Walz told the DNC.
- Donald Trump said he’d like to focus on policy but can’t while Barack and Michelle Obama are making personal attacks.
- Robert F. Kennedy Jr. plans to end his presidential campaign and support Trump, ABC reported.
📊 Gold remains near record highs amid dovish Fed and lower payroll numbers
Gold (XAU) remained near record highs on Thursday as markets continued digesting the Federal Reserve's (Fed) dovish stance revealed in the FOMC minutes.
👉 Possible effects for traders
Nonfarm payrolls in the U.S. were revised downward by nearly 820,000 for the year ending March 2024, based on The Quarterly Census of Employment and Wages estimates. This revision has heightened concerns that the U.S. labour market is significantly affected by high rates, especially after July's weaker-than-expected payroll figures. This bolstered the argument for the Fed to implement aggressive rate cuts this year. Additionally, the July FOMC meeting minutes indicated several officials inclined toward an immediate rate cut. These factors, combined with ongoing geopolitical risks, should support XAUUSD.
The markets are now pricing in a 34% chance of a 50-basis-point (bps) rate cut next month, up from 29% the previous day. Overall, 100 bps of total easing by the Fed is expected by the end of this year, which supports the non-yielding precious metal. Meanwhile, the absence of a truce agreement between Israel and Hamas keeps the risk of a broader Middle East conflict alive, potentially providing additional support for XAUUSD.
XAUUSD dropped by 0.35% in the Asian trading session. Today, S&P Global will release its latest Purchasing Managers' Indices (PMI) for several major economies. The eurozone PMI is at 8:00 a.m., the U.K. PMI is at 8:30 a.m. UTC, and the U.S. PMI is at 1:45 p.m. UTC. All reports will probably affect the price of gold, but the U.S. report may have the strongest impact. If the U.S. PMI figures show an increase in economic activity and exceed the forecast, XAUUSD may possibly drop below $2,490. Conversely,weaker-than-expected numbers may prolong the bullish trend in gold. ‘Spot gold may drop into a range of $2,479 to $2,487 per ounce, following its failure to break resistance at $2,520’, said Reuters analyst Wang Tao.