{"id":21545,"date":"2024-09-02T03:34:21","date_gmt":"2024-09-02T03:34:21","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=21545"},"modified":"2024-09-02T03:34:21","modified_gmt":"2024-09-02T03:34:21","slug":"daily-commentary-86","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/daily-commentary-86-20240902\/","title":{"rendered":"Gold Price Forecast: XAU\/USD could test $2,475, as $2,500 gives way"},"content":{"rendered":"<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>Gold price extends losses to a six-day low below $2,500 early Monday.<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>The US Dollar looks to build the recovery amid light trading and a cautious mood.<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>The daily RSI stays bullish but a test of 21-day SMA at $2,475 looks likely before Gold buyers jump in.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size\">Gold price languishes in six-day lows below $2,500 early Monday, extending the previous week\u2019s downtrend following the constant rejection near $2,530 on Thursday.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Gold price looks to top-tier US data for a fresh lift<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Gold sellers retain control, courtesy of the sustained recovery in the US Dollar against its rivals after Friday\u2019s US core Personal Consumption Expenditures Price Index, which poured cold water on the market expectations of a bigger interest-rate reduction by the US Federal Reserve (Fed) this month. Data on Friday showed that the US core PCE Price Index, the Fed\u2019s preferred inflation measure, rose 2.6% YoY and 0.2% MoM in August almost in line with expectations.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">In the wake of a potentially less aggressive easing cycle to be launched by the Fed, the US Dollar recovery gained traction alongside that of the US Treasury bond yields, smashing the non-interest-bearing Gold price 1% lower on Friday.<br><br>Further, it\u2019s a US Labor Day holiday, and therefore, thin liquidity could exaggerate the bearish momentum in Gold price, also as traders reposition ahead of the high-impact US economic data releases due later this week, including the ISM Manufacturing PMI, ADP Employment Change and the Nonfarm Payrolls.<br><br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\u0e4c\u0e17\u0e32\u0e07\u0e40\u0e17\u0e04\u0e19\u0e34\u0e04\u0e23\u0e32\u0e04\u0e32\u0e17\u0e2d\u0e07\u0e04\u0e33: \u0e01\u0e23\u0e32\u0e1f\u0e23\u0e32\u0e22\u0e27\u0e31\u0e19<\/mark><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"402\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2024\/09\/image-8-1024x402.png\" alt=\"\" class=\"wp-image-21547\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/09\/image-8-1024x402.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/09\/image-8-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/09\/image-8-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/09\/image-8-1536x603.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/09\/image-8-18x7.png 18w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/09\/image-8.png 1592w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">Even though the technical indicators continue to favor the uptrend, the extension of the corrective downside in Gold price could be in the offing.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The 14-day Relative Strength Index points sharply lower, heading to challenge the 50 level, justifying the ongoing weakness in Gold price.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Goild sellers target the immediate support of the 21-day Simple Moving Average at $2,475, below which the symmetrical triangle resistance-turned-support at $2,463 will be challenged.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Defending the latter is critical to sustain the August uptrend for Gold buyers. A failure to hold above that level could initiate a fresh downtrend toward the $2,420 area, where the triangle support line and the 50-day SMA merge. &nbsp;<\/p>\n\n\n\n<p class=\"has-medium-font-size\">On the flip side, if Gold buyers settle Monday above the 21-day SMA at $2,475, a rebound toward the $2,500 level could be seen.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u00a0Acceptance above the latter could once again put the previous record high near $2,530 to test.<\/p>\n\n\n\n<p><br><\/p>","protected":false},"excerpt":{"rendered":"<p>Gold price languishes in six-day lows below $2,500 early Monday, extending the previous week\u2019s downtrend following the constant rejection near $2,530 on Thursday. Gold price looks to top-tier US data for a fresh lift Gold sellers retain control, courtesy of the sustained recovery in the US Dollar against its rivals after Friday\u2019s US core Personal &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/daily-commentary-86-20240902\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: XAU\/USD could test $2,475, as $2,500 gives way&#8221;<\/span><\/a><\/p>","protected":false},"author":5,"featured_media":17233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-21545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-commentary"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/21545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/comments?post=21545"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/21545\/revisions"}],"predecessor-version":[{"id":21548,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/21545\/revisions\/21548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media\/17233"}],"wp:attachment":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media?parent=21545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=21545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=21545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}