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Analysis and Education>Technical Analysis: XAUUSD

Technical Analysis: XAUUSD

07.05.2024

XAUUSD increased by around 1%


On Monday, boosted by many positive factors, XAUUSD broke above US$2330 for some time. It ended up 0.96% at US$2323.71 per ounce.


The expectation that the Fed will cut the interest rate climbed


US Non-Farm Payrolls (April) fell from 303,000 to 175,000 Vs. 243,000 (forecast), according to the data from the US Department of Labor last Friday. In addition, US Unemployment Rate (April) climbed from 3.8% to 3.9% Vs. 3.8% (forecast).


As the US labor market cooled down, the expectation that the Fed will cut the interest rate rose. The probability that the Fed will reduce the interest rate in September is around 66%, according to the data from the CME’s FedWatch.


Risk aversion climbed


On Monday, as the situation in the Middle East remained acute, risk aversion climbed, boosting XAUUSD.


XAUUSD rebounded steadily in the short term

the Chart of the Day


On the chart of the day, XAUUSD increased steadily in the short term. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that XAUUSD will rise further. Investors should focus on whether XAUUSD will break through the resistance at 2352. It will jump further with potential resistance at 2388 if it breaks above 2352.

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, MACD went upwards after golden cross occurred, showing the market trend is bullish. Investors should focus on whether XAUUSD will break through the support at 2309. It will rise further if it retreats but is stable above 2309.


Key resistance: 2352, 2388

Key support: 2309, 2277

 

Generally speaking, as the expectation that the Fed will cut the interest rate climbed, and risk aversion rose, XAUUSD is more likely to jump further in the short term

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