Gold (XAU/USD) Shows Signs of Recovery Amid Market Rate Cut Speculations

Thursday, 8 August 2024, 10:27
Recent trends indicate that gold prices may be recovering, influenced by expectations of future rate cuts. The H4 chart identifies a downward movement aiming for 2345.00, with a recent local peak at 2364.23 followed by a correction at 2411.00. Although a further decline to around 2355.80 is expected, the market might find support and rebound towards 2381.60. Overall, this bearish sentiment is backed by the MACD indicator's downward signal line.
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Gold (XAU/USD) Shows Signs of Recovery Amid Market Rate Cut Speculations

Gold Market Trends

The current dynamics in the gold market, specifically Gold (XAU/USD), show a declining trend towards key levels influenced by rate cut expectations.

Market Analysis

  • The H4 chart indicates a recent local target has been reached at 2364.23.
  • A correction was observed around 2411.00.
  • Anticipations point towards a downward move to 2355.80 before a possible rebound.
  • The overall sentiment remains bearish, supported by the MACD indicator.

Conclusion

Given these indicators, gold prices are likely to continue facing downward pressure while remaining sensitive to market sentiments regarding potential rate adjustments.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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