Gold Price Outlook: Fundamental & Technicals At Odds, What Now For XAU/USD?

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2/29/2024 8:05:50 PM

(MENAFN- DailyFX) tlook: Fundamental & Technicals at Odds, What Now for XAU/USD? Skip to Conten

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Host: Duration: min 01:03:33 widgets/economicCalendar._abbr () Actual Forecast Previous Revised EUR/USD Bearish
1h Last updated: Mar 1, 2024
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Note: Low and High figures are for the trading day.
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Gold prices (XAU/USD ) climbed on Thursday, pushing past the $2,040 threshold and reaching their highest level since early February at one point during the trading session, although gains seemed to be capped by a strengthening U.S. dollar .
The precious metal's positive performance was fueled, in part, by falling U.S. Treasury yields, which reacted to an in-line economic report. Specifically, January's core PCE deflator clocked in at 0.4% m/m and 2.8% y/y, just as projected.
US PCE DATA
Source: DailyFX Economic Calendar
Investors, rattled by the recent CPI and PPI data, braced for further inflation pain, but were relieved when the Federal Reserve's favored price gauge landed precisely on its expected mark. This gave gold bulls an excuse to reengage long positions.
Looking ahead, traders should not be taken aback if Thursday's rally proves to be short-lived. When markets come to terms with the fact that sluggish progress on disinflation and looser financial conditions could prompt the Fed to delay the start of its easing cycle, bullion may face renewed downward pressure.
For an extensive analysis of gold's fundamental and technical prospects, download our complimentary quarterly trading forecast now!
Recommended by Diego Colman Get Your Free Gold Forecast Get My Guide GOLD PRICE FORECAST – TECHNICAL ANALYSIS
Focusing on gold's outlook, technicals and fundamental analysis are currently at odds. That said, Thursday's bullish breakout, which saw XAU/USD push past trendline resistance and the 50-day simple moving average at $2,035, is clearly a positive sign. Should this move be sustained, a rally towards $2,065 may be on the horizon. Above this area, all eyes will be on $2,090.
On the contrary, if sellers return and spark a bearish reversal below $2,035, sentiment toward the yellow metal could quickly sour. Under these circumstances, bears may gain confidence to mount an assault on the 100-day simple moving average, located around $2,010/$2,005. Further declines below this support zone could pave the way for a retreat towards $1,990.
Wondering how retail positioning can shape gold prices? Our sentiment guide provides the answers you are looking for-don't miss out, get the guide now!
Gold Bullish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-9%	13%	0%
Weekly	-18%	28%	-1%

What does it mean for price action? Get My Guide GOLD PRICE (XAU/USD) PRICE CHART

Gold Price Chart Created Using TradingView

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