Home -
Brokers -
Main body -

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
Eightcap

Weekly Analysis: XAU/USD Gold Insights

GTSEnergyMarkets | 2024-08-06 14:51

Abstract:Gold prices have been highly volatile, trading near record highs due to various economic and geopolitical factors. Last week's weak US employment data, with only 114,000 jobs added and an unexpected rise in the unemployment rate to 4.3%, has increased the likelihood of the Federal Reserve implementing rate cuts, boosting gold's appeal. Tensions in the Middle East further support gold as a safe-haven asset. Technical analysis suggests that gold prices might break above $2,477, potentially reachin

image.png

Latest News on XAU/USD and Gold

Gold Price Reaches Record Levels Amid Weak US Jobs Data

At the end of last week's trading, gold prices surged to over $2,476 per ounce, marking a new record high. This increase came after a weaker-than-expected US jobs report, which heightened market speculation about a potential dovish shift by the Federal Reserve. The US economy added only 114,000 jobs in July, significantly below the forecast of 175,000, while the unemployment rate rose to 4.3%.

Gold Expected to Reach $2,900 by August 2024

Analysts are optimistic, predicting that gold could reach as high as $2,900 per ounce by August 2024. The current dip in gold prices is seen as temporary before a significant rally. Key support levels are anticipated around $2,225 to $2,265 per ounce.

Economic Factors Influencing Gold Prices

The Federal Reserve is expected to cut interest rates by up to 100 basis points this year, driven by a series of weak economic indicators, including the recent jobs report and a contraction in the manufacturing sector. This dovish outlook has weakened the US dollar, providing additional support for gold prices.

Geopolitical Tensions and Safe-Haven Demand

Ongoing geopolitical tensions, particularly in the Middle East, continue to drive demand for gold as a safe-haven asset. Investors are moving away from large-cap tech stocks to fixed-income assets and gold in response to disappointing corporate earnings and broader economic concerns.

Key Economic Calendar Events Impacting XAU/USD This Week (GMT+8)

Monday, August 5

China Caixin Services PMI (Jul)

  • Time:09:45 GMT+8

  • Description:Measures the performance of the service sector. A higher-than-expected reading is seen as positive for the economy and can impact demand for gold.

  • Impact:Medium

  • FX Pair:USD/CNY

Eurozone Producer Price Index (PPI) (Jun)

  • Time:17:00 GMT+8

  • Description:Measures the change in the price of goods sold by manufacturers. Higher PPI readings can lead to increased inflation expectations, which is positive for gold as an inflation hedge.

  • Impact:Medium

  • FX Pair:EUR/USD

US ISM Non-Manufacturing PMI (Jul)

  • Time:22:00 GMT+8

  • Description:Measures the activity level of purchasing managers in the services sector. A higher reading indicates expansion, which can impact gold prices.

  • Impact:High

  • FX Pair:XAU/USD

Tuesday, August 6

Reserve Bank of Australia (RBA) Interest Rate Decision

  • Time:12:30 GMT+8

  • Description:The decision on short-term interest rates. Changes in interest rates can impact gold prices as they influence currency strength and inflation expectations.

  • Impact:High

  • FX Pair:AUD/USD

Wednesday, August 7

US EIA Crude Oil Inventories

  • Time:22:30 GMT+8

  • Description:Measures the weekly change in the number of barrels of commercial crude oil held by US firms. Oil prices can influence inflation expectations, impacting gold prices.

  • Impact:Medium

  • FX Pair:XAU/USD

Thursday, August 8

US Initial Jobless Claims

  • Time:20:30 GMT+8

  • Description:Measures the number of individuals who filed for unemployment insurance for the first time during the past week. Higher claims can indicate a weakening economy, impacting gold as a safe-haven asset.

  • Impact:Medium

  • FX Pair:XAU/USD

Friday, August 9

UK GDP (Q2)

  • Time:14:00 GMT+8

  • Description:Measures the change in the inflation-adjusted value of all goods and services produced by the economy. A significant impact on the GBP, which can indirectly affect XAU/USD.

  • Impact:Medium

  • FX Pair:GBP/USD

Gold XAUUSD Federal Reserve rate cuts unemployment safe-haven technical analysis support lev

Related broker

Regulated
GTSEnergyMarkets
Company name:GTS Energy Markets Group Limited
Score
8.22
Website:https://gteprime.com/
5-10 years | Regulated in Cyprus | Regulated in Australia | Straight Through Processing (STP)
Score
8.22

Read more

KVB Market Analysis | 30 August: JPY Strengthens Against USD Amid Strong Q2 GDP and BoJ Rate Hike Speculation

The Japanese Yen (JPY) strengthened against the US Dollar (USD) on Thursday, boosted by stronger-than-expected Q2 GDP growth in Japan, raising hopes for a BoJ rate hike. Despite this, the USD/JPY pair found support from higher US Treasury yields, though gains may be capped by expectations of a Fed rate cut in September.

Review 2024-08-30 15:06

KVB Market Analysis | 28 August: Yen Strengthens on BoJ Rate Hike Hints; USD/JPY Faces Uncertainty

The Japanese Yen rose 0.7% against the US Dollar after BoJ Governor Kazuo Ueda hinted at potential rate hikes. This coincided with a recovery in Asian markets, aided by stronger Chinese stocks. With the July FOMC minutes already pointing to a September rate cut, the US Dollar might edge higher into the weekend.

Review 2024-08-28 10:29

KVB Market Analysis | 27 August: AUD/USD Holds Below Seven-Month High Amid Divergent Central Bank Policies

The Australian Dollar (AUD) traded sideways against the US Dollar (USD) on Tuesday, staying just below the seven-month high of 0.6798 reached on Monday. The downside for the AUD/USD pair is expected to be limited due to differing policy outlooks between the Reserve Bank of Australia (RBA) and the US Federal Reserve. The RBA Minutes indicated that a rate cut is unlikely soon, and Governor Michele Bullock affirmed the central bank's readiness to raise rates again if necessary to combat inflation.

Review 2024-08-27 10:41

KVB Market Analysis | 23 August: JPY Gains Ground Against USD as BoJ Signals Possible Rate Hike

JPY strengthened against the USD, pushing USD/JPY near 145.00, driven by strong inflation data and BoJ rate hike expectations. Japan's strong Q2 GDP growth added support. However, USD gains may be limited by expectations of a Fed rate cut in September.

Review 2024-08-23 14:30

WikiFX Express

Exness
EC Markets
TMGM
XM
FOREX.com
FXTM
AvaTrade
FXCM
IC Markets Global
Eightcap

WikiFX Broker

FXTM

FXTM

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
EC Markets

EC Markets

Regulated
Exness

Exness

Regulated
FOREX.com

FOREX.com

Regulated
FXTM

FXTM

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
EC Markets

EC Markets

Regulated
Exness

Exness

Regulated
FOREX.com

FOREX.com

Regulated

WikiFX Broker

FXTM

FXTM

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
EC Markets

EC Markets

Regulated
Exness

Exness

Regulated
FOREX.com

FOREX.com

Regulated
FXTM

FXTM

Regulated
DBG Markets

DBG Markets

Regulated
XM

XM

Regulated
EC Markets

EC Markets

Regulated
Exness

Exness

Regulated
FOREX.com

FOREX.com

Regulated

Latest News

Stablecoins go mainstream: Why banks and credit card firms are issuing their own crypto tokens

WikiFX
2025-06-28 13:00

The Dollar Keeps Falling: How Should We View Exchange Rate Volatility?

WikiFX
2025-06-29 20:15

Asia-Pacific markets mostly rise as investors parse a slew of data releases

WikiFX
2025-06-30 00:47

Asia-Pacific markets rise as investors parse a slew of data releases

WikiFX
2025-06-30 00:47

WikiFX Gala Night Malaysia Concludes Successfully

WikiFX
2025-06-30 12:08

IG Group Unlocks Over £425 Million amid a Capital Reduction

WikiFX
2025-06-30 14:56

Are Trading Courses and Mentors a Fast Track or a Financial Trap?

WikiFX
2025-06-28 08:00

The Economy - And Its Future - In Four Charts

WikiFX
2025-06-28 18:30

At 20 years old, Reddit is defending its data and fighting AI with AI

WikiFX
2025-06-28 13:00

Debt is a growing force' influencing jobseekers' choices, career expert says. Here's how

WikiFX
2025-06-28 12:00

Rate Calc

USD
CNY
Current Rate: 0

Amount

USD

Available

CNY
Calculate

You may also like

BCI

BCI

Cryptriva

Cryptriva

Metawaveoptions

Metawaveoptions

365fxassets

365fxassets

Faxton

Faxton

Forexware

Forexware

1000EXTRA

1000EXTRA

WorldFirst

WorldFirst

Fake AGM

Fake AGM

Taijin

Taijin