Hey traders, how are you reading XAUUSD right now?
Gold started the week on a stronger note as the U.S. dollar softened. Recent U.S. jobs and inflation data have also cooled expectations for another Fed rate hike in September, which continues to support gold. With the FOMC minutes ahead, the market is waiting for fresh clues on where policy may be heading next.
Technically, XAUUSD is still moving inside a rising channel. The 34 and 89 EMAs are sitting nearby and continue to support the broader bullish structure. At the time of writing, price is trading around $4,395 and appears to be waiting for its next catalyst.
As long as buyers stay in control, I’m watching $4,450 first, then $4,500, with $4,550 as the more ambitious upside level.
What’s your target for gold?
Gold started the week on a stronger note as the U.S. dollar softened. Recent U.S. jobs and inflation data have also cooled expectations for another Fed rate hike in September, which continues to support gold. With the FOMC minutes ahead, the market is waiting for fresh clues on where policy may be heading next.
Technically, XAUUSD is still moving inside a rising channel. The 34 and 89 EMAs are sitting nearby and continue to support the broader bullish structure. At the time of writing, price is trading around $4,395 and appears to be waiting for its next catalyst.
As long as buyers stay in control, I’m watching $4,450 first, then $4,500, with $4,550 as the more ambitious upside level.
What’s your target for gold?
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🔥 TRADE SMARTER. STAY AHEAD.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.