GOLD Price Analysis – Jan 20, 2025
Daily Price Outlook
Gold prices (XAU/USD) initially faced losses but managed to recover, trading above $2,700. However, the early drop was driven by a stronger US Dollar, which gained traction on the back of upcoming President-elect Donald Trump’s inauguration.
Although, the gains in the dollar could be limited possibly due to softer-than-expected US inflation data as it raises expectations of potential Fed rate cuts. On the other hand, the ongoing geopolitical tensions in the Middle East and the Russia-Ukraine conflict continue to drive demand for gold as a safe-haven asset.
US Dollar Gains Strength Amid Policy Concerns and Economic Data, Impacting Gold Prices
On the US front, the broad-based US dollar has gained traction, hovering around 109.30, supported by rising US Treasury yields. This boost in the Greenback comes amid concerns about former President Trump's policy proposals, such as imposing tariffs, extending tax cuts, and deporting illegal immigrants.
Analysts believe the future of US interest rates will depend on how these policies unfold, with Trump’s upcoming executive orders likely to play a key role.
Investors are also watching the Federal Reserve’s (Fed) next moves, with a majority expecting no change in rates at the January meeting but forecasting hikes starting in March.
Despite these developments, US Treasury yields have been lower, driven by growing expectations that the Fed might cut rates twice in 2025.
This has put downward pressure on yields, with the 2-year and 10-year US Treasury notes currently at 4.23% and 4.60%, respectively.
On the data front, US retail sales grew by just 0.4% in December, weaker than expected, signaling slower consumer spending.
The US Consumer Price Index (CPI) rose 2.9% annually, in line with expectations, with the core CPI, which excludes volatile food and energy prices, climbing 3.2%.
Therefore, the Federal Reserve has noted slight to moderate growth in the economy, driven by strong holiday sales, but manufacturing showed signs of slowing.
With mixed signals from economic data, traders are cautious about the outlook for the US economy, which could weigh on gold prices as the dollar remains strong and expectations for rate cuts fluctuate.
Geopolitical Tensions and Conflicts Drive Safe-Haven Demand for Gold
On the geopolitical front, ongoing tensions in the Middle East and the Russia-Ukraine conflict could drive more safe-haven flows into gold.
Russian forces gained control of two more settlements in Ukraine's Donetsk region, continuing their steady advance westward. As conflicts and uncertainties rise, investors often turn to gold as a safer investment, which could push gold prices higher.
Therefore, the combination of these geopolitical events, along with economic factors in the US, adds to the volatility, making gold an attractive option for those seeking stability in uncertain times.
GOLD (XAU/USD) – Technical Analysis
Gold (XAU/USD) is currently trading at $2,707.70, up 0.18%, as the market consolidates above the key support zone.
The metal faces immediate resistance at $2,736.52, with further barriers at $2,752.21. On the downside, support is seen at $2,676.58, followed by stronger levels at $2,659.46 and $2,641.38, which could provide a safety net against potential declines.
The 50-day Exponential Moving Average (EMA) stands at $2,683.19, reinforcing a bullish bias as long as prices remain above this level.
The pivot point at $2,722.01 remains a critical juncture; a sustained move above it could pave the way for further gains, while failure to hold this level may lead to increased selling pressure.
Technical indicators suggest that gold is maintaining an upward trajectory, with buyers likely to step in on dips. However, the market remains sensitive to macroeconomic factors, including interest rate expectations and geopolitical developments, which could introduce volatility.
A break above $2,736.52 would confirm bullish momentum, targeting $2,752.21 in the short term. Conversely, a drop below the $2,695 entry level may trigger a retest of key support areas.
Traders should closely watch for a breakout above resistance levels, while maintaining caution around the $2,676.58 support, as a breach could signal a shift in sentiment.
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GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Gold holds above the 50-day EMA at $2,683.19, maintaining a bullish bias.
- Resistance at $2,736.52 is crucial; a breakout could target $2,752.21.
