Based on the latest data and market analysis, here’s a professional outlook for XAU/USD (Gold) trading:
1. **Market Trend**: The current trend for XAU/USD is bullish. Analysts are recommending long trades due to the strong upward momentum⁴⁵. The price has broken through key resistance levels and continues to show signs of further increase⁴.
2. **Impact of Existing Home Sales Data**: The existing home sales data for August 2024, which will be released at 10 PM tonight, could influence the market. If the data shows a significant increase, it might strengthen the USD, potentially putting some pressure on gold prices. Conversely, weaker-than-expected data could further support the bullish trend for gold.
3. **Best Entry Price**: For a long position, the best entry price would be around $2,560 to $2,580⁴⁵. Setting a stop loss around $2,525 to $2,550 can help manage risk⁵.
Would you like more detailed insights or have any specific questions about your trading strategy?
Source: Conversation with Copilot, 9/19/2024
(1) XAUUSD - Daily Forecast for 9/19/24 - FXSSI. https://fxssi.com/xauusd-daily-forecast-for-19-sep-2024.
(2) Chart Art: Potential Trend Support Areas For Gold (XAU/USD). https://www.babypips.com/trading/chart-art-commodities-xauusd-potential-trend-support-areas-for-gold-2024-09-19.
(3) Existing-Home Sales - National Association of REALTORS®. https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales.
(4) US Existing Home Sales Monthly Insights: Existing-Home Sales - YCharts. https://ycharts.com/indicators/us_existing_home_sales.
(5) US Existing Home Sales MoM (I:USEHSMM) - YCharts. https://ycharts.com/indicators/us_existing_home_sales_mom.
(6) XAUUSD - Daily Forecast for 9/19/24 - FXSSI. https://bing.com/search?q=xauusd+market+trend+19+September+2024.
(7) XAUUSD – 19 Sep 2024 - fortuneprime.com. https://fortuneprime.com/daily-technical-analysis/xauusd-19-sep-2024/.
(8) Gold (XAUUSD) price forecast and analysis for today - 18 September 2024 .... https://roboforex.com/beginners/analytics/forex-forecast/commodities/xauusd-gold-forecast-2024-09-18/.
