XAU USD

This week promises to be a big one for the markets with lots of data, central bank meetings and company earnings to come. For gold, most of the attention will be on the FOMC rate announcement on Wednesday and the July jobs report on Friday.

Gold and silver have been on the rise in the last couple of days, recovering from weakness earlier in the week. Once again, gold has risen alongside equity markets, suggesting the recovery is not entirely driven by haven flows amid uncertainty surrounding the upcoming French snap elections, which appears to have only impacted the local stock and bond, as well as regional, markets.

Gold has been extremely bullish since last October’s open and as the Fed’s retained a dovish stance the yellow metal has forced a massive breakout. The big question now is whether it can continue.

Soft inflation figures from Canada and a poll of economists backing a June Fed cut sent gold higher on Wednesday, as traders refreshed their dovish bets. Crude oil has also faltered once more at a key resistance area.

Gold has been resilient so far in 2024 even as USD strength re-appeared. The big question now is whether bulls can find a more favorable outcome on tests of resistance at $2,032 or $2,050.

The U.S. Dollar set another fresh high yesterday, extending the bullish structure that’s priced in so far this year.

The U.S. Dollar broke out and set another fresh 2024 high this morning as the currency continues to claw back Q4 losses.

Gold is currently down -1.8% in January, and I see further downside potential due to the growing case for a stronger US dollar. But that doesn’t mean gold will fall against everything by the same degree, if at all.

The focus shifts to the Fed next week, with the big question as what the bank sees on the horizon for the rest of the year. US data has remained hot but there are minimal expectations for any actual moves next week.

Gold prices are testing a massive spot of support above the 1900 handle, even as the US Dollar jumps to fresh highs. Can gold bulls turn a support test into a swing?

The US Dollar is holding near resistance ahead of high-impact data, with tomorrow’s CPI release followed by the Thursday ECB rate decision, and then next week’s FOMC meeting.

Despite competing with the strength of the dollar, gold has been trading higher against all other major currencies since its low in August. This could suggest that gold is acting as a safe haven, even if it is not immediately obvious from the XAU/USD chart.

The US Dollar has set a fresh five month high this morning and this is despite the fact that bears had an open door to push a pullback last week but couldn’t make much ground below support. EUR/USD remains in the spotlight, but the big question now is whether USD-strength well begin to impact Gold or the S&P 500’s bullish trends.

The US Dollar is snapping back after negative data prints early in the session, and this highlights the PCE and NFP releases on the economic calendar for later this week.

The US Dollar has been holding on to a strong bullish move and this week’s big event is the speech from FOMC Chair Jerome Powell on Friday morning. US rates are continuing to run as worries build around China and yield curve normalization may not be a bullish factor for stocks as we’ve seen so far in August.

Gold prices are trading at a fresh five-month low today as prices have broken through the $1,900/oz mark. US Dollar bulls are running trends across a number of markets, but might they relent for long enough to allow gold prices to put in a pull back?

Hawkish FOMC minutes caught markets by surprise which saw US bond yields and the USD continue to rise and sending Wall Street lower for a second day. Whilst spot gold closed beneath 1900, futures have not - so perhaps support awaits). USD/JPY is soaring higher despite a warning from the MOF. And now the ASX reached my first bearish target, I’m now wondering if it can it reach for the second.