Gold (XAU)
Gold (XAU)
FUNDAMENTAL:
Key news events today
Core CPI (1.30pm GMT)
What can we expect from Gold today?
Gold made a new low of 1976.73 during the trading session yesterday. The bearish trading session continued to be affected by the positive Unemployment Rate data.
In the Asian session, Gold has bounce off the support level at 1979.42, despite bouncing off the support level, market sentiments is still bearish. We could expect the market to be experiencing volatility this today due to the high impact new release.
Next 24 Hours Bias
Medium Bearish
TECHNICAL:
The XAU/USD chart currently has a bearish overall momentum, suggesting a prevailing downward trend. In this context, there’s potential for a bearish reaction off the 1st resistance level, followed by a drop towards the 1st support.
The 1st support at 1966.24 is identified as an overlap support, indicating its potential significance as a level where buying interest may emerge, providing temporary support for the XAU/USD pair.
The 2nd support at 1931.71 is also categorized as an overlap support, reinforcing its importance as a potential level where buyers might become active.