XAU/USD tests above $2,100 as markets bet on June Fed rate cut
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XAU/USD tests above $2,100 as markets bet on June Fed rate cut

  • Spot Gold prices are on the rise on Monday.
  • Markets are expecting Fed rate cuts after middling data.
  • XAU/USD pushes back into all-time high territory.

XAU/USD rose above $2,100.00 on Monday as markets lean into Spot Gold bids. Investors are ramping up bets of a June rate cut from the Federal Reserve (Fed) after US economic data middled to softened last week.

Markets are jostling into risk-taking position ahead of this week’s key US Nonfarm Payrolls (NFP) report coming up on Friday. Traders will be looking for a softer labor figure to add to the rate cut puzzle, and broad-market hopes for a weakening US economic outlook are crystallizing into XAU/USD buying.

This week also sees the US ADP Employment Change for February as a labor data preview of Friday’s NFP, albeit one with a shaky connection in recent history. Fed Chairman Jerome Powell will also be speaking on Wednesday, testifying before the Financial Services Committee about the Semi-Annual Monetary Policy Report beginning at 15:00 GMT.

US economic data will kick the week off with Tuesday’s ISM Services Purchasing Managers Index for February, expected to soften to 53.0 from January’s 53.4.

XAU/USD technical outlook

Spot Gold is extending last Friday’s gains, tipping over the $2,100.00 handle in the early week’s trading. XAU/USD is up over a full percent bottom-to-top on Monday, and intraday bids are accelerating into the high end away from the 200-hour Simple Moving Average (SMA) at $2,038.89.

Daily candlesticks are on approach to all-time highs set in December at $2,144.48, and XAU/USD has climbed around 4% from last week’s low bids near $2,025.00.

XAU/USD hourly chart

XAU/USD daily chart


Today last price 2102.47
Today Daily Change 18.90
Today Daily Change % 0.91
Today daily open 2083.57
Daily SMA20 2026.34
Daily SMA50 2033.89
Daily SMA100 2014.23
Daily SMA200 1968.76
Previous Daily High 2088.39
Previous Daily Low 2039.12
Previous Weekly High 2088.39
Previous Weekly Low 2024.57
Previous Monthly High 2065.49
Previous Monthly Low 1984.26
Daily Fibonacci 38.2% 2069.57
Daily Fibonacci 61.8% 2057.94
Daily Pivot Point S1 2052.33
Daily Pivot Point S2 2021.09
Daily Pivot Point S3 2003.06
Daily Pivot Point R1 2101.6
Daily Pivot Point R2 2119.63
Daily Pivot Point R3 2150.87