Forex rates	Crypto rates	Stocks rates	Indices rates	Commodities rates
EUR/USD	BITCOIN	TESLA	DOW	GOLD
USD/JPY	ETHEREUM	APPLE	S&P500	SILVER
GBP/USD	SOLANA	COINBASE	DAX	USOIL
USD/CHF	RIPPLE	GOOGLE	FTSE	UKOIL
USD/CAD	DOGE	FACEBOOK	NIKKEI225	PLATINUM
AUD/USD	BNB	AMAZON	NAS100	PALLADIUM
NZD/USD	CARDANO	NETFLIX
	AVALANCHE	PFIZER

Forex Signals	Crypto Signals	Stock Signals
What are forex signals	What Are Crypto Trading Signals?	What Are Stock Trading Signals?
How to use our Forex Signals	How to Use Crypto Trading Signals	How to Use Stock Trading Signals?
Auto vs. Manual Forex Signals	Crypto Signals for Technical Traders	Stock Trading Indicators for beginners
Forex Signals for Technical Traders	Make the Most out of Crypto Trading Signals	Automated vs Manual Stock Trading Signals
Forex Signals for Scalping	Crypto Scalping Signals	How to Generate Buy and sell Signals of stock trading?
Forex Signals Testimonials	Automated vs Manual Crypto Signals	How to Use Stock Volume as a Trading Signal?
More Forex Signals Articles	Trading Binance With Crypto Signals	Best Technical Indicators For The Stock Market

CRYPTO	FOREX
DeFi Guides What is DeFi Lending? What is DeFi Yield Farming? What is a DEX? What is a Decentralized Application? What are Cross Chain Bridges? What is Cryptocurrency Staking?	Crypto Guides What is Bitcoin Currency? What is Cryptocurrency? Top 10 Cryptocurrencies Cryptocurrency Wallets Cryptocurrency Exchange What Are Crypto Trading Bots?	Crypto Strategies Price Action Bollinger Bands Technical Analysis Parabolic Sar Relative Strength Index The Buy and Hold Approach Moving Average Convergence Divergence	Forex Strategies Fundamental Forex Strategies Popular Forex Strategies Technical Forex Strategies Forex Strategies Articles	Forex Tutorial Instrument Guide FAQ for forex Forex Glossary Social Trading	Forex Course Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5

Crypto Forecasts	Forex Forecasts	Commodities Forecasts
Ethereum price forecast	GBP/USD price forecast	Gold price forecast
Monero price forecast	USD/JPY price forecast	Silver price forecast
Stellar Lumens forecast	USD/BRL price forecast	Palladium price forecast
AAVE price forecast	EUR/USD price forecast	Platinum price forecast
	USD/INR price forecast	Aluminium price forecast

Forex Brokers	Best by Country	Brokers Types	Brokers by License
Best Forex Trading Platforms	USA Forex Brokers	ECN Forex Brokers	FCA Regulated (UK)
Best Forex No deposit bonus	UK Forex Brokers	STP Forex Brokers	ASIC Regulated (AUS)
Best Forex Brokers for Beginners	New Zealand Forex Brokers	NDD Forex Brokers	CySec Regulated (Cyprus)
Best Forex Trading Apps	Canada Forex Brokers		CFTC Forex Brokers (USA)
Best Copy Trading Platforms	South Africa Forex Brokers		CBN Regulated (NG)
Best Zero Spread Brokers	Nigeria Forex Brokers		FSCA Regulated (SA)
Best MetaTrader Brokers	India Forex Brokers
Best Bitcoin Brokers	Malaysia Forex Brokers
Best Nasdaq 100 Brokers	Indonesia Forex Brokers
Best FTSE 100 Brokers	View list all countries
Best CFD Brokers	Philippines Forex Brokers

