๐๐จ๐ฅ๐ ๐๐ซ๐ข๐๐๐ฌ ๐
๐๐ฅ๐ฅ๐ฌ ๐ฌ๐ก๐๐ซ๐ฉ๐ฅ๐ฒ. ๐๐๐ง ๐ ๐ซ๐๐๐จ๐ฏ๐๐ซ ๐ฆ๐ฒ ๐ฅ๐จ๐ฌ๐ฌ๐๐ฌ?
Short-term forex forecast for Gold (XAU/USD) is leaning bearish to neutral after a sharp 3% fall to finish the week at $4,455.02. The market is digesting hawkish signals from Federal Reserve Chair Kevin Warsh, which is lifting the US Dollar (DXY) and pushing bond yields higher. As forex markets are closed on weekends, these metrics of a Friday close are the opening anchor for the next.
๐๐จ๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
The โWarshโ Effect: Fed Chair Kevin Warshโs remarks, which showed a laser-like focus on combating inflation, have brought money markets to price in a possible interest rate hike. The higher the interest rates, the higher the opportunity cost of holding non-yielding gold, which creates an immediate selling pressure.
Macroeconomic Data in Focus: Traders are turning their attention to the upcoming US labor data, manufacturing/services PMI and September inflation numbers. These indicators will either solidify the Fedโs hawkish tone or provide an opportunity for gold to recover.
Long Term Bullish Floor The pullback is immediate, but broader fundamentals remain constructive. Long-term asset managers are likely to remain buyers on deeper dips, given concerns about US fiscal sustainability, ballooning national debt and strong buying by central banks.
๐๐ซ๐๐๐ข๐ง๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค & ๐๐ญ๐ซ๐๐ญ๐๐ ๐ฒ ๐๐๐๐ซ๐ข๐ฌ๐ก ๐๐๐๐ง๐๐ซ๐ข๐จ: If XAU/USD does not manage to get back above the $4,500 balance area, sellers will likely push the commodity lower toward the $4,410 support area. Bullish Scenario: Buyers need a sustained daily close back above $4,550 - $4,600 to regain control. The move could see momentum shift back toward the major resistance line at $4,700. #XAU $XAUT #Binance
Short-term forex forecast for Gold (XAU/USD) is leaning bearish to neutral after a sharp 3% fall to finish the week at $4,455.02. The market is digesting hawkish signals from Federal Reserve Chair Kevin Warsh, which is lifting the US Dollar (DXY) and pushing bond yields higher. As forex markets are closed on weekends, these metrics of a Friday close are the opening anchor for the next.
๐๐จ๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
The โWarshโ Effect: Fed Chair Kevin Warshโs remarks, which showed a laser-like focus on combating inflation, have brought money markets to price in a possible interest rate hike. The higher the interest rates, the higher the opportunity cost of holding non-yielding gold, which creates an immediate selling pressure.
Macroeconomic Data in Focus: Traders are turning their attention to the upcoming US labor data, manufacturing/services PMI and September inflation numbers. These indicators will either solidify the Fedโs hawkish tone or provide an opportunity for gold to recover.
Long Term Bullish Floor The pullback is immediate, but broader fundamentals remain constructive. Long-term asset managers are likely to remain buyers on deeper dips, given concerns about US fiscal sustainability, ballooning national debt and strong buying by central banks.
๐๐ซ๐๐๐ข๐ง๐ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค & ๐๐ญ๐ซ๐๐ญ๐๐ ๐ฒ ๐๐๐๐ซ๐ข๐ฌ๐ก ๐๐๐๐ง๐๐ซ๐ข๐จ: If XAU/USD does not manage to get back above the $4,500 balance area, sellers will likely push the commodity lower toward the $4,410 support area. Bullish Scenario: Buyers need a sustained daily close back above $4,550 - $4,600 to regain control. The move could see momentum shift back toward the major resistance line at $4,700. #XAU $XAUT #Binance