GOLD steadies as Powell and Fed shake up trading day today

26 sept.

XAUUSD is still trading quite stable in the early Asian session today (September 26) with both fundamental and technical uptrends being maintained. Currently, the gold price is around 2,660 USD/oz. This trading day, gold traders will focus on Federal Reserve Chairman Powell's speech, which is expected to cause major fluctuations in gold prices.

Traders await Federal Reserve Chairman Jerome Powell's speech and US PCE inflation data for more details on the direction of interest rate policy.
Today (Thursday), Federal Reserve Chairman Powell will pre-record a video to deliver the opening address of the New York Fed's 2024 Treasury Markets Meeting.
Last Wednesday local time, the Federal Reserve announced a 50 basis point interest rate cut. Federal Reserve Chairman Powell said in a press conference that the 50 basis point rate cut “is not a new pace of rate cuts.”
In addition to Powell, several key Fed officials spoke today (Thursday).
Today (Thursday), Fed Governor Bowman will give a speech on the economic outlook and monetary policy today (Thursday), New York Fed President Williams will give a speech; Fed Governor Barr will also speak at the same time.
In terms of US economic data, on Friday the US Bureau of Economic Analysis will release the August personal consumption expenditures (PCE) price index, which is the Federal Reserve's preferred measure of inflation. state. So this data needs to be closely watched and it is expected to bring significant volatility in the financial markets as a whole.

Analysis of technical prospects for XAUUSD
On the daily chart, gold's upward momentum is temporarily limited by the $2,672 level, the resistance point noted by readers in previous publications.

However, the trend and technical structure remain unchanged, still leaning completely towards the uptrend with the price channel as the short-term trend and EMA21 as the most important support.

However, the price increase is slowing down combined with the Relative Strength Index (RSI) being at the peak of the overbought area, showing that there is not much room for price increases and is consistent with the expectation of a downward adjustment without change the trend.

In the immediate future, gold may adjust down to 2,645 USD, the price point of the 0.786% Fibonacci extension or more than the 0.618% Fibonacci level. It must be noted that a correction is different from a long-term trend, because the main trend of gold prices is bullish so open positions taking advantage of the possibility of a correction should also be closed in the short term.

During the day, the uptrend with the expectation of a correction in gold prices will be noticed by the following levels.
Support: 2,645 – 2,624USD
Resistance: 2,672USD

SELL XAUUSD PRICE 2691 - 2689⚡️
↠↠ Stoploss 2694

→Take Profit 1 2684
↨
→Take Profit 2 2679

BUY XAUUSD PRICE 2607 - 2609⚡️
↠↠ Stoploss 2603

→Take Profit 1 2614
↨
→Take Profit 2 2619

28 sept.

Note

28 sept.

Note

After many consecutive trading sessions setting new peaks, the world gold market today showed signs of slowing down. However, the overall growth trend is still maintained thanks to strong expectations that the Fed will continue to adjust interest rates down.

29 sept.

Note

Faced with the reality of gold scarcity in the world, experts predict that gold prices have a lot of room to grow in the near future, possibly even reaching 3,000 USD/ounce.

Since the beginning of the third quarter until now, gold prices have increased 14%. This is the highest increase in a quarter since the beginning of 2016 until now. Overall, from the beginning of 2024 until now, gold prices have increased by 29%, marking the highest increase in the past 14 years.

29 sept.

Note

Gold prices increased to a record level, helping many gold buyers win big. According to Gold Price, people who bought gold and held it for the past 6 months are earning more than 400 USD/ounce. Those who bought gold and held it for the past year are earning about 700 USD/ounce.

30 sept.

Note

However, the problem that many investors and experts are concerned about right now is that the gold price is deep in the overbought zone, clearly shown through the MACD, RSI... Therefore, the possibility of pressure cannot be ruled out. Profit taking will increase again, causing gold prices to suffer another correction next week at the current high price range.

30 sept.

Note

During the US session, Fed Chairman Powell is expected to give a speech on the economic outlook at the 66th annual meeting of the National Association for Business Economics. Most likely, he will not give any new information compared to the previous press conference because he has not yet announced a new CPI or NFP report. So this speech may be notable but probably won't make a big impact.

30 sept.

Note

Gold continued to adjust sharply downward at the beginning of the week and bottomed at 2,630 USD/oz during the session. Profit-taking ahead of China's long holiday and cautious market sentiment appear to be putting pressure on XAU/USD as the market awaits Fed Chairman Powell's speech.

1 oct.

Note

The stimulus package announced by the People's Bank of China (PBoC) continues to have positive effects. The rise of the Chinese stock market may also affect gold prices due to more attractive yields. Gold is still in extreme overbought territory, so further upside may be hampered.