The price of gold edged upwards in a similar pricing range, remaining beneath the 50-day Simple Moving Average
the price of gold has shown little swings lately in sessions of trading and has not fluctuated much over the two weeks prior. With values drifting between highs and lows without any discernible pattern. Nevertheless, events could shift in the days ahead. owing to a significant impact occasion in the US economic timetable. – The Fed’s announcement on Wed.
Key Highlights
The rise in international disputes in the region of the Middle East provides a little cushion for the precious metal’s price.
Falling US bond yields support the XAUUSD, but a strong US dollar limits the gain.
Investors were cautious before of the critical FOMC policy-making session.
XAUUSD Current Trading Level – 2029 USD
The value of gold begins the start of the week on a bullish observe. But it fails to consolidate on its recent gains and stays beneath the 50 D-SMA. Markets currently appear hesitant and prefer to watch for additional clues about whenever the U.S Fed starts decreasing rates prior to taking new directing predictions. As a result, the conclusion of the eagerly awaited FOMC central bank policy conference, which begins on Tuesday, is going to be the main objective.
If Chairman Powell adopts a softer stance and shows that talks on the broad requirements for rate reductions. Remain progressing and are progressing farther than at the last meeting. investors ought to prepare themselves for a dramatic drop in treasury rates. Which could increase the price of gold.
The contrary also holds true. Should the FOMC chairman decides to ignore market expectations for substantial reductions in rate. while extend the duration of an initial drop, rates are likely to rise. Strengthening the USD. While dragging on metals of value. Nevertheless, considering Powell’s turn this past month, this possibility appears far less probable to occur.
Gold (XAUUSD) Technical Analysis
Following falling to several-week minimums the preceding week. Gold has recovered somewhat, though values remain caught within trend line barrier near $2,030 with vertical supports at $2,005 mark. Showing an ongoing consolidation tendency. As a large shift in trajectory to take place in days to come, one of either of these boundaries ought to be removed.
A level of resistance breakdown might boost XAUUSD to $2,065 mark. With more power, the bullish could start an attack on $2,080 level. For this scenario of the support break, we might witness a pullback towards $1,990 level, then $1,975. Continuing decline from here may put the 200 D-SMA within contention. Trend – Bullish.
Daily – Technical Indicators & Signals
| Name | Value | Action |
| RSI(14) | 54.450 | Neutral |
| STOCH(9,6) | 46.943 | Neutral |
| STOCHRSI(14) | 92.625 | Overbought* Caution |
| MACD(12,26) | -2.960 | Sell |
| ADX(14) | 20.695 | Buy |
| Williams %R | -34.597 | Buy |
| Name | Value | Action |
| CCI(14) | 59.6701 | Buy |
| ATR(14) | 21.6964 | Less Volatility |
| Highs/Lows(14) | 2.0072 | Buy |
| Ultimate Oscillator | 43.494 | Sell |
| ROC | 1.298 | Buy |
| Bull/Bear Power(13) | 19.3860 | Buy |
Gold – Daily Pivots
Jan 29, 2024
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 2026.20 | 2031.70 | 2036.05 | 2041.55 | 2045.90 | 2051.40 | 2055.75 |
| Fibonacci | 2031.70 | 2035.46 | 2037.79 | 2041.55 | 2045.31 | 2047.64 | 2051.40 |
| Camarilla | 2037.69 | 2038.59 | 2039.50 | 2041.55 | 2041.30 | 2042.21 | 2043.11 |
| Woodie’s | 2025.62 | 2031.41 | 2035.47 | 2041.26 | 2045.32 | 2051.11 | 2055.17 |
| DeMark’s | – | – | 2038.80 | 2042.92 | 2048.65 | – | – |
