Gold slumbers in $2,580s ahead of US data, Fed decision

Fonte Fxstreet
  • Gold stabilizes at all-time highs as traders await US Retail Sales data and the key Fed policy decision on interest rates.
  • Probabilities now favor a larger 0.50% cut to Fed base rates, which would boost the attractiveness of Gold.  
  • Analysts call a 10-year secular bull trend starting for commodities, including Gold. 

Gold (XAU/USD) plateaus in the $2,580s on Tuesday, ahead of the release of potentially market-moving US data later in the day and the Federal Reserve (Fed) meeting on Wednesday. 

Gold surges as bets increase the Fed will double cut

Gold shot to an all-time-high (ATH) of $2,589 on Monday after market bets that the Fed will make a double-dose 0.50% cut to interest rates at its meeting on Wednesday rose sharply, according to market-based gauges. 

The expectation that the Fed will slash interest rates is positive for Gold because it lowers the opportunity cost of holding the yellow metal, which is a non-interest-paying asset, thus making it more attractive to investors. 

US Retail Sales data, released at 12:30 GMT, could impact the Fed rates’ decision. If the data comes out above the 0.2% expected (0.3% ex autos) it will suggest the US economy is holding up better than expected and the Fed may not need to cut interest rates by such a large amount to help stimulate growth and employment. This scenario would be negative for Gold. 

Alternatively, if Retail Sales undershoots expectations, it will further increase speculation of a half a percentage point cut coming on Wednesday, and positively impact Gold, which could rise to new highs.

Gold is entering a bullish super-cycle, analysts say

Longer-term prospects for the previous metal remain upbeat, according to several leading analysts, who are arguing there is evidence that commodities – including Gold – are entering a new bullish super-cycle. 

“The last [two] times we saw these valuations for commodities was 1971 and 2000,” tweeted Michaël van de Poppe, Founder of MN Consultancy. “Commodities & #Crypto are extremely undervalued and it's likely that commodities go into a 10-year long bull market.”

Van de Poppe is not the only commentator saying commodities are entering a secular bull market. According to a recent “Flow Show” note from Bank of America Investment Strategist Jared Woodard, a “commodity secular bull market in the 2020s is just getting started as debt, deficits, demographics, reverse-globalization, AI & net-zero policies are all inflationary,” reported Kitco News. 

Technical Analysis: Gold stalls in uptrend

Gold’s price has peaked and plateaued in the $2,580s. The trend is bullish in the short, medium, and long-term. Given that it is a principle of technical analysis that “the trend is your friend,” the odds favor more upside. If there is a correction, therefore, it is likely to be short-lived before Gold resumes its broader uptrend.

XAU/USD Daily Chart

Gold is not yet overbought according to the Relative Strength Index (RSI), but it is close to overbought. If it enters the zone on a closing basis it will advise traders not to add to their long positions, although the rally may continue. If it enters overbought and then exits back into neutral it will be a sign of a deeper correction.  

In the event of a correction, firm support lies at $2,550, $2,544 (0.382 Fibonacci retracement of the September rally), and $2,530 (former range high).

Economic Indicator

Retail Sales (MoM)

The Retail Sales data, released by the US Census Bureau on a monthly basis, measures the value in total receipts of retail and food stores in the United States. Monthly percent changes reflect the rate of changes in such sales. A stratified random sampling method is used to select approximately 4,800 retail and food services firms whose sales are then weighted and benchmarked to represent the complete universe of over three million retail and food services firms across the country. The data is adjusted for seasonal variations as well as holiday and trading-day differences, but not for price changes. Retail Sales data is widely followed as an indicator of consumer spending, which is a major driver of the US economy. Generally, a high reading is seen as bullish for the US Dollar (USD), while a low reading is seen as bearish.

Read more.

Next release: Tue Sep 17, 2024 12:30

Frequency: Monthly

Consensus: 0.2%

Previous: 1%

Source: US Census Bureau

Retail Sales data published by the US Census Bureau is a leading indicator that gives important information about consumer spending, which has a significant impact on the GDP. Although strong sales figures are likely to boost the USD, external factors, such as weather conditions, could distort the data and paint a misleading picture. In addition to the headline data, changes in the Retail Sales Control Group could trigger a market reaction as it is used to prepare the estimates of Personal Consumption Expenditures for most goods.

 

Isenção de responsabilidade: Apenas para fins informativos. O desempenho passado não é indicativo de resultados futuros.
placeholder
BTG lança GOLB11, primeiro ETF do Brasil a combinar futuros de ouro com títulos do Tesouro (LFTs)A BTG Pactual Asset Management anunciou o lançamento de um novo fundo de índice (ETF) na bolsa brasileira, o GOLB11.
Autor  Pedro Augusto Prazeres
Ontem 01: 55
A BTG Pactual Asset Management anunciou o lançamento de um novo fundo de índice (ETF) na bolsa brasileira, o GOLB11.
placeholder
Bitcoin (BTC) tem volatilidade com dados de inflação nos EUA; mercado aposta em novo corte de jurosO Bitcoin (BTC) registrou nova volatilidade nesta sexta-feira (24), com o preço subindo até US$ 112.000 antes de reverter o movimento na abertura de Wall Street.
Autor  Pedro Augusto Prazeres
Ontem 02: 07
O Bitcoin (BTC) registrou nova volatilidade nesta sexta-feira (24), com o preço subindo até US$ 112.000 antes de reverter o movimento na abertura de Wall Street.
placeholder
O ouro recua com o otimismo em torno das negociações comerciais entre EUA e China; apostas em cortes de juros pelo Fed podem limitar as perdasO ouro (XAU/USD) inicia a nova semana em tom mais fraco, embora sem uma pressão de venda significativa, conseguindo se manter acima da mínima de sexta-feira durante a sessão asiática. Sinais de alívio nas tensões comerciais entre os EUA e a China aumentaram o apetite dos investidores por ativos de maior risco.
Autor  FXStreet
Ontem 05: 40
O ouro (XAU/USD) inicia a nova semana em tom mais fraco, embora sem uma pressão de venda significativa, conseguindo se manter acima da mínima de sexta-feira durante a sessão asiática. Sinais de alívio nas tensões comerciais entre os EUA e a China aumentaram o apetite dos investidores por ativos de maior risco.
placeholder
Bitcoin (BTC) se recupera para US$ 114 mil, mas traders veem riscos; macro melhora com alívio EUA-ChinaO Bitcoin (BTC) iniciou a última semana de outubro com uma bem-vinda recuperação, atingindo US$ 114.500 no fechamento semanal e reconquistando a importante média móvel exponencial (EMA) de 21 semanas.
Autor  Pedro Augusto Prazeres
8 horas atrás
O Bitcoin (BTC) iniciou a última semana de outubro com uma bem-vinda recuperação, atingindo US$ 114.500 no fechamento semanal e reconquistando a importante média móvel exponencial (EMA) de 21 semanas.
placeholder
Ouro se recupera após atingir o menor valor em duas semanas em meio à desvalorização do dólar americano e às apostas na redução das taxas de juros pelo Fed; otimismo comercial limita ganhosO ouro (XAU/USD) atrai alguns compradores durante a sessão asiática desta terça-feira e recupera parte das perdas do dia anterior, para a região de US$ 3.972-3.971, ou uma baixa de mais de duas semanas.
Autor  FXStreet
8 horas atrás
O ouro (XAU/USD) atrai alguns compradores durante a sessão asiática desta terça-feira e recupera parte das perdas do dia anterior, para a região de US$ 3.972-3.971, ou uma baixa de mais de duas semanas.
Produtos relacionados
goTop
quote