Analysis of Gold Prices and Market Trends

The gold market has shown signs of growth recently, with the price of a troy ounce reaching 2517 USD. This increase in price comes ahead of the release of the US employment report for August, which could have a significant impact on the market. With the Federal Reserve closely monitoring the employment data, there is speculation that interest rates may be revised. Lower interest rates could make holding gold less costly, as it is a non-yielding asset. The weakening employment market in the US, with private employers hiring at the slowest pace in 3.5 years and a decrease in job vacancies, is contributing to the expectation of a 50-basis points rate cut in September.

Investors are currently pricing in a 41% probability of a rate cut in September, which is considered relatively high. The overall sentiment in the market seems to be leaning towards an increase in gold prices. Fundamentally, the economic indicators point towards a continuation of the rising trend in gold prices.

In the H4 chart, XAUUSD has found support at 2472.00 and is currently forming a growth wave towards 2513.62. The market is in a consolidation phase around this level, with a potential breakout towards 2555.50. A break above 2522.00 could indicate further growth. The MACD indicator is supporting this bullish scenario, with the signal line above zero and sloping upwards. On the H1 chart, a growth wave to 2513.62 has been completed, with a range between 2523.20 and 2504.00. A breakout in either direction could lead to a significant movement, with a decline to 2491.55 or an upward trend towards 2555.50. The Stochastic oscillator on this chart is also signaling a potential change in direction, with the signal line nearing 80 and preparing to decline towards 20.

Overall, the current market trends and technical indicators suggest a positive outlook for gold prices in the near future. With the ongoing uncertainties in the global economy and the expected rate cuts by the Federal Reserve, gold remains a safe-haven asset for investors seeking stability in volatile times.