- A break below $2,695 may prompt further downside toward $2,676.58 support.
Gold (XAU/USD) is currently trading at $2,707.70, up 0.18%, as the market consolidates above the key support zone.
The metal faces immediate resistance at $2,736.52, with further barriers at $2,752.21. On the downside, support is seen at $2,676.58, followed by stronger levels at $2,659.46 and $2,641.38, which could provide a safety net against potential declines.
The 50-day Exponential Moving Average (EMA) stands at $2,683.19, reinforcing a bullish bias as long as prices remain above this level.
The pivot point at $2,722.01 remains a critical juncture; a sustained move above it could pave the way for further gains, while failure to hold this level may lead to increased selling pressure.
Technical indicators suggest that gold is maintaining an upward trajectory, with buyers likely to step in on dips. However, the market remains sensitive to macroeconomic factors, including interest rate expectations and geopolitical developments, which could introduce volatility.
A break above $2,736.52 would confirm bullish momentum, targeting $2,752.21 in the short term. Conversely, a drop below the $2,695 entry level may trigger a retest of key support areas.
Traders should closely watch for a breakout above resistance levels, while maintaining caution around the $2,676.58 support, as a breach could signal a shift in sentiment.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 2695
Take Profit – 2722
Stop Loss – 2680
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$2700/ -$1500
Profit & Loss Per Mini Lot = +$270/ -$150
GOLD Price Analysis – Jan 17, 2025
Daily Price Outlook
Despite the overall risk-off sentiment in the market, gold prices (XAU/USD) continue to face pressure, hovering around the 2,704 mark and reaching an intra-day low of 2,703.
This downward movement seems to be linked to the strengthening US dollar, which gained momentum as expectations rise that the Federal Reserve (Fed) will hold off on further rate cuts later this month.
As a result, the dollar's strength is putting downward pressure on gold, which tends to have an inverse relationship with the greenback.
On the other hand, the recent announcement of a ceasefire could help ease geopolitical tensions, reducing the uncertainty that typically drives demand for safe-haven assets like gold. With less fear of conflict, investors may start moving towards riskier assets, further weighing on gold prices.
However, the situation isn’t entirely bleak for gold. The uncertainties surrounding US President-elect Donald Trump's trade policies and tariff plans continue to create potential risks for the global economy.
These factors could provide some support to gold prices, preventing them from falling too drastically. For now, gold seems to be caught between the stronger US dollar and geopolitical risks, leaving investors to navigate these mixed signals.
Impact of Weaker US Data and Fed Expectations on Gold Prices
On the US front, the broad-based US dollar index (DXY), which tracks the USD against six major currencies, ended its four-day losing streak and was trading around 109.10.
However, the dollar faced challenges due to weaker-than-expected US Retail Sales and ongoing inflation concerns, leading to market speculation that the Federal Reserve (Fed) may cut interest rates twice this year. This has put pressure on the Greenback, despite a temporary halt in its decline.
The expectation of interest rate cuts has also caused US Treasury bond yields to drop. The 2-year and 10-year yields are both down, currently at 4.23% and 4.60%, respectively. These yields are on track for a decline of more than 3% this week.
Retail Sales data for December rose by just 0.4% month-over-month, reaching $729.2 billion, falling short of the 0.6% rise that analysts expected.
This weaker data, combined with inflation pressures, has fueled the belief that the Fed may need to reduce rates soon.
Moreover, comments from Chicago Federal Reserve Bank President Austan Goolsbee suggest that the US job market is stabilizing, further supporting the view that the Fed might act cautiously.
The Consumer Price Index (CPI) for December rose 2.9% year-over-year, while the Core CPI, which excludes food and energy prices, increased 3.2%.
Therefore, the weaker US Retail Sales and falling Treasury yields, combined with speculation about Fed rate cuts, support gold prices as a hedge against economic uncertainty. However, stabilizing inflation and a firm US job market may limit gold’s upward momentum.
