Baxia Markets
February 27, 2024

XAUUSD Bulls Eye Higher Amid Economic Data

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Today's high-impact economic news, the US Core Durable Goods Orders, is under scrutiny. Economists anticipate a slowdown, with expectations at 0.2% compared to the previous 0.6%. This measure excludes volatile transportation items, offering insight into manufacturing trends. A higher reading indicates increased activity, positively impacting USD, while a lower figure may bearish.

Examining the hourly timeframe, XAU/USD exhibits recent bullishness during the Asia trading session, breaking above the upper Bollinger band. Both bands expanding denote market volatility and bullish sentiment. EMA 50 remains above EMA 200, signaling a bullish trend with prices trading above both EMAs, reinforcing bullish momentum.
XAUUSD Bulls Eye Higher Amid Economic Data
Additionally, prices trade above the upper boundary of the volume profile value area, approximately at $2032, with key support at $2018.

Oscillator indicators confirm XAU/USD's bullish stance. MACD's signal line above 0 and RSI consistently above 40%-60% for over 40 hours further validate bullish sentiment.

With room for upward movement, the outcome of US Core Durable Goods Orders could impact XAU/USD. Lower-than-expected or meeting expectations may strengthen XAU temporarily against USD.

Key Takeaways:

1. US Core Durable Goods Orders under scrutiny, expected slowdown.
2. XAU/USD shows recent bullishness, breaking above upper Bollinger band.
3. EMA 50 above EMA 200 confirms bullish trend, prices above both EMAs.
4. Key support at $2018, trading above volume profile value area.
5. Oscillator indicators confirm bullish sentiment, room for upside potential. Economic news outcome may impact short-term XAU/USD strength.

Key Economic Releases to Watch Today

US, Core Durable Goods Orders (MoM) (Jan)

Forecast 0.2% vs Previous 0.6%



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