Daily Price Outlook

As the financial markets open their doors to a new trading week, the spotlight falls on Gold, which has recently been the subject of heightened investor attention. The precious metal is trading at $1,983.755, marking a slight decline of 0.46% in the past 24 hours. This movement is captured within the confines of a 4-hour chart, offering a granular view of the oscillations between key support and resistance levels.

At the heart of the technical analysis are the pivot points, which serve as beacons for potential price movements. The immediate pivot point stands at $1,990, with subsequent resistance levels etched at $2,010, $2,029, and $2,048. On the flip side, support levels are found at $1,972, $1,952, and $1,934, each representing a potential floor for price dips.

The narrative of the technical indicators adds depth to the analysis. The Relative Strength Index (RSI), a measure of momentum, reads at 46, indicating a market in equilibrium without a clear directional bias. This neutrality in sentiment is a hallmark of a market in contemplation, weighing its next significant move. The 50-Day Exponential Moving Average (EMA), currently at $1,989, straddles the current price, further emphasizing the market's indecisive stance.

The chart patterns lend an additional layer of insight. A symmetrical triangle formation is observed, a pattern often associated with periods of consolidation followed by a breakout. This pattern, coupled with a recent doji candlestick, underscores the market's current state of hesitation.

In conclusion, the technical outlook for Gold is delicately poised. The overall trend skews towards the bullish side, contingent on the metal's ability to sustain itself above the $1,982 threshold. Should this level hold, the coming days may see Gold challenge the immediate resistance at $2,010, as buyers attempt to wrest control from the grips of uncertainty.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1975

Take Profit – 2004

Stop Loss – 1955

Risk to Reward – 1: 1.29

Profit & Loss Per Standard Lot = +$2900/ -$2000

Profit & Loss Per Mini Lot = +$290/ -$200

Daily Price Outlook

Despite the risk-on sentiment in the market, the price of Gold (XAU/USD) has continued to rise for the second consecutive day on Friday. However, this upward trend can be attributed to the ongoing unrest in the Middle East and concerns about a potential slowdown in the Chinese economy, which are further bolstering the demand for XAU/USD. However, it's important to note that the positive sentiment in equity markets was seen as a key factor that cap further gains in the price of gold.

Moreover, the growing belief that the Federal Reserve is expected to stop its policy-tightening measures and may start rate cuts in June 2024 has led to a further decrease in US Treasury bond yields. Consequently, this ongoing development continues to exert downward pressure on the US Dollar and offers continued support to the non-yielding Gold price.

Moving ahead, investors seem hesitant to place strong position and are willing to remain on the sidelines in anticipation of the US monthly jobs report. This report is expected to offer insights into the Federal Reserve's potential rate-hike trajectory and could serve as a catalyst for fresh direction in XAU/USD.

Gold Price Uncertainty Amidst Fed Rate Hike Speculation and Economic Data

Gold price has remained in a narrow trading range for the past three days, awaiting a catalyst to determine its next direction. However, there is a belief that the Federal Reserve will not raise interest rates further, leading to a drop in US Treasury bond yields and a weaker US Dollar. Nevertheless, the US economy's resilience and persistent inflation may still allow for one more Fed rate hike, possibly in December 2023 or January 2024.

Fed Chair Jerome Powell has suggested that a slowdown in the job market might be necessary to ease inflation. Consequently, the upcoming US monthly jobs report could significantly influence the Fed's decision. It is worth noting that the market analysts predict an addition of around 180,000 jobs in October, a drop from the 336,000 jobs added in the prior month, with the jobless rate expected to hold steady at 3.8%.

Hence, the Gold price remains uncertain as expectations of a potential delay in further rate hikes by the Federal Reserve could support Gold, but robust economic data may limit its gains.

GOLD (XAU/USD) - Technical Analysis

In the midst of fluctuating market conditions, gold has demonstrated an impressive resilience, with its current price hovering at $1986.15, marking a modest 0.04% increment within the last 24 hours. The precious metal's enduring allure is evident in its steady trajectory on the 4-hour chart, further substantiated by key technical indicators and patterns that paint a picture of its future movements.

