Gold Europe
Gold Europe

Gold Europe

@forexeurope

Gold Price Forecast: Bulls Seize Control on Growing Safe Haven Appeal, $2050 Up Next

Gold prices found its legs in the US session rising back above resistance at the $2040/oz level. A slightly stronger US Dollar kept Gold bulls at bay in the European session, but ongoing comments from Fed policymakers around rate cuts continue to weigh on the Greenback.

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SELL EUR/USD AT 1.08852
TP:1.07901
SL:1.08632

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EURGBP sell now @ 0.85310

tp @ 0.8500

Sl @ 0.85390
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Gold Price Forecast: XAU/USD extends losses to near $2,020 ahead of US Inflation

Gold price moves on a downward trajectory that began on January 7, inching lower to near $2,020 per troy ounce during the Asian session on Tuesday. The precious metal is encountering resistance as the US Dollar strengthens for the second consecutive session, supported by subdued US bond yields in anticipation of the release of US inflation data on Tuesday.

The anticipation of inflationary pressures in the United States (US) has led to expectations that the Federal Reserve (Fed) will abstain from reducing interest rates at the March meeting. This outlook is diminishing the appeal of non-yield-bearing assets like Gold. Markets are pricing in only a small 14% probability of a rate cut by the Fed in March. However, the likelihood of a rate cut at the May meeting is estimated to be around 60%.

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Outperform the Crypto market with PrimeXBT Copy Trading

The Crypto market has been on a wild ride in 2023. Bitcoin is down over 11% in August alone. Ethereum has fallen 12% by comparison. And other major Cryptocurrencies like Dogecoin and Solana have crashed even further, with August losses of 18% and 17% respectively.

Even traditional markets are feeling the pain. The S&P 500 is down nearly 2% in August. The Nasdaq has shed over 1%. And the Dow Jones Industrial Average has tumbled more than 2% lower since August 1st.

Yet amidst the carnage, there are still traders generating outsized returns. How? By using the power of Copy Trading on PrimeXBT. Even with Bitcoin, Ethereum, and major Altcoins floundering, one top trader on PrimeXBT generated 209% returns in August. Another newcomer did even better, producing over 311% profits this month.

Putting the performance into perspective
To put these gains into perspective, let's compare them to the S&P 500 – a broad benchmark of the overall US Stock market. The S&P 500 is down just 1.84% in August. That's not a huge loss. Many investors would be satisfied limiting declines to less than 2% given the volatile environment.

Yet, the best PrimeXBT copy traders didn't just avoid losses. They generated triple-digit returns in the same timeframe. The top copy trader "MG Trading" beat the S&P 500 by over 210% in August, with 209% gains. And the 311% returns from newcomer "MOONINCOMING V" absolutely crushed the benchmark by almost 313%.

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Natural Gas Technical Analysis: Market has purged itself
Natural Gas is facing a more substantial downturn. Traders fear Biden’s current Gas-exporting moratorium could be lifted, leading to an influx of Natural Gas supply flooding markets. Set against demand which is expected to remain low, such an influx would tip the price lower.

On the upside, Natural Gas is facing some pivotal technical levels to get back to. First, $1.99 which saw an accelerated decline. Next is the blue line at $2.13 with the triple bottoms from 2023. In case Natural Gas sees sudden demand pick up, possibly $2.40 could come into play.

Keep an eye on $1.80, which was a pivotal level back in July 2020. Should Biden’s moratorium be lifted, together with the additional supply from Canada which is exporting more to fill the gap from the US, $1.64 and $1.53 (low of 202 are targets to look out for too.

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