GOLD is fully supported with a low data trading week

已更新
Due to escalating tensions in the Middle East, uncertainty about the US election and expectations of looser monetary policy, XAUUSD surged up and created new all-time record highs.

The market will still focus on increasing geopolitical tensions after Israel announced the killing of Hamas leader Yahya Sinwar. Sinwar was the mastermind of the Hamas attack on southern Israel that sparked the year-long Gaza war.
Prime Minister Benjamin Netanyahu said Israel will continue to fight until all hostages captured by Hamas last year are released, while US President Joe Biden said it is time for the war to end.
During times of geopolitical and economic instability, investors often turn to gold as a safe haven asset. Rising geopolitical tensions in the Middle East have prompted investors to seek safe-haven assets such as gold, due to risk aversion and concerns about instability in global markets.

On the monetary policy front, the European Central Bank could cut interest rates again in December. According to CME Group's FedWatch Tool, traders also see a 90.4% chance of a Fed rate cut. interest rate in November. Since gold does not yield interest, a rate cut could reduce the opportunity cost of investing in gold and increase its appeal.

This week, the People's Bank of China will announce its decision on interest rates. In September this year, the People's Bank of China kept the one-year prime lending rate (LPR) and five-year LPR unchanged at 3.35% and 3.85%, respectively. The larger LPR cut should be seen as an impetus to push gold prices even higher early next week.

S&P Global will release the preliminary value of the US Purchasing Managers' Index (PMI) for October next Thursday. If the PMI unexpectedly falls below 50, indicating a contraction in private sector business activity, the short-term reaction could pressure the dollar and push up gold prices. On the other hand, a positive surprise could support the dollar.
The market reaction to the PMI data was not large enough to have a lasting impact on gold prices.

In general, this week will be a week with quite a bit of economic data, but with the current basic picture, gold will still be focused on due to escalating geopolitical developments. Readers also need to pay attention. add other threats of conflict from China - Taiwan, North Korea - South Korea,... in addition to the Middle East region, which already has too many potential risks.

Economic data to watch out for this week
Monday: IMF meeting begins
Tuesday: BRICS summit begins in Russia
Wednesday: Bank of Canada monetary policy meeting, US existing home sales
Thursday: Weekly unemployment claims; S&P Global Manufacturing and Services PMI Survey; US new home sales
Friday: US durable goods orders

GOLD MARKET ANALYSIS AND COMMENTARY - [Oct 21 - Oct 25]


Analysis of technical prospects for XAUUSD
As we have sent to readers throughout the publications, the gold price still has an overall bullish technical structure on the daily chart. Currently, gold closed above the 0.786% Fibonacci extension level and this is necessary for it to continue towards the next target of about 2,741 USD price point of the 1% Fibonacci level.

With the trend from the price channel in the short, medium and long term, gold is in an upward trend, combined with a strong upward momentum when the Relative Strength Index (RSI) points up with a significant slope. There is no sign of a break from the overbought level, a signal that the bullish momentum continues ahead.

However, the level of 2,741USD is also the closest current resistance for expectations of a short-term correction because it is also the confluence position of the edge on the price channel with the 1% Fibonacci extension level, correction price drops. Corrections are not considered trends, they only have a short-term impact.

Finally, the main technical outlook for gold prices is bullish, the notable points will be listed again as follows.
Support: 2,711 – 2,700 – 2,688USD
Resistance: 2,741USD


SELL XAUUSD PRICE 2741 - 2739⚡️
↠↠ Stoploss 2745

→Take Profit 1 2634

→Take Profit 2 2629

BUY XAUUSD PRICE 2699 - 2701⚡️
↠↠ Stoploss 2695

→Take Profit 1 2706

→Take Profit 2 2711
注释
- If XAUUSD continues to rise, the price could test the nearest psychological resistance level at 2,750 US dollars per troy ounce.
- However, a return below US$2,680 per troy ounce could prompt a sideways move within the US$2,600-2,650 per troy ounce range.
交易开始
Plan SELL +20pips🔽🔽🔽
交易开始
Plan SELL + 50pips close a part move SL to entry.🔥
交易结束:到达目标
Plan SELL Hit Full TP2 + 110pips🤕🤕🤕. Congratulations everyone
注释
Gold price adjusted to fall below 2,720 USD/oz after reaching a historic peak

Gold price, after hitting a new record peak around 2740 USD/oz, is currently correcting nearly 200 pips to below 2720 USD/oz.
注释
World gold price has increased to 2,730 USD/ounce in the latest trading session. The rise was tempered by the strength of 10-year US government bond yields, which reached their highest level in the past 12 weeks. The DXY index also increased, making gold more expensive for foreign investors. Daniel Pavilonis from RJO Futures said these factors are creating significant pressure on the gold market.
注释
GOLD recovered after adjusting from the target level
注释
Gold prices increased about 0.6% to 2735.15 USD/ounce in today's session and gold futures contracts also increased 0.4% to 2749.30 USD/ounce.
注释
Gold prices rose back to a record peak of over 2,742 USD/oz
注释
XAUUSD continues to rise despite the USD hitting its highest level in nearly three months, with growing expectations that the Fed will cut interest rates at a slower pace. Other precious metals are also rising strongly in recent sessions.

Spot gold price reached a new peak of 2,758 USD/oz, while gold futures contract price expiring in December increased 0.2% to 2,764.15 USD/oz.
注释
Gold ore imports into China decreased 22.4% month-on-month in September to 201,004.9 tons

Gold prices dropped sharply after the news, currently around 2,720 USD/oz:
注释
Gold prices hovered around $2,720/oz after hitting a record high on Wednesday and ending the session down 1.2%. The correction comes as technical indicators suggest the recent rally may have overheated, with the 14-day relative strength index (RSI) suggesting gold is in overbought territory.
ForexFundamental AnalysisfuturesGC1! (Gold Futures)Technical IndicatorssignalsTrend AnalysisXAUUSDxayahtrading

🔰| Forex trading

🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate

🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
更多: