Gold price analysis August 14
Fundamental Analysis
Gold prices attracted some follow-through selling for the second consecutive day on Wednesday and moved further away from the monthly peaks retested earlier this week. A generally positive tone around equity markets dampened demand for the safe-haven precious metal, although geopolitical tensions stemming from ongoing conflicts in the Middle East helped limit losses.
In addition, expectations of further rate cuts by the Federal Reserve, bolstered by signs of continued subdued inflation, acted as a catalyst for non-yielding gold prices. Traders also appeared reluctant to place positive bets, preferring to wait for further cues on the Fed’s policy path. As a result, the market’s focus remained on US consumer inflation data.
Technical Analysis
From a technical perspective, the recent bounce from the 50-day Simple Moving Average (SMA) support and the positive oscillators on the daily chart favor the bullish traders. Therefore, any meaningful decline can still be viewed as a buying opportunity and remains limited. Gold prices appear to be preparing to retest the record high, around the $2,483-2,484 region and target the psychological $2,500 mark. Sustained strength above the latter would mark a fresh breakout through the wider trading range maintained over the past month or so and set the stage for a further near-term upside move.
On the downside, the $2,450-2,448 resistance level now looks to protect the immediate downside, below which gold could slide back to the weekly lows around the $2,424-2,423 region touched on Monday. The next relevant support level is anchored near the $2,412-2,410 region ahead of the $2,400 round-figure mark.
Canh Sell scalp 2485 - 2487, stoploss 2491
Canh Sell 2500 - 2502, stoploss 2506
Canh Buy scalp 2435 - 2433, stoploss 2429
Canh Buy 2426 - 2424, stoploss 2420
Gold prices attracted some follow-through selling for the second consecutive day on Wednesday and moved further away from the monthly peaks retested earlier this week. A generally positive tone around equity markets dampened demand for the safe-haven precious metal, although geopolitical tensions stemming from ongoing conflicts in the Middle East helped limit losses.
In addition, expectations of further rate cuts by the Federal Reserve, bolstered by signs of continued subdued inflation, acted as a catalyst for non-yielding gold prices. Traders also appeared reluctant to place positive bets, preferring to wait for further cues on the Fed’s policy path. As a result, the market’s focus remained on US consumer inflation data.
Technical Analysis
From a technical perspective, the recent bounce from the 50-day Simple Moving Average (SMA) support and the positive oscillators on the daily chart favor the bullish traders. Therefore, any meaningful decline can still be viewed as a buying opportunity and remains limited. Gold prices appear to be preparing to retest the record high, around the $2,483-2,484 region and target the psychological $2,500 mark. Sustained strength above the latter would mark a fresh breakout through the wider trading range maintained over the past month or so and set the stage for a further near-term upside move.
On the downside, the $2,450-2,448 resistance level now looks to protect the immediate downside, below which gold could slide back to the weekly lows around the $2,424-2,423 region touched on Monday. The next relevant support level is anchored near the $2,412-2,410 region ahead of the $2,400 round-figure mark.
Canh Sell scalp 2485 - 2487, stoploss 2491
Canh Sell 2500 - 2502, stoploss 2506
Canh Buy scalp 2435 - 2433, stoploss 2429
Canh Buy 2426 - 2424, stoploss 2420
Not
Gold is consolidating under chart resistance as falling US yields and a tense geopolitical backdrop support the metal.
Upside may be limited, however, by overextended positioning.
The precious metal is at the top of a range-bound consolidation, with the short-term trend biased to extend sideways.
Not
Gold drops below $2,460 as markets assess US inflation figures
Gold remains under modest bearish pressure and trades below $2,460 in the second half of the day on Wednesday. Although the US Dollar stays on the back foot after the July CPI data, XAU/USD finds it difficult to push higher as sentiment turns mixed.
Not
CPI increased slightly compared to the previous period while US productivity is low. Has inflation returned to the US?
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