Gold finds itself at a critical juncture, with a pivot point established at $1,990. Immediate resistance levels lie waiting at $2,026, followed by further hurdles at $2,047 and $2,082. On the flip side, support levels are firmly placed at $1,969, with subsequent cushions at $1,934 and $1,914, which could serve as potential fallbacks in case of a retracement.

The Relative Strength Index (RSI), currently at 52, signals a slight inclination towards bullish sentiment, as it remains above the midline of 50. This positions gold in a cautiously optimistic light, suggesting a potential for upward movement without straying into overbought territory.

Meanwhile, the 50-Day Exponential Moving Average (EMA) stands at $1,980, with the current price floating above this marker. This alignment typically indicates a short-term bullish trend, reinforcing the positive sentiment echoed by the RSI.

In summary, the overall trend for gold appears bullish, particularly if prices sustain above the $1980 threshold. Should this bullish momentum persist, we anticipate the precious metal to challenge the immediate resistance at $2,026 in the upcoming sessions. Investors and traders alike should keep a watchful eye on these critical levels and indicators, as they navigate the gilded paths of the gold market.

Related News

Daily Price Outlook

In the midst of fluctuating market conditions, gold has demonstrated an impressive resilience, with its current price hovering at $1986.15, marking a modest 0.04% increment within the last 24 hours. The precious metal's enduring allure is evident in its steady trajectory on the 4-hour chart, further substantiated by key technical indicators and patterns that paint a picture of its future movements.

Gold finds itself at a critical juncture, with a pivot point established at $1,990. Immediate resistance levels lie waiting at $2,026, followed by further hurdles at $2,047 and $2,082. On the flip side, support levels are firmly placed at $1,969, with subsequent cushions at $1,934 and $1,914, which could serve as potential fallbacks in case of a retracement.

The Relative Strength Index (RSI), currently at 52, signals a slight inclination towards bullish sentiment, as it remains above the midline of 50. This positions gold in a cautiously optimistic light, suggesting a potential for upward movement without straying into overbought territory.

Meanwhile, the 50-Day Exponential Moving Average (EMA) stands at $1,980, with the current price floating above this marker. This alignment typically indicates a short-term bullish trend, reinforcing the positive sentiment echoed by the RSI.

In summary, the overall trend for gold appears bullish, particularly if prices sustain above the $1980 threshold. Should this bullish momentum persist, we anticipate the precious metal to challenge the immediate resistance at $2,026 in the upcoming sessions. Investors and traders alike should keep a watchful eye on these critical levels and indicators, as they navigate the gilded paths of the gold market.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1980

Take Profit – 2008

Stop Loss – 1958

Risk to Reward – 1: 1.29

Profit & Loss Per Standard Lot = +$2800/ -$2200

Profit & Loss Per Mini Lot = +$280/ -$220 (edited)

Daily Price Outlook

The fervor surrounding precious metals, especially gold, has been palpable in recent months. The Gold Spot's current price hovers at $1,986.14, a modest uptick observed over the past 24 hours. In the grand tableau of traded assets, Gold's market capitalization remains robust, ensuring its steadfast position among the elite. Delving deeper into its supply data provides an insight into the nuances of market dynamics that influence this asset.

Examining the 4-hour chart offers a granular view of Gold's recent price actions. Key price levels to monitor closely in the coming days include a pivot point at $1,975.85. The immediate resistance stands at $1,991.36, with subsequent resistances at $2,010.36 and $2,031.29, respectively. On the flip side, if bears take control, the immediate support is pinned at $1,963.17, followed by stronger supports at $1,947.14 and a tentative one around $1,930.00.

The narrative of technical indicators paints an intricate picture. The Relative Strength Index (RSI) clocks in at 49.13. Traditionally, an RSI above 70 signals overbought conditions, and anything below 30 is indicative of an oversold territory. Our current value, hovering just below the 50-mark, subtly hints at a bearish sentiment. However, the proximity to the midline warrants caution. Another pivotal indicator, the 50-Day Exponential Moving Average (EMA), stands at $1,978.343. The Gold price positioned above this mark signifies a short-term bullish inclination.

