Gold Analysis on the H4 19/09/2024
- Macro Overview
Gold prices stabilized and surged to a new record high around $2,600 per troy ounce after the Fed implemented a 0.50% rate cut. However, Fed Chairman Powell's press release caused gold prices to decline shortly afterward, closing lower than the previous day. The market's strong expectation of further rate cuts compared to the Fed's updated dot plot could lead to gold price volatility as future meeting results are announced.
- Technical Analysis
XAUUSD retreated to 2558, breaking the support at 2570. While the price remains in a strong uptrend within the ascending channel, it has slipped below the EMA21, signaling a potential decline. If XAUUSD fails to hold above the EMA78, the price may break below the lower boundary of the channel. Conversely, if XAUUSD breaks through EMA21 and 2570, the price could surge towards the 2600 high.
Gold prices stabilized and surged to a new record high around $2,600 per troy ounce after the Fed implemented a 0.50% rate cut. However, Fed Chairman Powell's press release caused gold prices to decline shortly afterward, closing lower than the previous day. The market's strong expectation of further rate cuts compared to the Fed's updated dot plot could lead to gold price volatility as future meeting results are announced.
- Technical Analysis
XAUUSD retreated to 2558, breaking the support at 2570. While the price remains in a strong uptrend within the ascending channel, it has slipped below the EMA21, signaling a potential decline. If XAUUSD fails to hold above the EMA78, the price may break below the lower boundary of the channel. Conversely, if XAUUSD breaks through EMA21 and 2570, the price could surge towards the 2600 high.
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