Technical Analysis: XAUUSD

XAUUSD fell below the 2,500 mark

On Monday, XAUUSD fluctuated downward and fell below the 2,500 mark, with the lowest intraday approaching $2,490. It ended down 0.18% at $2,498.87 per ounce.

The Fed is expected to start cutting interest rates in September

Fed is expected to cut interest rates at the meeting on September 17-18, which is the first-rate cut in this policy cycle.

According to the CME FedWatch Tool, investors currently believe that the probability of a 25 basis point rate cut in September is 69%, and the probability of a 50 basis point rate cut is 31%.

Gold ETF holdings remain unchanged

As of September 2, the holdings of the world's largest gold ETF SPDR Gold Trust were 862.74 tons, unchanged from the previous trading day.

Technically speaking, XAUUSD favored a pullback in the short term 

the Chart of the Day

On the chart of the day, XAUUSD was prone to fluctuation and fell back from a high level. The bearish market trend prevailed in the short term. In terms of technical indicators, MACD went downwards after death cross occurred, showing the XAUUSD will fall further. Investors should focus on whether the XAUUSD will break through the support at 2470. It will decline further with potential support at 2432 if it breaks below 2470.

4-hour chart 

On the 4-hour chart, XAUUSD was prone to fluctuation and decreased. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether XAUUSD will break through the resistance at 2507. It will fall further if it rebounds but is capped at 2507.

Key resistance: 2507,2530

Key support: 2470,2432

Generally speaking, XAUUSD favored a pullback in the short term. Investors should focus on US economic data during the day.