An eagle-eyed observation reveals an ascending channel pattern on the chart. This suggests that the Gold price has been primarily moving within this upward trajectory. The recent brush with the channel's lower boundary and the subsequent resilience hints at a potential bullish drive in the offing.

In conclusion, the overall trend for Gold, at least in the short term, leans bullish. Given the present momentum coupled with corroborative technical indicators, expectations are rife for Gold to challenge the resistance at $2,010.36 soon. Should it breach this, the $2,031.29 mark might be the next focal point. As always, traders should remain on their toes, keeping an ear to the ground for any macroeconomic or geopolitical developments that could jolt the gold markets.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1980

Take Profit – 2000

Stop Loss – 1970

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1700/ -$1200

Profit & Loss Per Mini Lot = +$170/ -$120

Daily Price Outlook

Gold (XAU/USD) continued its upward trajectory on Thursday, driven by the decrease in US bond yields and the weakening of the US dollar. However, these developments were fueled by the market's expectations that the Federal Reserve might pause its interest rate hikes, consequently bolstering the demand for gold. Furthermore, this positive movement was further bolstered by geopolitical tensions and apprehensions regarding China's economic situation.

Gold Market Trends in Light of Geopolitical Conflicts and Economic Challenges

Furthermore, the ongoing Israel-Hamas conflict and economic challenges in China are expected to further bolster the value of safe-haven gold. However, the generally positive sentiment in the risk markets is working against gold but it has managed to maintain its position above a one-week low, hovering around the $1,970-1,969 range that it reached the previous day.

The Federal Reserve's Monetary Policy Impact on Gold and Financial Markets

In addition to this, the Federal Reserve has chosen to maintain unchanged interest rates for the second consecutive time. They have indicated that current financial conditions may already be sufficiently tight to manage inflation. Consequently, the market is now expecting rate cuts to commence in June 2024, which has led to a further decline in US Treasury bond yields and a weakening of the US Dollar.

The yield on the two-year US government bonds has reached its lowest level since September 8, while the 10-year Treasury yield has stepped back from the 5% threshold. Additionally, the Federal Reserve has upgraded its outlook on economic activity, acknowledging the unexpected resilience of the US economy, all the while keeping the possibility of another rate hike on the table.

Therefore, the Federal Reserve's choice to maintain unchanged interest rates and foresee rate cuts in 2024 has resulted in reduced US Treasury bond yields, a weakening of the US Dollar, and a boost in support for gold as a safe-haven asset.

Developments in the Israel-Hamas Conflict and Market Focus on Upcoming US NFP Report

Furthermore, Gaza's largest refugee camp has experienced powerful explosions, which the Israeli military claims killed a Hamas commander connected to the October 7 attacks. In response, Bolivia has severed its diplomatic ties with Israel due to civilian casualties resulting from what it perceives as aggressive and disproportionate military actions in Gaza. Israel's Prime Minister has rejected calls for a ceasefire, stating that they would amount to surrendering to terrorism.

Moving on, the market's attention now turns to the upcoming US monthly employment report (NFP) scheduled for Friday, which is expected to provide significant guidance for the precious metal.

GOLD (XAU/USD) - Technical Analysis

The fervor surrounding precious metals, especially gold, has been palpable in recent months. The Gold Spot's current price hovers at $1,986.14, a modest uptick observed over the past 24 hours. In the grand tableau of traded assets, Gold's market capitalization remains robust, ensuring its steadfast position among the elite. Delving deeper into its supply data provides an insight into the nuances of market dynamics that influence this asset.

Examining the 4-hour chart offers a granular view of Gold's recent price actions. Key price levels to monitor closely in the coming days include a pivot point at $1,975.85. The immediate resistance stands at $1,991.36, with subsequent resistances at $2,010.36 and $2,031.29, respectively. On the flip side, if bears take control, the immediate support is pinned at $1,963.17, followed by stronger supports at $1,947.14 and a tentative one around $1,930.00.