GOLD (XAU/USD) – Technical Analysis
Gold prices are trading at $2,712.35, down 0.09%, as the metal remains subdued below the pivot point at $2,716.63.
The yellow metal is consolidating within a tight range, reflecting mixed sentiment driven by expectations of Federal Reserve rate cuts and lingering market uncertainty.
Immediate resistance is positioned at $2,726.36, with higher levels at $2,738.21 and $2,752.21 presenting significant hurdles. On the downside, support lies at $2,698.01, followed by deeper levels at $2,676.58 and $2,659.46.
The 50-day EMA at $2,676.70 acts as a critical short-term support level, aligning with bullish momentum observed in recent sessions. However, the failure to break above the pivot point indicates cautious bearish sentiment.
A sustained move above $2,716.63 is essential for a shift toward a bullish trajectory, targeting resistance at $2,738. Conversely, a break below $2,698.01 could intensify selling pressure, pushing prices toward $2,676.58.
Traders should monitor the $2,716.63 pivot closely as it serves as a key decision point for market direction. While gold’s broader structure remains slightly bullish, overbought conditions near resistance zones may prompt short-term corrections.
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GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Resistance Levels: Immediate resistance at $2,726.36; further hurdles at $2,738.21 and $2,752.21 limit upside potential.
- Support Levels: Key support at $2,698.01; deeper levels at $2,676.58 and $2,659.46 provide structural stability.
- 50-Day EMA Support: The 50-day EMA at $2,676.70 reinforces short-term bullish momentum but may falter if selling pressure intensifies.
Gold prices are trading at $2,712.35, down 0.09%, as the metal remains subdued below the pivot point at $2,716.63.
The yellow metal is consolidating within a tight range, reflecting mixed sentiment driven by expectations of Federal Reserve rate cuts and lingering market uncertainty.
Immediate resistance is positioned at $2,726.36, with higher levels at $2,738.21 and $2,752.21 presenting significant hurdles. On the downside, support lies at $2,698.01, followed by deeper levels at $2,676.58 and $2,659.46.
The 50-day EMA at $2,676.70 acts as a critical short-term support level, aligning with bullish momentum observed in recent sessions. However, the failure to break above the pivot point indicates cautious bearish sentiment.
A sustained move above $2,716.63 is essential for a shift toward a bullish trajectory, targeting resistance at $2,738. Conversely, a break below $2,698.01 could intensify selling pressure, pushing prices toward $2,676.58.
Traders should monitor the $2,716.63 pivot closely as it serves as a key decision point for market direction. While gold’s broader structure remains slightly bullish, overbought conditions near resistance zones may prompt short-term corrections.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Sell Below 2716
Take Profit – 2696
Stop Loss – 2726
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$2000/ -$1000
Profit & Loss Per Mini Lot = +$200/ -$100
GOLD Price Analysis – Jan 16, 2025
Daily Price Outlook
Gold prices (XAU/USD) remain under heavy pressure, with the precious metal trading near the $2,695 level after hitting a low of $2,690 earlier in the day.
The primary factor behind this decline is the growing expectation that the Federal Reserve will hold off on cutting interest rates later this month. This has boosted the US Dollar (USD), which had previously dipped to a one-week low.
Besides this, the signs of easing inflationary pressures in the US are contributing to the downtrend in gold. The latest economic reports have fueled speculation that the Fed might not completely rule out further rate cuts by year-end, a scenario that typically benefits gold.
However, the decline in US Treasury bond yields has relatively restricted the USD’s upward momentum, offering potential relief for gold in the coming sessions.
Gold's losses have been capped by the ongoing geopolitical risks, notably the uncertainty surrounding former President Trump's tariff plans and their potential impact on global economic growth.
These factors have instilled caution in the market, preventing any sharp drops in gold prices as traders await crucial US economic data.
US Economic Data and Fed Policy Drive Market Sentiment
However, the strength of the US dollar has been sustained by market expectations that the Fed will pause its rate-cutting cycle for now. This anticipation has fueled the USD's recent rally, putting pressure on gold (XAU/USD) and limiting its potential gains.
Recent economic data has contributed to the outlook that the Fed may hold off on further rate cuts. The latest inflation report revealed that the Consumer Price Index (CPI) rose by 0.4% in December, pushing the annual rate up to 2.9% from 2.7% the previous month.
Although the core CPI slowed to 3.2%, it still exceeded expectations, leading to renewed hopes that the Fed might ease rates further by year-end.
In response, US Treasury yields dropped from their 14-month highs, which in turn pushed the US dollar lower, creating space for gold to find some support.
However, comments from Richmond Fed President Tom Barkin, noting that rates should remain restrictive until inflation targets are firmly in sight, have kept gold’s upside in check.
Geopolitical Risks and Market Uncertainty Amid Ukraine and Gaza Conflicts
On the other hand, the geopolitical risks, particularly in Ukraine and Gaza, continue to add layers of uncertainty to the market. Meanwhile, the conflict in Ukraine escalates, with military strikes from both sides targeting vital infrastructure, tensions in Gaza remain high despite a recent ceasefire agreement.
Investors remain watchful, particularly with upcoming US economic reports like Retail Sales and Weekly Jobless Claims, which could offer further guidance on market direction.
GOLD (XAU/USD) – Technical Analysis
Gold prices are trading at $2,691.18, down 0.19% on the day, as the market consolidates near key technical levels. The pivot point at $2,680 serves as a critical threshold, dictating short-term market direction.
Immediate resistance is noted at $2,696.72, with further targets at $2,710.98 and $2,724.66 if bullish momentum continues. On the downside, immediate support lies at $2,664.75, followed by $2,645.00 and deeper support at $2,627.99.
The 50-day EMA, currently at $2,666.75, aligns closely with the first support level, reinforcing the bearish outlook below the pivot point.
A recent test of $2,700 failed to sustain, highlighting selling interest at higher levels. Short-term indicators suggest continued bearish pressure if prices fail to break above the pivot.
Traders should monitor price action around $2,680 closely. A decisive break below this level could trigger selling momentum, targeting $2,664.75 initially, with an extended decline toward $2,645.
Conversely, a sustained move above $2,700 may invalidate the bearish bias and open the door for higher resistance levels.
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GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Critical Pivot Point: $2,680 dictates short-term sentiment; a break below signals further downside risk.
- Resistance Levels: Key resistance at $2,696.72, $2,710.98, and $2,724.66 caps upward momentum.
- EMA Reinforcement: The 50-day EMA at $2,666.75 provides near-term support but aligns with bearish trends below the pivot.
Gold prices are trading at $2,691.18, down 0.19% on the day, as the market consolidates near key technical levels. The pivot point at $2,680 serves as a critical threshold, dictating short-term market direction.
Immediate resistance is noted at $2,696.72, with further targets at $2,710.98 and $2,724.66 if bullish momentum continues. On the downside, immediate support lies at $2,664.75, followed by $2,645.00 and deeper support at $2,627.99.
The 50-day EMA, currently at $2,666.75, aligns closely with the first support level, reinforcing the bearish outlook below the pivot point.
A recent test of $2,700 failed to sustain, highlighting selling interest at higher levels. Short-term indicators suggest continued bearish pressure if prices fail to break above the pivot.
Traders should monitor price action around $2,680 closely. A decisive break below this level could trigger selling momentum, targeting $2,664.75 initially, with an extended decline toward $2,645.
Conversely, a sustained move above $2,700 may invalidate the bearish bias and open the door for higher resistance levels.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Sell Below 2700
Take Profit – 2680
Stop Loss – 2710
Risk to Reward – 1: 2
Profit & Loss Per Standard Lot = +$2000/ -$1000
Profit & Loss Per Mini Lot = +$200/ -$100
GOLD Price Analysis – Jan 15, 2025
Daily Price Outlook
Gold prices (XAU/USD) have been on the rise, showing a bullish trend around the 2,681 level and hitting an intra-day peak of 2,683.
