Fundamental Analysis
Gold prices eased from a three-day high near $2,430 but held above the key support level of $2,400. The near-term outlook for the precious metal remains solid amid speculation that the Federal Reserve (Fed) will begin cutting interest rates in September.
However, investors remain divided on whether the Fed will demonstrate its aggressiveness in its policy normalization by announcing a 50 basis point (bp) rate cut or a 25 bps cut.
Technical Analysis
Gold prices are in a strong bullish range with a narrow range around 2,418 and 2,434. Prices are trading strongly above the EMA and are poised to make further gains. The resistance levels of 2,454 and 2,404 act as key support and resistance, keeping gold prices steady over the weekend.
Resistance: 2432 - 2448 - 2454
Support: 2412 - 2407 - 2396 - 2388
Price ranges to note:
SELL scalp price range 2441 - 2443 stoploss 2447
SELL price range 2453 - 2455 stoploss 2459
BUY price range 2407 - 2405 stoploss 2400
BUY price range 2397 - 2395 stoploss 2391
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