GOLD is affected by the Middle East
מעודכן
As recent jobs data prompted investors to lower expectations for a sharp interest rate cut by the Federal Reserve in November, and as tensions in the Middle East showed signs of easing, gold prices fell. strong but it seems this is just a profit-taking move and not a downtrend with solid conditions.
Following last week's positive jobs report, the Fed is expected to cut interest rates by 50 basis points at its November meeting, according to CME's FedWatch tool, the market currently predicts an 86.8% chance of a 25% rate cut. basic point.
Markets will focus on the minutes of the Federal Reserve's latest policy meeting to be released on Thursday, followed by US consumer price index data on Thursday and producer price index data on Thursday. out on Friday.
US inflation data due out on Thursday is expected to show price pressures continuing to ease, but there is little further push for the Federal Reserve to cut interest rates further in the meantime. next time. Therefore, the current gold price trend is temporarily governed by geopolitical developments.
On Thursday, the Federal Reserve will release the minutes of its September monetary policy meeting. The market will have additional trading materials from the meeting minutes. The Federal Reserve almost unanimously agreed to cut interest rates by 50 basis points at its September meeting.
In addition to the Federal Reserve meeting minutes, many Federal Reserve officials will speak during this trading day, including Federal Reserve Vice Chairman Jefferson, Fed Chairman Richmond Barkin, Fed Chairman Atlanta Bostic, Fed President Dallas Logan and Chicago Fed President Gu lsby.
Regarding the situation in the Middle East, Lebanese Hezbollah deputy leader Naim Qassem said in a televised speech at an undisclosed location on Tuesday that he supported the efforts of the National Assembly Speaker. Lebanon Berri aimed to promote a ceasefire without specifying Hezbollah's proposal. It is worth noting that this is the first time that Hezbollah does not consider ending the war in Gaza a prerequisite for ending fighting in Israel and Lebanon.
XAUUSD known for its stability and as a tool to prevent geopolitical and economic risks, and when geopolitical risks show some signs of cooling down, gold also falls due to weakening shelter demand.
Analysis of technical prospects forXAUUSD
On the daily chart, gold is correcting but there are also signs of recovery from the EMA21 level, the key support level you will pay attention to throughout these publications.
With the main trend from the price channel and the EMA21 level not being broken below, gold's technical outlook still has conditions for price increases.
In the short term, holding above $2,608 – $2,600 provides room for gold to recover with the nearest target at $2,634 and more to $2,660 once it breaks above initial resistance at $2,634.
The relative strength index RSI points down with a moderate slope and is close to the area of the 50 level, the 50 level is considered the closest support level currently, the RSI pointing up from this level will be considered a signal price increase.
As long as gold remains within the price channel and above the EMA21, it still has enough upside and notable levels are listed below.
Support: 2,608 – 2,600USD
Resistance: 2,634 – 2,660USD
SELL XAUUSD PRICE 2646 - 2644⚡️
↠↠ Stoploss 2650
→Take Profit 1 2639
↨
→Take Profit 2 2634
BUY XAUUSD PRICE 2594 - 2596⚡️
↠↠ Stoploss 2590
→Take Profit 1 2601
↨
→Take Profit 2 2606
Following last week's positive jobs report, the Fed is expected to cut interest rates by 50 basis points at its November meeting, according to CME's FedWatch tool, the market currently predicts an 86.8% chance of a 25% rate cut. basic point.
Markets will focus on the minutes of the Federal Reserve's latest policy meeting to be released on Thursday, followed by US consumer price index data on Thursday and producer price index data on Thursday. out on Friday.
US inflation data due out on Thursday is expected to show price pressures continuing to ease, but there is little further push for the Federal Reserve to cut interest rates further in the meantime. next time. Therefore, the current gold price trend is temporarily governed by geopolitical developments.
On Thursday, the Federal Reserve will release the minutes of its September monetary policy meeting. The market will have additional trading materials from the meeting minutes. The Federal Reserve almost unanimously agreed to cut interest rates by 50 basis points at its September meeting.
In addition to the Federal Reserve meeting minutes, many Federal Reserve officials will speak during this trading day, including Federal Reserve Vice Chairman Jefferson, Fed Chairman Richmond Barkin, Fed Chairman Atlanta Bostic, Fed President Dallas Logan and Chicago Fed President Gu lsby.
Regarding the situation in the Middle East, Lebanese Hezbollah deputy leader Naim Qassem said in a televised speech at an undisclosed location on Tuesday that he supported the efforts of the National Assembly Speaker. Lebanon Berri aimed to promote a ceasefire without specifying Hezbollah's proposal. It is worth noting that this is the first time that Hezbollah does not consider ending the war in Gaza a prerequisite for ending fighting in Israel and Lebanon.
XAUUSD known for its stability and as a tool to prevent geopolitical and economic risks, and when geopolitical risks show some signs of cooling down, gold also falls due to weakening shelter demand.Analysis of technical prospects for
XAUUSD On the daily chart, gold is correcting but there are also signs of recovery from the EMA21 level, the key support level you will pay attention to throughout these publications.
With the main trend from the price channel and the EMA21 level not being broken below, gold's technical outlook still has conditions for price increases.
In the short term, holding above $2,608 – $2,600 provides room for gold to recover with the nearest target at $2,634 and more to $2,660 once it breaks above initial resistance at $2,634.
The relative strength index RSI points down with a moderate slope and is close to the area of the 50 level, the 50 level is considered the closest support level currently, the RSI pointing up from this level will be considered a signal price increase.
As long as gold remains within the price channel and above the EMA21, it still has enough upside and notable levels are listed below.
Support: 2,608 – 2,600USD
Resistance: 2,634 – 2,660USD
SELL XAUUSD PRICE 2646 - 2644⚡️
↠↠ Stoploss 2650
→Take Profit 1 2639
↨
→Take Profit 2 2634
BUY XAUUSD PRICE 2594 - 2596⚡️
↠↠ Stoploss 2590
→Take Profit 1 2601
↨
→Take Profit 2 2606
הערה
Gold dropped to nearly 2,610 USD/ozהערה
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.הערה
הערה
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.הערה
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.עסקה פעילה
Plan SELL Running + 60pips💸הערה
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.
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🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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