This rally in gold can be largely attributed to the recent weakness in the US dollar, which lost momentum after disappointing US December Producer Price Index (PPI) data. As a result, the dollar weakened, and gold began to gain traction.
On the flip side, investor sentiment improved as US President-elect Donald Trump's economic team hinted at gradually increasing import tariffs, a move that has sparked optimism in riskier assets.
This shift in sentiment has somewhat dampened the demand for gold as a safe-haven investment, as investors feel more confident in taking on riskier positions.
Looking ahead, all eyes are now on the upcoming US Consumer Price Index (CPI) report. This will likely offer further insight into the Federal Reserve’s outlook on interest rates, and in turn, influence the demand for the US dollar.
The CPI report could play a pivotal role in shaping market sentiment and providing momentum for both the US dollar and gold prices, leaving traders keenly awaiting its release for clues on future market movements.
US Dollar Weakens Amid Disappointing Data and Fed's Gradual Rate Cut Outlook
On the US front, the broad-based US dollar, measured by the US Dollar Index (DXY), is currently trading around 109.20. The Greenback has faced some pressure due to disappointing US December Producer Price Index (PPI) data.
The PPI, which tracks changes in prices for goods and services, rose by 0.2% month-on-month in December, falling short of expectations.
On an annual basis, it increased by 3.3%, also below the anticipated 3.4%. This weaker-than-expected data put downward pressure on the dollar, benefiting gold.
In addition, US Nonfarm Payrolls (NFP) rose by 256K in December, well above expectations, which had been set at 160K.
This strong jobs report provided some support to the dollar earlier in the week. However, the overall market remains cautious ahead of the upcoming US Consumer Price Index (CPI) data.
The CPI report, due later this week, will offer further insight into inflation trends and could influence the Federal Reserve's policy decisions, including interest rates.
Meanwhile, Federal Reserve officials are preparing for a tighter pace of rate cuts in 2025 than initially anticipated.
Kansas Fed President Jeffrey Schmid emphasized that the Fed’s monetary policy is nearing its long-term equilibrium, suggesting any future rate cuts should be gradual and data-driven.
This approach is creating uncertainty in the market, leaving traders focused on inflation data to guide future expectations for the dollar and gold.
China's Efforts to Support Yuan and Boost Economic Growth May Impact Global Market Sentiment and Gold
Apart from this, the China Foreign Exchange Committee (CFXC) met in Beijing on Monday and pledged to support the Chinese Yuan. The meeting was guided by the People’s Bank of China (PBOC), showing the country’s efforts to stabilize its currency.
In a separate announcement, the PBOC and China’s FX regulator, the State Administration of Foreign Exchange (SAFE), revealed that they would increase the macro-prudential adjustment parameter for cross-border financing from 1.5 to 1.75. This change, effective January 13, 2025, is designed to manage capital flows and support the yuan.
PBOC Governor Pan Gongsheng also spoke on Monday, highlighting that the central bank will use tools like interest rate adjustments and reserve requirement ratios (RRR) to maintain adequate liquidity in the financial system. This is part of China's broader strategy to keep the economy stable and manage inflation.
Moreover, Governor Gongsheng reaffirmed China’s plans to increase its fiscal deficit, indicating more government spending in the future. He also emphasized that China will continue playing a key role in driving global economic growth.
This support for the yuan and China’s economic policies could have an indirect impact on gold, as traders monitor how these developments affect global market sentiment and the demand for safe-haven assets like gold.
GOLD (XAU/USD) – Technical Analysis
Gold (XAU/USD) is trading at $2,684.31, up 0.18%, reflecting continued bullish momentum within a well-defined ascending channel on the 4-hour chart. The price has breached the critical pivot point at $2,676.98, now acting as strong support.
