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Analysis and Education>Technical Analysis: XAUUSD

Technical Analysis: XAUUSD

16.05.2024

XAUUSD reached a one-month high


On Wednesday, as the expectation that the Fed will reduce the interest rate climbed, XAUUSD broke above the 2390 mark for some time and reached a one-month high.


The expectation that the Fed will reduce the interest rate rose


US CPI, y/y (April) fell from 3.5% to 3.4%, and US Core CPI, m/m (April) was 0.3%, which marked the lowest level since December 2023, according to the data from the US Department of Labor on Wednesday.


In addition, US Retail Sales, m/m (April) fell from 0.7% to 0% Vs. 0.4% (forecast).


After US economic data was released, traders believe that the Fed will cut the interest rate in September and December.


Gold ETF holdings increased


As of May 15, global gold holdings increased by 1.43 tons to 833.36 tons, according to the ETF--SPDR Gold Trust.


The bullish market trend prevailed

the Chart of the Day


On the chart of the day, XAUUSD increased steadily. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred above the zero axis, showing XAUUSD will rise further. XAUUSD will start rising if it breaks above the resistance at 2431.

4-hour chart


On the 4-hour chart, XAUUSD was prone to fluctuation and climbed in the short term. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing XAUUSD will rise further. XAUUSD will climb further if it retreats but is stable above the support at 2378.


Key resistance: 2431, 2480

Key support: 2378, 2352

 

Generally speaking, boosted by positive factors, XAUUSD climbed. Investors should focus on US economic data and speeches made by officials at the Fed during the day.

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