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🚀 Gold is expected to reach new highs
Gold (XAU) continued to rise after a minor correction last week, and the pair may now increase towards historical highs. The price has approached the resistance level at $2,760.
Two factors support XAUUSD: the upcoming U.S. presidential election and geopolitical tensions in the Middle East. Uncertainty surrounding the election may further strengthen gold's role as a safe-haven asset during times of instability. The Federal Reserve (Fed) will also announce its interest rate decision next week. Markets anticipate potential positive economic data that may lead to a more accommodative monetary policy from the regulator. Investors believe that gold prices will continue to receive support and that the interest rate may decrease by 25 basis points. According to the CME FedWatch Tool, the probability of a 25-basis-point reduction is approximately 98%.
As for the current geopolitical situation, the active phase of the Middle East conflict remains unchanged, and there is no certainty when the conflict will end. Israel continues to launch airstrikes in the eastern Bekaa Valley of Lebanon, resulting in casualties.
XAUUSD will likely continue rising today. If the pair breaks above the resistance level at $2,760, it may continue growing towards $2,788 and higher.
Gold (XAU) continued to rise after a minor correction last week, and the pair may now increase towards historical highs. The price has approached the resistance level at $2,760.
Two factors support XAUUSD: the upcoming U.S. presidential election and geopolitical tensions in the Middle East. Uncertainty surrounding the election may further strengthen gold's role as a safe-haven asset during times of instability. The Federal Reserve (Fed) will also announce its interest rate decision next week. Markets anticipate potential positive economic data that may lead to a more accommodative monetary policy from the regulator. Investors believe that gold prices will continue to receive support and that the interest rate may decrease by 25 basis points. According to the CME FedWatch Tool, the probability of a 25-basis-point reduction is approximately 98%.
As for the current geopolitical situation, the active phase of the Middle East conflict remains unchanged, and there is no certainty when the conflict will end. Israel continues to launch airstrikes in the eastern Bekaa Valley of Lebanon, resulting in casualties.
XAUUSD will likely continue rising today. If the pair breaks above the resistance level at $2,760, it may continue growing towards $2,788 and higher.
📊 Gold awaits the U.S. election results
Gold (XAU) continues to decline after reaching new highs on Monday. After rebounding from $2,790, its price has fallen by more than $50.
XAUUSD has been moving within a narrow range over the past few days. Investors have been hesitant to open positions before the U.S. presidential election and the upcoming Federal Reserve (Fed) meeting later this week. Based on polling, Republican nominee Donald Trump and Democratic nominee Kamala Harris appear to be running closely matched, creating uncertainty for investors. According to analysts, gold prices are expected to rise regardless of which candidate becomes president, as both have policies to increase spending rather than reduce it.
Also, the Fed interest rate decision this Thursday and the following Press Conference with comments from Chairman Jerome Powell will affect the Forex market. According to the CME's FedWatch Tool, markets anticipate a 25-basis-point (bps) decrease this week, the second rate cut this year. Still, the regulator may decide to leave the base rate unchanged at the current level, but it's unlikely to impact the market significantly.
Currently, XAUUSD is expected to continue moving in a narrow range of $2,730–$2,745, awaiting the U.S. election, with no increased volatility anticipated. The upcoming election results and Fed interest rate decision create uncertainty for markets.
Gold (XAU) continues to decline after reaching new highs on Monday. After rebounding from $2,790, its price has fallen by more than $50.
XAUUSD has been moving within a narrow range over the past few days. Investors have been hesitant to open positions before the U.S. presidential election and the upcoming Federal Reserve (Fed) meeting later this week. Based on polling, Republican nominee Donald Trump and Democratic nominee Kamala Harris appear to be running closely matched, creating uncertainty for investors. According to analysts, gold prices are expected to rise regardless of which candidate becomes president, as both have policies to increase spending rather than reduce it.
Also, the Fed interest rate decision this Thursday and the following Press Conference with comments from Chairman Jerome Powell will affect the Forex market. According to the CME's FedWatch Tool, markets anticipate a 25-basis-point (bps) decrease this week, the second rate cut this year. Still, the regulator may decide to leave the base rate unchanged at the current level, but it's unlikely to impact the market significantly.
