GOLD MARKET ANALYSIS AND COMMENTARY - [26 August - 30 August]

25 août

This week, international XAUUSD continued to increase quite strongly from 2,485 USD/oz to 2,531 USD/oz. After that, the gold price dropped to 2,470 USD/oz, then increased to 2,518 USD/oz and closed at 2,512 USD/oz.

Gold prices continued to rise sharply this week because FED Chairman Powell signaled his readiness to cut interest rates in the upcoming meetings at the Jackson Hole Conference. Mr. Powell said that it is time for interest rates to be adjusted downward to support economic recovery. Although Mr. Powell did not specify a specific timeline or scale of interest rate cuts in upcoming meetings, he emphasized that FED officials are laying the foundation for looser monetary policy.

In the context that the FED will certainly cut interest rates in the upcoming meeting, many experts believe that short-term gold prices may continue to increase even higher. However, it may be difficult for gold prices to avoid times when investors take profits, causing gold prices to have downward corrections.

Next week, the gold market will focus on the Personal Consumption Expenditure Index (PCE) for July; GDP in the second quarter; Consumer confidence... In particular, PCE is expected to increase only 0.2%; GDP remains at 2.8% as initially forecast. If as predicted, these data will not have much impact on gold prices next week.

📌Technically, technical indicators are still showing an upward trend in gold prices in the short term. Accordingly, the important support level for gold prices next week is at 2,470 USD/oz. Meanwhile, if it exceeds 2,530 USD/oz, next week's gold price will widen its path towards the 2,590-2,600 USD/oz range.
The trading plan for next week will be to sell around the 2590 mark and buy if the price drops to 2442.

Notable technical levels are listed below.
Support: 2.470USD
Resistance: 2.600 – 2.530USD

SELL XAUUSD PRICE 2591 - 2589⚡️
↠↠ Stoploss 2595

BUY XAUUSD PRICE 2441 - 2443⚡️
↠↠ Stoploss 2437

25 août

Note

The comments of the Chairman of the US Federal Reserve (Fed) further reinforced the strong belief that the Fed will cut interest rates in the near future, causing the USD price in the international market to drop dramatically last week (19-23). /August 2024).

On the international market, the DXY index plummeted 1.72 points after 1 week, to 100.68 points. This is also the lowest price of the USD since mid-July last year.

26 août

Note

26 août

Note

The dollar index witnessed a clear decline during Monday's trading, and the dollar index fell to touch the 100.53-point level, recording its lowest levels since July 20, 2023, after the pessimistic statements of the US Federal Reserve Governor Jerome Powell led to increasing expectations of starting to cut interest rates at the September meeting.

26 août

Note

According to data from the US Department of Commerce, the value of core goods orders fell 0.1% last month after increasing 0.5% in June. The data is not adjusted for inflation. Durable goods orders rose 9.9%. Excluding transportation equipment, orders fell 0.2%.

27 août

Note

The world gold price maintains a good price range of over 2,500 USD/oz and is not far from the all-time record, thanks to the possibility that the US Federal Reserve (Fed) may cut interest rates in less than 1 month. A major US bank recommends investors buy gold, emphasizing the net buying trend of gold by central banks and the high profitability of this precious metal this year.

27 août

Note

Gold prices firmed on Monday, nearing its recent record high, amid solid bets of a September interest-rate cut following dovish signals from Federal Reserve Chair Jerome Powell and safe-haven demand due to geopolitical risks in the Middle East.

27 août

Note

Knot offered no new information on its policy stance. The market is currently pricing in a 100% chance that the ECB will cut interest rates in September and a total of 64 basis points cut by the end of the year.

28 août

Note

Gold prices fell slightly on Tuesday (August 27), consolidating near the record high reached last week, as investors sought clarity on the scale of the Fed's upcoming interest rate cuts. The US Federal Reserve (Fed) before the inflation report released this week.

28 août

Note

Gold prices slipped on Wednesday as the dollar ticked up, while investors awaited a key U.S. inflation report due this week for more clarity on the size of a likely September rate cut.

28 août

Note

Gold peaked, approaching $2,530 during the Asian session, but then retraced all of its gains this week and extended its decline below $2,500.

29 août

Note

The dollar rallied 0.48% on Wednesday, perhaps as short sellers were liquidating their positions ahead of key data releases on Thursday and Friday.