This week, 
XAUUSD continued to fall sharply on Monday due to the Nikkei index falling 12%, leading to a sharp decline in global stock markets, forcing investors to sell gold to supplement their deposits. stock investment. At one point, the international gold price dropped to 2,364 USD/oz. However, immediately after that, gold prices continuously recovered because investors expected the FED to cut interest rates by up to 50 basis points in September. Accordingly, gold price climbed to 2,436 USD/oz and closed at 2,430 USD/oz. This may be a stepping stone for gold price increases next week.
In the coming week, there are quite a few important economic data that can strongly impact gold prices, such as the US Producer Price Index (PPI) released on Tuesday, followed by the Consumer Price Index (CPI). ) announced on Wednesday, followed by retail sales, a preliminary survey of consumer sentiment by the University of Michigan for August… In which, PPI, CPI are forecast to continue to decrease slightly, creating favorable Conditions for the FED to cut interest rates next September may support gold prices next week.
In addition, many FED officials, such as Mr. Bostic, Musalem, Harker, and Goolsbee, will give speeches on monetary policy. However, according to many experts, most of these officials support the FED in cutting interest rates. This is also considered one of the driving forces for gold prices next week.
Technically, from a long-term perspective, gold prices still show an upward trend across time frames when prices are still above the moving average lines (EMA34, 89). However, a divergence signal has appeared on the D1 frame, while on the Weekly frame, the price of gold is quite far away from the EMA lines (the price can adjust to or move sideways with a wide range waiting to intersect with the average lines). The above 2 signals recommend that we should not join the buying side at this time. If we are buying, we should wait for price corrections.
Notable technical levels are listed below.
Support: 2.408 – 2.400USD
Resistance: 2.437 – 2.453 – 2.484USD
SELL XAUUSD PRICE 2501 – 2499️
↠↠ Stoploss 2505
BUY XAUUSD PRICE 2374 – 2376️
↠↠ Stoploss 2370