The narrative of technical indicators paints an intricate picture. The Relative Strength Index (RSI) clocks in at 49.13. Traditionally, an RSI above 70 signals overbought conditions, and anything below 30 is indicative of an oversold territory. Our current value, hovering just below the 50-mark, subtly hints at a bearish sentiment. However, the proximity to the midline warrants caution. Another pivotal indicator, the 50-Day Exponential Moving Average (EMA), stands at $1,978.343. The Gold price positioned above this mark signifies a short-term bullish inclination.

An eagle-eyed observation reveals an ascending channel pattern on the chart. This suggests that the Gold price has been primarily moving within this upward trajectory. The recent brush with the channel's lower boundary and the subsequent resilience hints at a potential bullish drive in the offing.

In conclusion, the overall trend for Gold, at least in the short term, leans bullish. Given the present momentum coupled with corroborative technical indicators, expectations are rife for Gold to challenge the resistance at $2,010.36 soon. Should it breach this, the $2,031.29 mark might be the next focal point. As always, traders should remain on their toes, keeping an ear to the ground for any macroeconomic or geopolitical developments that could jolt the gold markets.

Related News

Daily Price Outlook

The price of gold (XAU/USD) persists in its decline, marking the third successive day of a downtrend on Wednesday. As the European trading session commences, the precious metal exhibits a bearish posture, hovering around the weekly low in the vicinity of the $1,978 mark. The de-escalation of tensions over the Israel-Hamas conflict, along with the market's anticipation of a more hawkish stance from the Federal Reserve (Fed), are key factors exerting downward pressure on gold, which does not yield any interest.

Despite the downward trend, the decline in gold prices is expected to have a floor. The market's attention is keenly set on the outcome of the much-awaited two-day FOMC monetary policy meeting, which is due to be announced in the later part of the US session. Additionally, the concerns regarding China's fragile economic recovery as the fourth quarter commences might lend some support to the safe-haven metal, potentially curbing steeper drops.

Factors Propelling the US Dollar and Their Effect on Gold Prices

Currently, the US dollar is enjoying a positive sentiment, bolstered by the market's anticipation of a potentially hawkish outcome from the FOMC meeting. The Federal Reserve is anticipated to keep interest rates at a 22-year peak for the second consecutive period, later in the US session.

Given the robust performance of the US economy and ongoing inflation, the central bank is expected to continue its hawkish stance, leaving the door open for additional interest rate hikes. The yield on the crucial 10-year US government bond hovers near the 5% threshold, a high not witnessed in 16 years since October. This strength in bond yields is further fortifying the US dollar, which in turn, is applying downward pressure on gold prices.

Recent Developments and Their Impact on the Gold Market

Furthermore, a recent Caixin-sponsored survey revealed a contraction in China's manufacturing sector business activity in October, the first decline in three months. This suggests that China's stimulus measures have had limited impact on the economic recovery, which might provide some support to the XAU/USD.

Although gold recorded its most substantial monthly gain since November 2022, it commenced the new month on a softer note, influenced by a diminished demand for safe-haven assets. The market's concerns about the Israel-Hamas conflict have abated, as no other Arab nations have engaged in the conflict, and there is an indication from Hamas about the intention to release foreign hostages in the forthcoming days.

GOLD (XAU/USD) - Technical Analysis

Gold has experienced a minor pullback in its recent rally, currently trading at $1,977.935, a slight decline of 0.31% within the last 24 hours. The asset's performance on the 4-hour chart reveals a critical juncture, with the price teetering near the pivot point of $1,990.

Key technical levels are in focus, with immediate resistance spotted at $2,026. A breach above this level could see gold target subsequent resistances at $2,046 and $2,082. Conversely, immediate support lies at $1,970, below which further supports are seen at $1,934 and $1,914.

The Relative Strength Index (RSI) presents a neutral stance with a reading of 57, indicative of neither overbought nor oversold conditions, but slightly leaning towards bullish sentiment. However, with the RSI drifting below the 60 mark, it warrants cautious optimism among bulls.

The 50-Day Exponential Moving Average (EMA) at $1,977 offers a glimmer of bullishness, with the current price hovering just above this level, suggesting a short-term upward trend.

A notable development is the upward channel breakout observed in the chart patterns, hinting at potential bullish momentum. However, the recent price action below the pivot point and the RSI's tepid posture offer a mixed sentiment.

