XAUUSD Price Action Analysis | How To Navigate The Potential Uptrend | 20 - 24 May 2024

In this educational video, we delve into the recent surge in gold prices. There has been a notable uptick in gold prices, with XAU/USD recently surpassing the $2,400 mark, for the first time in almost a month. This surge in gold prices has piqued the interest of traders and investors, prompting speculation about the underlying factors driving this upward trend.
The relationship between gold prices and the 10-year US yield, which has remained steady at around 4.4%, has been a focal point for market observers. The cautious sentiment prevailing in the market in recent weeks has provided a supportive backdrop for XAU/USD, offering a degree of stability amidst ongoing uncertainties.
A key development that has influenced market dynamics is the release of softer-than-expected US inflation data for April. This has raised hopes among market participants for potential rate cuts by the US Federal Reserve (Fed), fueling bullish momentum and hinting at potential shifts in market behavior in the near future.
However, the Fed's cautious approach to maintaining higher borrowing costs has introduced a note of uncertainty. The central bank's reluctance to rush into interest rate cuts has the potential to strengthen the US Dollar (USD) and exert downward pressure on gold prices, as higher interest rates could dampen demand for the non-yielding asset.
In light of this recent twist in the perspective of the Fed, how will the market react? This video gives a detailed understanding of the behavioural patterns of market participants ahead of the upcoming week.
XAUUSD Technical Overview:
In this video, we take a detailed look at the XAUUSD chart, combining both technical and fundamental perspectives.
Our focus for the upcoming week is the crucial $2,400 zone, which has significant historical importance and is likely to influence trading activity. If gold maintains its momentum above this level, we could see continued buying interest and potentially new highs. On the other hand, if prices fall below $2,400 and selling pressure continues, it might indicate a shift back to bearish sentiment.
Join me as we break down these factors and explore potential trading opportunities in the gold market. Don't forget to like, subscribe, and hit the notification bell to stay updated with my latest analysis and insights.
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Previous video analysis with daily commentaries:
www.tradingview.com/chart/XAU...
0:01 Introduction
00:25 Last Week's Performance
1:40 Introduction to XAUUSD Market Dynamics
3:00 Disclaimer
3:35 XAUUSD Technical analysis on 4H Timeframe
7:00 Macroeconomic event for the week and XAUUSD News and Events
8:50 Conclusion on next week's projections
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Music:
"Blue Skies" by Silent Partners is used in this video under license from the KZbin Audio Library.

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Follow-up detailed with daily commentaries here👉🏾👉🏾www.tradingview.com/chart/XAUUSD/90Rv8RIk-XAUUSD-GOLDSPOT-New-perspective-follow-up-details/

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Hey, What's your bias on GBPUSD?

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GBPUSD here: kzbin.info/www/bejne/jqGXmqCbjLqckKs