Commodities Analysis and Opinion

Gold Prices Retreat Amid Strong US Dollar Rally

2024.02.05 07:56

Andrey Goilov

The worth of gold has seen a notable lower, with a Troy ounce now valued at $2029.00 on the worldwide commodity market. This decline is primarily attributed to the strengthening of the US greenback, which has surged following constructive labor market reviews from the US on Friday. These reviews underscored a sturdy employment sector, doubtlessly fueling inflationary pressures, which in flip has influenced gold costs. Gold sometimes reveals an inverse correlation with the US greenback, making this dynamic a key think about its present valuation.

Investor sentiment in the direction of gold has been cautious, as evidenced by knowledge from the Commodity Futures Trading Commission (CFTC). There has been a constant discount in lengthy positions on gold for 4 consecutive weeks, signaling rising apprehension amongst buyers concerning the dear steel’s future prospects.

Gold () Technical Analysis

XAU/USD analysis

The H4 chart evaluation of XAU/USD signifies an ongoing downward pattern in the direction of $2019.00. Upon reaching this degree, a possible corrective transfer to $2042.42 might unfold. Following this correction, an additional decline to $2000.55 is anticipated, marking an area goal. The MACD indicator helps this bearish outlook, with its sign line positioned beneath zero and pointing downward.

XAU/USD analysis

Similarly, the H1 chart exhibits the formation of a decline in the direction of $2019.00, recognized because the preliminary goal. Should this goal be met, a corrective section in the direction of $2042.42 might happen earlier than the pattern continues its downward trajectory. This technical perspective is corroborated by the Stochastic oscillator, at the moment beneath 20 however anticipated to ascend in the direction of 80, indicating potential short-term corrective actions inside an general bearish pattern.

By RoboForex Analytical Department

Disclaimer: Any forecasts contained herein are primarily based on the writer’s explicit opinion. This evaluation might not be handled as buying and selling recommendation. RoboForex bears no duty for buying and selling outcomes primarily based on buying and selling suggestions and opinions contained herein.

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