In conclusion, gold presents a nuanced technical outlook. While the asset shows bearishness below the $1,980 threshold, a decisive move above this level could alter the short-term trajectory. Investors should brace for a potential test of the immediate resistance at $2,026 in the coming days, with a close eye on the RSI and the 50 EMA for further trend confirmation.

Related News

Daily Price Outlook

Gold has experienced a minor pullback in its recent rally, currently trading at $1,977.935, a slight decline of 0.31% within the last 24 hours. The asset's performance on the 4-hour chart reveals a critical juncture, with the price teetering near the pivot point of $1,990.

Key technical levels are in focus, with immediate resistance spotted at $2,026. A breach above this level could see gold target subsequent resistances at $2,046 and $2,082. Conversely, immediate support lies at $1,970, below which further supports are seen at $1,934 and $1,914.

The Relative Strength Index (RSI) presents a neutral stance with a reading of 57, indicative of neither overbought nor oversold conditions, but slightly leaning towards bullish sentiment. However, with the RSI drifting below the 60 mark, it warrants cautious optimism among bulls.

The 50-Day Exponential Moving Average (EMA) at $1,977 offers a glimmer of bullishness, with the current price hovering just above this level, suggesting a short-term upward trend.

A notable development is the upward channel breakout observed in the chart patterns, hinting at potential bullish momentum. However, the recent price action below the pivot point and the RSI's tepid posture offer a mixed sentiment.

In conclusion, gold presents a nuanced technical outlook. While the asset shows bearishness below the $1,980 threshold, a decisive move above this level could alter the short-term trajectory. Investors should brace for a potential test of the immediate resistance at $2,026 in the coming days, with a close eye on the RSI and the 50 EMA for further trend confirmation.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Below 1980

Take Profit – 1963

Stop Loss – 1992

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1700/ -$1200

Profit & Loss Per Micro Lot = +$170/ -$120

Daily Price Outlook

During the Asian trading session, the price of gold (XAU/USD) has experienced a second consecutive day of decline, staying below the $2,000 mark. This drop is primarily associated with speculation regarding the Federal Reserve's (Fed) potential decision to raise interest rates later this year to manage inflation and bring it back to the targeted 2%. The Fed's hints at possible rate hikes have caused a rise in yields on US Treasury bonds. Typically, higher bond yields tend to attract more investors to the US Dollar (USD), leading to an increased demand for it. Consequently, this heightened demand for the dollar puts pressure on gold.

It's worth noting that investors are hesitant to make strong predictions and are waiting for cues from the Federal Reserve’s upcoming monetary policy decisions. The Fed is expected to maintain the current high interest rates during their two-day meeting from October 31 to November 1.

In the meantime, the US economy is strong, and inflation remains above the Fed's target of 2%, allowing them to stick with their current tough stance. Fed Chair Jerome Powell previously cautioned that inflation is still too high, indicating that more rate hikes might happen if the economy continues to stay hotter than expected.

Factors Supporting Gold Price Amid Middle East and China Concerns

In addition to this, Israel's more cautious approach to its operations in Gaza has reduced concerns about a bigger crisis in the Middle East. This has made investors less eager to turn to the safe-haven of gold. However, it's important to note that there's still a risk of the Israel-Hamas conflict escalating further, and there's uncertainty about China's economic recovery. Hence, these factors are providing support to the XAU/USD.

Upcoming FOMC Meeting Adds Uncertainty for Traders

Looking ahead, traders might adopt a wait-and-see approach before making substantial decisions due to the scheduled two-day meeting of the Federal Open Market Committee (FOMC) starting this Tuesday. Nevertheless, the Fed is set to disclose its decision on Wednesday, and it is widely anticipated to maintain interest rates within the range of 5.25% to 5.50%. This would mark the highest level in 22 years.

Investors are awaiting the Federal Reserve's statements regarding its future interest rate policies, as this will significantly impact the value of the US dollar and potentially provide a new direction for gold. As a result, many investors are refraining from making significant moves until after this news is released.