Currently, XAUUSD is expected to continue moving in a narrow range of $2,730–$2,745, awaiting the U.S. election, with no increased volatility anticipated. The upcoming election results and Fed interest rate decision create uncertainty for markets.
GOLD‼️
The Federal Reserve will announce its interest rate decision this Thursday at 7:00 pm UTC. The Fed's decision and latest statement may surprise the market, resulting in above-normal volatility.
Traders expect the Fed to cut its base interest rate by 25 basis points. However, the market usually moves not because of the decision but because of the new details in the FOMC Statement and during the press conference due at 7:30 pm UTC. Should the Fed downgrade its economic forecast and hint that more rate cuts are coming, XAUUSD will rise. If the FOMC Statement includes better economic assessments and makes hawkish statements or sounds less dovish than the market expects, XAUUSD may drop significantly.
XAUUSD is in a long-term uptrend, so it is recommended that you look for buying opportunities. Consider placing pending buy limit orders on XAUUSD in case of a bearish reaction to the Fed's decision. In the event of a bullish reaction, consider placing pending buy-stop orders on XAUUSD. Monitor the XAUUSD levels of 2,710 and 2,684 for potential support and 2,750 and 2,775 for potential resistance. A break below 2,710 would open the way towards 2,684. Conversely, a break above 2,750 would allow bulls to target the next level near 2,775 and new all-time highs.
The Federal Reserve will announce its interest rate decision this Thursday at 7:00 pm UTC. The Fed's decision and latest statement may surprise the market, resulting in above-normal volatility.
Traders expect the Fed to cut its base interest rate by 25 basis points. However, the market usually moves not because of the decision but because of the new details in the FOMC Statement and during the press conference due at 7:30 pm UTC. Should the Fed downgrade its economic forecast and hint that more rate cuts are coming, XAUUSD will rise. If the FOMC Statement includes better economic assessments and makes hawkish statements or sounds less dovish than the market expects, XAUUSD may drop significantly.
XAUUSD is in a long-term uptrend, so it is recommended that you look for buying opportunities. Consider placing pending buy limit orders on XAUUSD in case of a bearish reaction to the Fed's decision. In the event of a bullish reaction, consider placing pending buy-stop orders on XAUUSD. Monitor the XAUUSD levels of 2,710 and 2,684 for potential support and 2,750 and 2,775 for potential resistance. A break below 2,710 would open the way towards 2,684. Conversely, a break above 2,750 would allow bulls to target the next level near 2,775 and new all-time highs.
🔽Gold continues to fall
Gold (XAU) declined by over 2.4% yesterday, settling near the $2,600 support level. Experts believe this correction could lead to a further decrease.
Traders expect the U.S. Federal Reserve (Fed) to soften its stance on interest rates, given that Donald Trump's policies may drive economic growth and inflation. The decline in gold prices paused around $2,600 as investors worry that the new President's protectionist policies could impact the global economy, increasing demand for safe-haven assets like gold. However, growth prospects for gold remain limited due to the continued strengthening of the U.S. dollar (USD). Traders are also cautious ahead of the upcoming U.S. Consumer Inflation report and remarks from key Federal Open Market Committee (FOMC) members.
Meanwhile, the U.S. dollar hit new highs after Trump's election victory, prompting significant gold sales on Monday. Minneapolis Fed President Neel Kashkari noted that the Fed would need more evidence of inflation reaching its 2% target before considering further rate cuts. Traders are waiting for statements from FOMC members, including Fed Chair Jerome Powell, who may offer insights on the future direction of interest rates. According to the CME Group FedWatch Tool, there is a 65% chance of a 25-basis-point (bps) rate cut at the next Fed meeting.
In the short term, XAUUSD may continue its decline, potentially breaking below the $2,600 support level and reaching $2,575. Investors are currently closing their positions in gold in favour of riskier assets.
Gold (XAU) declined by over 2.4% yesterday, settling near the $2,600 support level. Experts believe this correction could lead to a further decrease.
Traders expect the U.S. Federal Reserve (Fed) to soften its stance on interest rates, given that Donald Trump's policies may drive economic growth and inflation. The decline in gold prices paused around $2,600 as investors worry that the new President's protectionist policies could impact the global economy, increasing demand for safe-haven assets like gold. However, growth prospects for gold remain limited due to the continued strengthening of the U.S. dollar (USD). Traders are also cautious ahead of the upcoming U.S. Consumer Inflation report and remarks from key Federal Open Market Committee (FOMC) members.
