XAUUSD OUTLOOK - August 24 2024
Following our weekly analysis, we observe the market rejection at the 2480 level but we have yet to complete our full retracement on our upside potential for our ATH. WIth that in mind, we will be looking for short targets in the initial aspects of the market open before targeting new longs and ATHs.
Fundamental Analysis:
From a fundamental perspective, several key factors are poised to influence gold prices. The Jackson Hole Symposium, where central bankers from around the world, including the U.S. Federal Reserve, gather to discuss economic policy, will be a major event this week. Any signals of dovish monetary policy from the Fed—such as a potential pause or slowdown in interest rate hikes—could weaken the U.S. dollar, making gold more attractive as a non-yielding asset. Conversely, strong economic data that supports further rate hikes could weigh on gold prices as higher rates increase the opportunity cost of holding non-yielding assets like gold.
Technical Analysis:
On the technical front, gold has shown resilience, with prices hovering near the $2,500 mark. This level has become a focal point for traders, as it represents a key psychological barrier. The current technical setup suggests a cautiously optimistic outlook for gold. Moving averages across various timeframes—5, 10, 20, 50, 100, and 200 periods—are all signaling a strong buy. This indicates that the overall trend remains bullish, with momentum on the side of the bulls.
Summary
- Market sentiment is mixed
- Movements for the week will be significantly impacted by the Jackson Hole Symposium
- Technical factors indicate good potential for ATH possibilities following a pullback.
- Short considerations at 2510s & 2520s
- Long considerations at 2460s & 2420s
Fundamental Analysis:
From a fundamental perspective, several key factors are poised to influence gold prices. The Jackson Hole Symposium, where central bankers from around the world, including the U.S. Federal Reserve, gather to discuss economic policy, will be a major event this week. Any signals of dovish monetary policy from the Fed—such as a potential pause or slowdown in interest rate hikes—could weaken the U.S. dollar, making gold more attractive as a non-yielding asset. Conversely, strong economic data that supports further rate hikes could weigh on gold prices as higher rates increase the opportunity cost of holding non-yielding assets like gold.
Technical Analysis:
On the technical front, gold has shown resilience, with prices hovering near the $2,500 mark. This level has become a focal point for traders, as it represents a key psychological barrier. The current technical setup suggests a cautiously optimistic outlook for gold. Moving averages across various timeframes—5, 10, 20, 50, 100, and 200 periods—are all signaling a strong buy. This indicates that the overall trend remains bullish, with momentum on the side of the bulls.
Summary
- Market sentiment is mixed
- Movements for the week will be significantly impacted by the Jackson Hole Symposium
- Technical factors indicate good potential for ATH possibilities following a pullback.
- Short considerations at 2510s & 2520s
- Long considerations at 2460s & 2420s
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