GOLD (XAU/USD) - Technical Analysis

Gold, trading at $1,992.705, saw a marginal decline of 0.18% in the last 24 hours. Despite fluctuations, its global demand and value in the precious metals realm remain steadfast.

Examining the technicals, the pivot point is at $1,990. Key resistance levels are set at $2,025, $2,045, and $2,082. Conversely, immediate support stands at $1,970, with further support at $1,934 and $1,914.

The Relative Strength Index (RSI) reads 54, hinting at a slightly bullish sentiment. It suggests a recent tilt towards buying. However, the Moving Average Convergence Divergence (MACD) tells a cautionary tale. Its line, being below the signal line, implies potential bearish momentum ahead.

The 50-Day Exponential Moving Average (EMA) is noted at $1,974. Gold's price above this level denotes a short-term bullish trajectory, revealing active buyers in the market.

On the chart patterns front, a symmetrical triangle is observed. This indicates gold's ongoing consolidation. A breakout above this pattern signals bullish momentum, while a downward move could suggest a bearish shift.

To conclude, gold remains bullish above $2,040 but could swing bearish beneath. With current indicators and patterns, gold might challenge the $2,045 resistance soon. It's crucial for investors to monitor these key metrics closely.

Related News

Daily Price Outlook

Gold, trading at $1,992.705, saw a marginal decline of 0.18% in the last 24 hours. Despite fluctuations, its global demand and value in the precious metals realm remain steadfast.

Examining the technicals, the pivot point is at $1,990. Key resistance levels are set at $2,025, $2,045, and $2,082. Conversely, immediate support stands at $1,970, with further support at $1,934 and $1,914.

The Relative Strength Index (RSI) reads 54, hinting at a slightly bullish sentiment. It suggests a recent tilt towards buying. However, the Moving Average Convergence Divergence (MACD) tells a cautionary tale. Its line, being below the signal line, implies potential bearish momentum ahead.

The 50-Day Exponential Moving Average (EMA) is noted at $1,974. Gold's price above this level denotes a short-term bullish trajectory, revealing active buyers in the market.

On the chart patterns front, a symmetrical triangle is observed. This indicates gold's ongoing consolidation. A breakout above this pattern signals bullish momentum, while a downward move could suggest a bearish shift.

To conclude, gold remains bullish above $2,040 but could swing bearish beneath. With current indicators and patterns, gold might challenge the $2,045 resistance soon. It's crucial for investors to monitor these key metrics closely.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Limit 1989

Take Profit – 2010

Stop Loss – 1975

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$2100/ -$1400

Profit & Loss Per Micro Lot = +$210/ -$140

Daily Price Outlook

On October 30, the financial spotlight remains firmly on GOLD as its technical posture continues to be a focal point for traders globally. Currently, GOLD is priced at $2002.315, marking a modest decline of 0.23% over the last 24 hours.

Although its exact rank can vary among different financial metrics, there's no disputing GOLD's stature as a premier trading asset. Its market capitalization, reflecting its significance, extends into the billions, underscoring its weight in global financial markets. The supply data, too, paints a picture of abundance, with millions of ounces in active circulation.

Delving into key price levels, the asset finds its pivot point at $1994, with immediate resistance at $2012, followed by further resistances at $2032 and $2050. On the flip side, support levels are noted at $1980, $1964, and then $1947. The technical indicators are also telling. The RSI stands at 64, hovering above the 50 mark, signaling bullish sentiment.

The MACD, with its line at 1.064, has surpassed the signal line at 8.31, hinting at a potential upward push. Furthermore, the 50 EMA for GOLD sits at $1969, and with the current price above this mark, a short-term bullish trend is suggested. The charts reveal an upward channel pattern for GOLD, emphasizing its bullish momentum.

In conclusion, the overarching sentiment for GOLD leans bullish, particularly when it remains above the $1994 pivot point. If this momentum holds, the asset might soon be testing the $2012 resistance. However, it's always prudent for investors to stay attuned to global economic shifts that could sway GOLD's trajectory.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Above 1993

Take Profit – 2030

Stop Loss – 1972

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$3700/ -$2100

Profit & Loss Per Micro Lot = +$370/ -$210