Hello, fellow traders. In this technical article, we'll take a quick look at the Elliott Wave charts of Gold (XAUUSD), recently published in the members' area of our website.
Gold gains momentum to near $4,400 as Fed hike expectations drop despite Us-Iran tensions
Gold price rises as the dollar weakens and Fed hike odds fade, with XAU/USD targeting $4,449.83 before the 200-day moving average.
The Gold price has already recovered sharply in August, but UBS's forecast path points beyond the rebound, with bullion reaching $5,000 next March and $5,200 by June. The Gold price (XAU/USD) closed the week around $4,376 after a powerful August rebound that has taken bullion back towards the upper end of its recent range.
This weekly gold outlook was written late in the day on Friday. At the time of writing, the metal was still some 0.9% higher on the week, adding modestly to the sharp 7.4% gains from the week before.
United States CFTC Gold NC Net Positions up to $217.9K from previous $197.6K
The U.S dollar debasement trade is back – Gold's next explosive breakout [Video]
The weak U.S. Retail Sales report provided support to precious metals markets.
Gold rallies as weak US data dents Fed hike bets
The U.S dollar debasement trade is moving back to the centre of global markets and Gold may be its clearest beneficiary.
The gold market initially surged during the week, but has given back some of the gains, and it looks like we may close out the week with some type of shooting star.
Gold prices recovered in the first half of Friday's session after yesterday's decline, helped by another batch of softer US economic data. The rebound could lose momentum however as oil prices pushed higher ahead of the weekend.