XAUUSD: Large resistance zone . Will it turn around?
Gold price struggles to gain any meaningful traction on the first day of a new week and remains confined in a narrow band around the 100-day Simple Moving Average (SMA) through the Asian session. The XAU/USD currently trades just above the $1,960 level, nearly unchanged for the day, as traders keenly await this week's key central bank event risks before positioning for a firm near-term direction.
The Federal Reserve (Fed) will announce the outcome of its two-day policy meeting on Wednesday and is expected to hike interest rates by 25 basis points (bps). Investors are also betting that the Fed will signal an that its is coming close to the end of the current rate-hiking cycle. That said, doubts that the Fed will commit to a more dovish policy stance assists the US Dollar (USD) to preserve its goodish recovery gains from the lowest level since April 2022 touched last week and acts as a headwind for the Gold price. Hence, the market focus will be on the accompanying monetary policy statement and Fed Chair Jerome Powell's comments during the post-meeting press conference.
This will be followed by the European Cetnral Bank (ECB) meeting on Thursday. The broader consensus is that the ECB will again raise borrowing costs by 25 bps and reiterate its committement to continue the current hiking cycle to contain stubbornly high inflation, which is anticipated to stay above the 2% target through the end of 2025. The prospects for further policy tightening by the Fed and the ECB turn out to be another factor capping the upside for the non-yielding Gold price. That said, any meaningful slide for the XAU/USD seems elusive in the wake of growing concerns over slowing economic growth in China, the worsening US-China trade ties and geopolitical risks.
XAUUSD
BUY 1959- 1961💯💯
✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1953
The Federal Reserve (Fed) will announce the outcome of its two-day policy meeting on Wednesday and is expected to hike interest rates by 25 basis points (bps). Investors are also betting that the Fed will signal an that its is coming close to the end of the current rate-hiking cycle. That said, doubts that the Fed will commit to a more dovish policy stance assists the US Dollar (USD) to preserve its goodish recovery gains from the lowest level since April 2022 touched last week and acts as a headwind for the Gold price. Hence, the market focus will be on the accompanying monetary policy statement and Fed Chair Jerome Powell's comments during the post-meeting press conference.
This will be followed by the European Cetnral Bank (ECB) meeting on Thursday. The broader consensus is that the ECB will again raise borrowing costs by 25 bps and reiterate its committement to continue the current hiking cycle to contain stubbornly high inflation, which is anticipated to stay above the 2% target through the end of 2025. The prospects for further policy tightening by the Fed and the ECB turn out to be another factor capping the upside for the non-yielding Gold price. That said, any meaningful slide for the XAU/USD seems elusive in the wake of growing concerns over slowing economic growth in China, the worsening US-China trade ties and geopolitical risks.
XAUUSD
BUY 1959- 1961💯💯 ✅ TP1: 1965
✅ TP2: 1970
✅ TP3: 1975
🛑 SL: 1953
Yorum:
Running . +20pips ✅✅✅
Yorum:
+40 pips . Move SL to Entry ✅✅✅
Yorum:
+50PIPS ✅✅✅