Meanwhile, the U.S. dollar hit new highs after Trump's election victory, prompting significant gold sales on Monday. Minneapolis Fed President Neel Kashkari noted that the Fed would need more evidence of inflation reaching its 2% target before considering further rate cuts. Traders are waiting for statements from FOMC members, including Fed Chair Jerome Powell, who may offer insights on the future direction of interest rates. According to the CME Group FedWatch Tool, there is a 65% chance of a 25-basis-point (bps) rate cut at the next Fed meeting.
In the short term, XAUUSD may continue its decline, potentially breaking below the $2,600 support level and reaching $2,575. Investors are currently closing their positions in gold in favour of riskier assets.
Gold price shows more rise to trade above the main bullish trend lien again, to head towards regaining the bullish trend and stop the recently suggested correctional bearish scenario, targeting visiting 2655.00$ followed by 2710.00$ levels as next positive stations.
Therefore, we expect to witness more rise in the upcoming sessions, taking into consideration that failing to consolidate above 2615.55$ will stop the expected rise and push the price to decline again, as the first correctional target is located at 2513.00$.
The expected trading range for today is between 2610.00$ support and 2645.00$ resistance.
Therefore, we expect to witness more rise in the upcoming sessions, taking into consideration that failing to consolidate above 2615.55$ will stop the expected rise and push the price to decline again, as the first correctional target is located at 2513.00$.
The expected trading range for today is between 2610.00$ support and 2645.00$ resistance.
📊 Gold rises on geopolitical risks
Gold (XAU) has been rising for three consecutive days, gaining 0.69% yesterday.
Geopolitical risks linked to the Russia-Ukraine conflict remain a key driver of gold's upward trend. Tensions escalated when Ukraine got permission to use long-range missiles, and, in response, Russian President Vladimir Putin lowered the nuclear strike threshold, boosting demand for gold. A weaker U.S. dollar (USD) further supported the bullish trend in XAUUSD.
In the U.S., investor sentiment suggests that expansionary policies proposed by President-elect Donald Trump may lead to increased inflation and force the Federal Reserve (Fed) to stop reducing interest rates. A member of the Fed Board of Governors, Lisa Cook, warned that a slowdown in inflation decline could lead to a pause in further rate reductions. Another Fed member, Michelle Bowman, said that progress in combating inflation has slowed and that the central bank should adopt a cautious approach to monetary policy. According to CME Group's FedWatch Tool, there is a 50% chance that the Fed won't reduce interest rates in December.
XAUUSD was testing the $2,650 resistance level and continued rising during the Asian session, reaching a 1.5-week high. If the pair manages to hold above the resistance, it could rise further towards $2,700 or higher. Alternatively, if the price pulls back from the resistance, a sideways movement may be expected.
Gold (XAU) has been rising for three consecutive days, gaining 0.69% yesterday.
Geopolitical risks linked to the Russia-Ukraine conflict remain a key driver of gold's upward trend. Tensions escalated when Ukraine got permission to use long-range missiles, and, in response, Russian President Vladimir Putin lowered the nuclear strike threshold, boosting demand for gold. A weaker U.S. dollar (USD) further supported the bullish trend in XAUUSD.
In the U.S., investor sentiment suggests that expansionary policies proposed by President-elect Donald Trump may lead to increased inflation and force the Federal Reserve (Fed) to stop reducing interest rates. A member of the Fed Board of Governors, Lisa Cook, warned that a slowdown in inflation decline could lead to a pause in further rate reductions. Another Fed member, Michelle Bowman, said that progress in combating inflation has slowed and that the central bank should adopt a cautious approach to monetary policy. According to CME Group's FedWatch Tool, there is a 50% chance that the Fed won't reduce interest rates in December.
XAUUSD was testing the $2,650 resistance level and continued rising during the Asian session, reaching a 1.5-week high. If the pair manages to hold above the resistance, it could rise further towards $2,700 or higher. Alternatively, if the price pulls back from the resistance, a sideways movement may be expected.
Gold price opens today’s trading with clear positivity to approach 2700.00$ barrier, reinforcing the expectations of continuing the bullish trend on the intraday and short-term basis, and the way is open to achieve our next waited target at 2710.00$, which breaching it represents the key to continue the rise to visit the recently recorded historical high at 2790.00$.
Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 2665.00$ will stop the bullish rally and push the price to decline and head to test the main bullish trend line around 2628.00$ before any new attempt to rise.
The expected trading range for today is between 2675.00$ support and 2715.00$ resistance.
Trend forecast: Bullish
Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 2665.00$ will stop the bullish rally and push the price to decline and head to test the main bullish trend line around 2628.00$ before any new attempt to rise.
The expected trading range for today is between 2675.00$ support and 2715.00$ resistance.
Trend forecast: Bullish
🚀 Bitcoin is approaching the $100,000 level
Yesterday, Bitcoin (BTC) rose sharply by 4.29%, reaching an all-time high of $99,000. Today, the upward trend continued in the Asia session, with the price approaching the psychological level of $100,000.
The recent victory of Donald Trump in the U.S. presidential election has significantly boosted the appeal of Bitcoin. Previously, Trump had been known for his scepticism towards cryptocurrencies, but he has since changed his stance. He pledged to turn the U.S. into a global hub for blockchain technology and digital assets. His administration has outlined potential policies that could benefit the crypto industry, including tax incentives, clearer regulations, and the potential creation of a U.S. strategic Bitcoin reserve.
Institutional investors, such as hedge funds and asset management companies, are increasing their bitcoin reserves. This positive development indicates growing confidence in the cryptocurrency. Experts have revised their price forecasts, with some predicting that bitcoin could reach $120,000 by early 2025. The recent increase in BTC value has coincided with a halving event—a pre-determined reduction in the rewards paid to miners for verifying transactions. Halvings occur approximately every four years, reducing the rate at which new Bitcoins enter circulation. This decreases the number of newly created BTC, potentially leading to further price appreciation.
Considering all factors, Bitcoin may reach $100,000 in the near future. If the price breaks through this psychological barrier and continues to rise, we may see it reaching $120,000 or higher. Still, a correction from the current level towards around $90,000 is also possible.
Yesterday, Bitcoin (BTC) rose sharply by 4.29%, reaching an all-time high of $99,000. Today, the upward trend continued in the Asia session, with the price approaching the psychological level of $100,000.
The recent victory of Donald Trump in the U.S. presidential election has significantly boosted the appeal of Bitcoin. Previously, Trump had been known for his scepticism towards cryptocurrencies, but he has since changed his stance. He pledged to turn the U.S. into a global hub for blockchain technology and digital assets. His administration has outlined potential policies that could benefit the crypto industry, including tax incentives, clearer regulations, and the potential creation of a U.S. strategic Bitcoin reserve.
Institutional investors, such as hedge funds and asset management companies, are increasing their bitcoin reserves. This positive development indicates growing confidence in the cryptocurrency. Experts have revised their price forecasts, with some predicting that bitcoin could reach $120,000 by early 2025. The recent increase in BTC value has coincided with a halving event—a pre-determined reduction in the rewards paid to miners for verifying transactions. Halvings occur approximately every four years, reducing the rate at which new Bitcoins enter circulation. This decreases the number of newly created BTC, potentially leading to further price appreciation.
Considering all factors, Bitcoin may reach $100,000 in the near future. If the price breaks through this psychological barrier and continues to rise, we may see it reaching $120,000 or higher. Still, a correction from the current level towards around $90,000 is also possible.
XAUUSD, 15-minute timeframe chart
XAUUSD retested the resistance level of 2,638.00
XAUUSD has been under buying pressure within the last couple of hours. The pair moved up to the resistance level of 2,638.00.
The best way to use this opportunity is to place a Sell order at 2,637.00.
Set your stop loss at 2,647.00 above the previous high ($10.00 loss for 0.01 lot) and take profit at 2,625.00 ($12.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.2.
XAUUSD retested the resistance level of 2,638.00
XAUUSD has been under buying pressure within the last couple of hours. The pair moved up to the resistance level of 2,638.00.
The best way to use this opportunity is to place a Sell order at 2,637.00.
Set your stop loss at 2,647.00 above the previous high ($10.00 loss for 0.01 lot) and take profit at 2,625.00 ($12.00 profit for 0.01 lot).
The risk-reward ratio for this order is 1:1.2.