GOLD stabilized at the beginning of the week

٨ أكتوبر

XAUUSD It is still trading quite stably as at the beginning of the week there were no macro data or events that created a shock on the market.
On Tuesday (October 8) in the Asian market, spot gold is currently trading around 2,643 USD/ounce.

XAUUSD weakened on Monday due to a significant rise in US bond yields, but gold's decline was limited as geopolitical tensions still had the potential for unexpected spikes.
Gold prices reached a record high of 2,685.42 USD/ounce on September 26. Gold is considered a hedge against economic and geopolitical instability and tends to thrive in low interest rate environments.
Last week's US jobs report reinforced beliefs that the economy is unlikely to require significant interest rate cuts from the Federal Reserve for the rest of the year, with traders currently pricing in There is an 86% chance that the Fed will cut interest rates by just 25bps next month.

The market will focus on the Federal Reserve's policy meeting minutes, as well as US consumer price index (CPI) and producer price index (PPI) data this week.
In addition, China's central bank did not buy gold for reserves in September for the fifth consecutive month.

Analysis of technical prospects for XAUUSD
Although gold has had 4 consecutive days of decline, the price declines were not strong and did not create any breakthroughs, as the declines were limited and recovered quickly.

Temporarily, the price drops should only be considered a technical correction without any impact on the main uptrend with the nearest support at 2,634 USD. Note to previous readers.

The main support follows the EMA21 line, with gold recovering above the 2,645 USD price point of the 0.786% Fibonacci level, it will have conditions to set expectations to retest the 2,672 USD level once again.

The relative strength index points down with a very moderate slope, not a significant bearish signal.
In case the $2,634 level breaks below gold there is still some other support from the 0.618% Fibonacci level and the EMA21 moving average.

There is no change in the main trend with price channel as the long-term trend, and notable technical levels are listed again as follows.
Support: 2,634 – 2,624USD
Resistance: 2,645 – 2,659 – 2,672USD

SELL XAUUSD PRICE 2666 - 2664⚡️
↠↠ Stoploss 2670

→Take Profit 1 2659
↨
→Take Profit 2 2654

BUY XAUUSD PRICE 2619 - 2621⚡️
↠↠ Stoploss 2615

→Take Profit 1 2626
↨
→Take Profit 2 2631

٨ أكتوبر

ملاحظة

Gold price is still maintaining around 2,640 USD/oz. Expectations that the Fed will cut interest rates by 50 basis points in November seem to have reached 0%, creating a drag on the precious metal's rise. However, geopolitical risks and mild USD weakness will limit the downside for XAU/USD.

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تم فتح الصفقة

Plan BUY + 65pips close a part move SL to entry.🔥

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ملاحظة

On the international market, the gold price today reached 2,609 USD/ounce, down 33 USD. The sudden decline in world gold prices is said to be due to overbought conditions. Although there may be room to increase in the near future, precious metals are "running out of buyers".

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ملاحظة

٩ أكتوبر

ملاحظة

Gold dropped to nearly 2,610 USD/oz

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ملاحظة

The world's yellow metal stagnated after falling for 6 consecutive days, pressured by the recovery of the USD. The DXY index hit its highest level in nearly two months, making bullion more expensive for holders of other currencies. In addition, expectations surrounding an interest rate cut by the US Federal Reserve (Fed) at its November meeting also put significant pressure on gold.

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ملاحظة

Gold prices fluctuated strongly, jerking in both directions during the session due to US job market data and CPI inflation. Gold price is currently "struggling" around 2625 USD/oz on the H4 chart, however this precious metal still maintains an increase of more than 200 pips during the session.

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ملاحظة

At the end of the trading session on October 10, the spot gold contract increased 0.6% to 2,623.58 USD/oz, ending a series of 6 consecutive losing sessions. Gold futures contracts added 0.5% to 2,639.30 USD/oz.

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ملاحظة

According to a report released by the US Bureau of Labor Statistics today, the US PPI index in September was unchanged compared to August. Compared to a year ago, this index increased 1.8% — the smallest increase since February. Core PPI increased 0.1%, equal to the smallest increase since May 2023. The market continues to expect the Fed to lower interest rates by 25 bps next month.