XAU/USD could bottom out at just shy of $1,820 – Commerzbank
Buoyant US data put pressure on Gold. Strategists at Commerzbank analyze the yellow metal’s outlook
Weaker-than-expected NFP could trigger a noticeable countermovement
With a significantly higher-than-expected ISM manufacturing index and a surprisingly pronounced rise in job vacancies – there appears to be no end to the series of positive US economic data. Gold is under considerable pressure accordingly.
That said, caution is warranted in view of the latest steep rise in US bond yields and the resulting marked slump in the price of Gold. It would not be surprising if this trend were to gradually run out of steam.
What is more, another data heavyweight is due to be published this week – the US labour market report: if the figures turn out to be weaker than expected, it could trigger a noticeable countermovement. There is a good chance in other words that Gold will bottom out until then at just shy of $1,820. #xauusd
Get ready to strike gold! The XAU/USD price is at a seven-month low, making this the perfect time to invest. With Fed policymakers supporting more rate hikes, now is your chance to make some serious profits. Stay tuned for the latest on the US labor market data – it's the key to unlocking your success! #XAUUSD
EUR/USD fresh yearly low near 1.04500 with EU reatail sales, US NFP in the pipe
The EUR/USD is looking to build out a floor on Tuesday, down a scant 0.18% for the day's market session as Euro (EUR) bulls try to find a foothold heading into Wednesday's data dump. The pair is trading near 1.0470 as broad-market USD support remains high.
Early Wednesday will see European Producer Price Index (PPI) and Retail Sales figures for the month of August; the annualized EU PPI for August is expected to steepen its contraction from -7.6% to -11.6%, while Retail Sales for the same period are also forecast to decline, from -1% to -1.2%. #EURUSD
AUD/USD Forecast: Dollar dominance continues
The AUD/USD pair sharply declined for the second consecutive day, breaking decisively below 0.6350 due to a stronger US Dollar and risk aversion sentiment Economic data from the US, along with cautious investor sentiment, kept the Dollar in high demand.
Earlier Tuesday, the Reserve Bank of Australia (RBA) left the key interest rate unchanged at 4.10% as expected. The statement contained minor changes compared to the previous one, and Michele Bullock offered no surprises at her first meeting as Governor. #AUDUSD
GBP/USD Price Poised to challenge the 1.2000 mark
Attention GBP/USD traders! Brace yourselves for this news: GBP/USD plummeted to a 7-month low of 1.2051! 📉 Speculation towards the mighty USD as a safe-haven has fueled this drop. 🌪️✨With the Fed's aggressive stance on monetary policy and concerns over high inflation persist #GBPUSD
Gold bearish sequence more downside
Wave ((iii)) lower is in progress as a 5 waves impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 1913 and rally in wave (ii) ended at 1929.12. Wave (iii) lower ended at 1857.40 and rally in wave (iv) ended at 1879.81. Expect wave (v) to end soon which should complete wave ((iii)). Afterwards, expect rally in wave ((iv)) to correct cycle from 9.21.2023 high in 3, 7, or 11 swing before the decline resumes. Near term, as far as pivot at 1947 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.
Gold shows incomplete bearish sequence from 5.4.2023 high favoring further downside. Down from 5.4.2023 high, wave (W) ended at 1898.12 and wave (X) rally ended at 1987.42. Gold then resumed lower in wave (Y) with internal subdivision as a zigzag Elliott Wave structure. Down from wave (X), wave A ended at 1884.89 low and wave B ended at 1952.95 high on September 1. Wave C lower is in progress as a 5 waves impulse structure. Down from wave B, wave ((i)) ended at 1901.11 and wave ((ii)) rally ended at 1947.39.
#Gold
Investors take note! 📈 Gold prices forecasted to rise! 🌟 ANZ Bank reports strategic buying potential at $1,850. ⚡️ Don't miss out on this opportunity, as favorable US rate differentials add to the shine! ⭐️ Invest wisely and reap golden rewards! 💰 #GoldPriceForecast