Top 10 Best Rated Brokers	Best for Beginners	Best for Copy Trading
AvaTrade	Axiory	IC Markets
Plus500	Plus500	Pepperstone
Exness	BDSwiss	HFM
HFM	HFM	Tickmill
JustMarkets	Blackbull Markets	XTB
XM	Eightcap	Markets.com
BDSwiss	FxPro	FXTM
Pepperstone	GO Markets	easyMarkets
FBS	InstaForex	JustMarkets
Octa	CMTrading	Forex.com
FP Markets	Vantage Markets	Axi

Gold Prices Soar: Factors Influencing the Surge & The Technical Overview

Arslan Butt•Monday, September 4, 2023•2 min read

GOLD commences the week with renewed vigor, ascending past the $1,945 mark during the Asian trading window. Maintaining proximity to a one-month zenith, between $1,952-$1,953, reached on Friday, the yellow metal demonstrates a commendable resurgence from its five-month low of approximately $1,885 hit in August.

Last Friday’s mixed U.S. jobs report has bolstered the hypothesis that the Federal Reserve will refrain from modifying interest rates in their forthcoming September policy meeting. This stance is advantageous for non-yielding assets like GOLD . Specifically, the National Payroll (NFP) figures revealed that the U.S. economy incorporated 187K jobs in August, surpassing market predictions. Nonetheless, there were downward revisions for prior months and a slight uptick in the unemployment rate. This nuanced labor market data suggests that the Federal Reserve’s maneuverability regarding rate hikes might be limited.

Despite its recent robust performance, the U.S. Dollar has been unable to capitalize on this momentum, which in turn is reinforcing gold’s position. A subdued dollar typically augments the appeal of dollar-pegged commodities, such as GOLD . Nevertheless, the dollar’s descent is tempered by market anticipations of another 25 basis point rate increase by year-end, keeping U.S. Treasury bond yields in an elevated state. Concurrently, buoyancy in equity markets could potentially limit gold’s gains.

Evolving sentiment indicates that the Fed might be concluding its rate-increase trajectory. Coupled with expectations of China’s proactive economic bolstering measures, investor confidence is robust. Recent announcements from China’s National Development and Reform Commission (NDRC) regarding strengthening the private sector economy underscore this sentiment. Amidst a U.S. bank holiday and the absence of pivotal economic data, gold’s rally might be momentarily tempered.

Technical Overview of Gold:

GOLD is currently challenging a four-month-old declining resistance, hovering around $1,950, while concurrently maintaining consistent trade above key Exponential Moving Averages (EMAs).

Positive indicators on the MACD, combined with a favorable RSI, make a compelling case for gold’s potential to breach immediate resistance barriers. Upon doing so, it could swiftly approach a resistance level of roughly $1,985, with an eye on the significant $2,000 milestone.

On the downside, the amalgamation of the 100 and 50 EMA, presently at about $1,930, establishes a foundational support for GOLD . Should gold recede below this, the conjunction of the 200-EMA and a 61.8% Fibonacci retracement, around $1,908, will be the next barrier, followed closely by the $1,900 mark. The preceding monthly low of approximately $1,885 remains a pivotal defensive point for the yellow metal.

Check out our free forex signals

Follow the top economic events on FX Leaders economic calendar

Trade better, discover more Forex Trading Strategies

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Forex Signals Brief March 20: SNB Rate Cut and BOE Meeting After the FED

2 hours ago

Gold Surges Past $3,056 as Fed Signals Rate Cuts—How High Can It Go?

6 hours ago

Forex Brief March 19: BOJ and Fed Set to Drive Forex and Stock Market Volatility!

1 day ago

Comments

0 0 votes

Article Rating

0 Comments

Oldest

Newest Most Voted

Inline Feedbacks

View all comments

Gold Prices Soar: Factors Influencing the Surge & The Technical Overview

Technical Overview of Gold:

Sidebar rates

Add 3442

Add 3440

XM

Best Forex Brokers

Gold Prices Soar: Factors Influencing the Surge & The Technical Overview

Technical Overview of Gold:

Sidebar rates

Add 3442

Related Posts

Add 3440

XM

Best Forex Brokers