Baxia Markets
September 28, 2023

Precious Metals Hold Breath: Gold's Tight Range Pre-US GDP

market analysis header imageXAUUSD has remained within a narrow consolidation range since the conclusion of Wednesday's New York session. Today, significant high-impact news is set to be unveiled in the United States, encompassing the US GDP, personal consumption expenditures, initial jobless claims, and pending home sales. Economists are predominantly anticipating stability in the US 2nd quarter GDP, maintaining the figure at 2.1%, along with core personal expenditures. However, there is an expectation of slight job sector weakness, with initial jobless claims potentially rising to 215K from the previous 201K. Economists are also anticipating a decrease in Pending Home Sales, forecasted at -0.8% compared to the previous 0.9%. A mixed outcome in these reports could result in a bullish sentiment for XAUUSD.

Precious Metals Hold Breath: Gold's Tight Range Pre-US GDP


 XAUUSD Technical Analysis 

Analyzing the 1-hour timeframe chart, XAUUSD appears to be adopting a bearish stance:


  • EMA 50 is positioned beneath the EMA 200.
  • RSI (period 14) briefly ventured into oversold territory, registering a reading of 30.
  • William Percent R (period 180) remains below the -60 level.

Crucially, the key resistance level is identified at 1890-1900 drawn in a blue rectangle, while pivotal support is evident in the 1950-1970 range plotted in an orange rectangle. This dynamic market situation is poised to be influenced by the impending economic data, offering opportunities for traders to navigate the evolving landscape of XAUUSD.


Key Economic Calendar to Watch Today

 Core Personal Consumption Expenditures

Forecast 3.7% vs Previous 3.7%

 Gross Domestic Product Annualized(Q2)  

Forecast 2.1% vs Previous 2.1%

Initial Jobless Claims(Sep 22) 

Forecast 215K vs Previous 201K

Pending Home Sales (MoM)(Aug) 

Forecast -0.8% vs Previous 0.9%

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