Immediate resistance is seen at $2,696.72, followed by $2,710.98. A sustained breakout above these levels could push gold prices toward the channel's upper boundary at $2,724.66.
On the downside, immediate support is positioned at $2,664.75, with further declines potentially testing $2,645.00 and $2,627.99. The 50-day EMA, currently at $2,661.06, reinforces short-term support, while the broader bullish outlook is underscored by the 200-day EMA at $2,663.98.
Technically, the breakout above $2,676 confirms buyer strength, with a bullish engulfing candle further validating this sentiment. The upward channel suggests room for continuation if resistance levels are decisively breached.
Traders should monitor price action near $2,696, as failure to hold above $2,676 could signal corrective moves toward lower support zones.
The calculated entry point above $2,676 aligns with a favorable risk-to-reward ratio of 1:1.8. This setup targets a profit of $2,400 per standard lot, while limiting downside exposure to $1,300. Such conditions make gold an attractive asset for short-term bullish strategies.
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GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish Momentum: A breakout above $2,676 signals potential gains toward $2,700 and beyond.
- Support Zones: Key support levels at $2,664.75 and $2,645 provide a safety net for corrections.
- Risk-Reward Profile: Favorable setup with a 1:1.8 risk-to-reward ratio, targeting $2,400 per standard lot profit.
Gold (XAU/USD) is trading at $2,684.31, up 0.18%, reflecting continued bullish momentum within a well-defined ascending channel on the 4-hour chart. The price has breached the critical pivot point at $2,676.98, now acting as strong support.
Immediate resistance is seen at $2,696.72, followed by $2,710.98. A sustained breakout above these levels could push gold prices toward the channel's upper boundary at $2,724.66.
On the downside, immediate support is positioned at $2,664.75, with further declines potentially testing $2,645.00 and $2,627.99. The 50-day EMA, currently at $2,661.06, reinforces short-term support, while the broader bullish outlook is underscored by the 200-day EMA at $2,663.98.
Technically, the breakout above $2,676 confirms buyer strength, with a bullish engulfing candle further validating this sentiment. The upward channel suggests room for continuation if resistance levels are decisively breached.
Traders should monitor price action near $2,696, as failure to hold above $2,676 could signal corrective moves toward lower support zones.
The calculated entry point above $2,676 aligns with a favorable risk-to-reward ratio of 1:1.8. This setup targets a profit of $2,400 per standard lot, while limiting downside exposure to $1,300. Such conditions make gold an attractive asset for short-term bullish strategies.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 2676
Take Profit – 2700
Stop Loss – 2663
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$2400/ -$1300
Profit & Loss Per Mini Lot = +$240/ -$130
GOLD Price Analysis – Jan 14, 2025
Daily Price Outlook
Gold (XAU/USD) continued its upward trend, reaching a high of $2,675, fueled by reports that President-elect Donald Trump’s economic advisers are considering a gradual increase in tariffs to avoid inflation spikes.
This news prompted a slight pullback in US Treasury bond yields, lending support to gold, a non-yielding asset. However, despite the boost, the precious metal's upward momentum remains capped, hindered by the Federal Reserve's hawkish stance on interest rates.
On the other hand, the previously released robust US Nonfarm Payrolls (NFP) report from Friday reinforced the Fed’s outlook, fueling expectations for a slower pace of interest rate cuts in the US. Consequently, the US Dollar (USD) found support, stalling its recent decline after hitting a two-year peak on Monday.
US Labor Market Data and Federal Reserve Outlook
On the data front, the NFP report for December showed a strong increase of 256,000 jobs, significantly exceeding market expectations of 160,000 and surpassing the revised November figure.
This has further solidified expectations for a more gradual pace of rate cuts, as emphasized by several Federal Reserve officials.
