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4-HR Bid For XAU/USD
Welcome to “No Donation Friday!” It’s been a huge week on the markets. Russia/Ukraine War escalations have dominated sentiment, prompting bullish action in the commodity markets. As we roll into the weekend break, traders don’t know what’s next on the Eastern Front.
On the forex, it’s been another hawkish week for the USD. The gains are due to two market drivers. First, Russia/Ukraine escalation has brought safe-haven bidding to the USD. Second, shifting Fed policy expectations have boosted the Greenback. Earlier, Deutsche Bank issued projections that the Fed will cut interest rates by 25 bps in December. Deutsche also predicted that the Fed will take an “extended pause” and keep rates above 4% through 2025. This is exceedingly hawkish, especially following September’s FOMC Announcements, where rate cuts were anticipated to be the new norm.
The USD Index is up by nearly ½% again today, and gold is coming off from intraday highs above $2,700. Here’s a short-term support level worth watching:
4-HR 62% Fibonacci Retracement, 2679.42
Be sure to check out our Key Levels for more information on this trade idea.
That’s all for now; we’ll catch you on our next live stream!
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