XAUSD ANALYSIS 9-8-24 #SEMS #GOLD

Federal Reserve Outlook:
• Market speculation continues to mount over potential aggressive easing by the U.S. Federal Reserve. Concerns over an economic slowdown persist, leading to expectations of a significant rate cut in September.
• The CME Group's FedWatch Tool indicates a 75% probability of a 50 basis point rate cut at the Fed's next meeting. Major brokerages echo this sentiment, anticipating a substantial easing move.
• Although worries of a U.S. recession have diminished, traders remain focused on the Fed’s September meeting, with the likelihood of a 50 basis point cut now at 63.5%, down from 68% the previous day.
Looking Ahead:
• Traders will be closely monitoring the situation in the Middle East, as any escalation, particularly from Iran or Hezbollah, could further drive gold prices upward.
• The release of weekly U.S. jobless claims data will also be a focal point, offering fresh insights into the labor market and its impact on the U.S. Dollar and gold.
These developments highlight a complex interplay of geopolitical risks and economic factors, all of which are contributing to a challenging environment for the U.S. Dollar as market participants navigate through heightened uncertainty.

Gold’s Record Highs Halt Purchases by China’s Central Bank
The People’s Bank of China abstained from purchasing gold for the third consecutive month in July, following the precious metal’s climb to record highs.
Official data released on Wednesday confirmed that the central bank’s gold reserves remained unchanged at 72.8 million ounces at the end of July. This marks a pause in activity after an 18-month buying spree, which was halted in May, leaving China’s bullion holdings steady for three months running.

🚨 XAUUSD (Spot Gold) 🔖 9-8-2024🚨
Sell at: $2436-$2452-$2472
Buy at: $2375-$2355-$2340