Kansas Fed President Jeffrey Schmid noted that most of the Fed’s targets have been met, suggesting that any future rate cuts will be slow and data-dependent.
In other developments, China’s central bank pledged to support the Chinese Yuan, and the People's Bank of China (PBOC) raised the macro-prudential adjustment parameter for cross-border financing.
Meanwhile, inflation in the US, as measured by the TD-MI Inflation Gauge, saw a significant acceleration, climbing by 0.6% month-over-month in December, reinforcing concerns about inflation pressures.
Therefore, the strong NFP report and expectations of slower rate cuts from the Fed support the US Dollar and Treasury yields, limiting gold's upside potential.
Meanwhile, rising US inflation concerns may pressure gold as a non-yielding asset, reducing its appeal.
As traders await the upcoming US Producer Price Index (PPI) report, the market remains in wait-and-see mode for further economic data and developments that could influence the direction of gold and broader markets.
GOLD (XAU/USD) – Technical Analysis
Gold (XAU/USD) is trading at $2,669.19, up 0.22%, as the metal sustains modest upward momentum, driven by a retreat in U.S. Treasury bond yields. The price remains above the critical pivot point at $2,687.13, signaling a cautiously bullish sentiment.
Immediate resistance stands at $2,696.72, with higher targets at $2,710.98 and $2,724.66. On the downside, key support levels are at $2,645.00, followed by $2,627.99 and $2,614.89, providing strong safety nets for potential corrections.
The 50-day EMA at $2,657.96 underscores short-term support, confirming that the broader trend remains upward. However, gold's momentum is tempered by the Federal Reserve's hawkish policy outlook and steady U.S. bond yields, which cap significant price gains.
A sustained break above $2,696.72 could pave the way for higher levels, while a drop below $2,687.13 may trigger selling pressure, potentially testing lower supports.
The Relative Strength Index (RSI) signals neutral territory, suggesting limited immediate momentum but scope for a directional breakout. Traders should monitor the $2,687.13 pivot closely; holding above it supports bullish continuation, while a breach could indicate bearish pressure.
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GOLD Price Analysis and Trade Forecast: Daily Trading Signal
Daily Price Outlook
- Bullish Pivot: Gold remains bullish above $2,687.13; resistance is at $2,696.72, with upside targets at $2,710.98 and $2,724.66.
- Support Levels: Immediate support lies at $2,645.00, with deeper levels at $2,627.99 and $2,614.89.
- Indicators: 50-day EMA at $2,657.96 confirms near-term strength; RSI reflects neutral momentum, signaling potential volatility.
Gold (XAU/USD) is trading at $2,669.19, up 0.22%, as the metal sustains modest upward momentum, driven by a retreat in U.S. Treasury bond yields. The price remains above the critical pivot point at $2,687.13, signaling a cautiously bullish sentiment.
Immediate resistance stands at $2,696.72, with higher targets at $2,710.98 and $2,724.66. On the downside, key support levels are at $2,645.00, followed by $2,627.99 and $2,614.89, providing strong safety nets for potential corrections.
The 50-day EMA at $2,657.96 underscores short-term support, confirming that the broader trend remains upward. However, gold's momentum is tempered by the Federal Reserve's hawkish policy outlook and steady U.S. bond yields, which cap significant price gains.
A sustained break above $2,696.72 could pave the way for higher levels, while a drop below $2,687.13 may trigger selling pressure, potentially testing lower supports.
The Relative Strength Index (RSI) signals neutral territory, suggesting limited immediate momentum but scope for a directional breakout. Traders should monitor the $2,687.13 pivot closely; holding above it supports bullish continuation, while a breach could indicate bearish pressure.
GOLD (XAU/USD) - Trade Ideas
Entry Price – Buy Above 2663
Take Profit – 2687
Stop Loss – 2650
Risk to Reward – 1: 1.8
Profit & Loss Per Standard Lot = +$2400/ -$1300
Profit & Loss Per Mini Lot = +$240/ -$130