GOLD Gains Ground as RSI Strengthens
Gold (XAUUSD), a key safe-haven asset, is in focus this week as traders brace for fundamental catalysts that could sway its price. Crude oil inventory data from the API and EIA, both due August 13, may influence inflation expectations, indirectly impacting GOLD prices. A higher-than-forecast build could ease inflation fears, weighing on the metal. Meanwhile, upcoming remarks from FOMC members Susan Collins and Lisa Cook may offer policy clues—hawkish tones could pressure GOLDUSD, while dovish hints might support it. Traders are also eyeing the 10-year Treasury auction results due September 10, as rising yields tend to dent gold’s appeal due to its non-yielding nature.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Analyzing the XAUUSD H4 chart, price is currently testing the 3380 resistance zone after a sharp bullish recovery from the 3320 area, breaking above the Ichimoku cloud and signaling a potential trend shift. The Tenkan-sen has crossed above the Kijun-sen, and price is now trading above both lines, suggesting short-term bullish momentum. The RSI stands at 63.56, indicating bullish strength but not yet overbought, leaving room for further upside. Meanwhile, the ATR is declining at 16.69, hinting at reduced volatility and the potential for consolidation before any breakout continuation. If GOLD holds above the cloud and RSI pushes into overbought territory, a rally toward 3400 could be in play.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
