Daily Price Outlook

On October 16, gold exhibited a bearish sentiment, with its trading price falling to $1920.11, a decline of approximately 0.70% during the Asian trading session. This movement was documented over a four-hour chart timeframe, revealing noteworthy trends and potential market shifts.

Regarding vital data points, gold's current pivot point resides at $1900.57. For potential upward movement, resistance levels have been identified at $1967.03, escalating to $2000.26, and peaking at $2066.73.

On the opposing spectrum, should gold seek lower grounds, immediate support stands at $1866.01, further solidifying at $1799.54, and stabilizing at $1764.98.

From a technical standpoint, the Relative Strength Index (RSI) for gold is positioned at 73. This surpasses the 70 mark, indicating that gold is currently experiencing overbought conditions. Concurrently, the Moving Average Convergence Divergence (MACD) delineates a value of 4.33, contrasting with its signal line which is at 17.74.

This presents a scenario where the MACD line has maneuvered above its signal counterpart, implying a potential bullish momentum. However, the 50-Day Exponential Moving Average (EMA) clocks in at $1872.29. With gold's price situated above this EMA, the metal showcases a short-term bullish trend.

In conclusion, it is worth noting a significant downward trendline offering a robust resistance level at $1925. For investors and traders alike, considering a bearish sentiment below this juncture is advisable. Conversely, any movement above this resistance could tilt the balance in favor of the bulls.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Limit 1926

Take Profit – 1905

Stop Loss – 1944

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$2100/ -$1800

Profit & Loss Per Micro Lot = +$210/ -$180

Daily Price Outlook

Gold prices (XAU/USD) prolonged its upward rally and reached a three-week high at around $1,932-1,933 during the weekend. However, the reason for its bullish stance can be attributed to the escalating conflict between Israel and Hamas, which caused investors to turn to safe-haven assets like gold. Furthermore, the ongoing belief that the Federal Reserve is nearing the end of its interest rate increase cycle provided an additional boost to the value of this precious metal.

As its usual, gold tends to be an attractive choice during times of uncertainty in financial markets and the economy, even though it doesn't yield interest like some other investments. Therefore, the geopolitical tensions and the Fed's monetary policy outlook contributed to the significant rise in gold prices.

Looking forward, traders are cautious and holding off on making significant moves in the gold market as they are waiting for more information about the Fed's future interest rate decisions.

Escalating Geopolitical Tensions in the Middle East

As mentioned earlier, the price of gold surged by approximately 3.5% on Friday and witnessed a impressive growth of more than 5% for the entire week, marking the most significant rise since March. However, this surge in gold prices was a result of heightened tensions between Hamas and Israeli forces, causing people to seek gold as a safe investment.

It is worth noting that Israeli militaries have issued a deadline for residents in northern Gaza to leave. Furthermore, the Israeli military is now prepared with armored vehicles and is considering a large-scale ground assault in the Gaza Strip. This can be witnessed after the Israel Defense Force (IDF)'s announcement that showed their readiness for a coordinated attack using air, ground, and naval forces.

In response to this, Iran has warned of serious consequences if Israel's attacks continue. Furthermore, Israel will likely face potential conflict on its northern border with Lebanon due to clashes with the Iran-backed Hezbollah group. Hence, the situation is not showing any sign of slowing down and getting tense time by time. Therefore, the world is closely watching the developments in the region.

Economic Factors Impacting the Gold Market

Furthermore, US consumer sentiment declined in October, which strengthens the belief that the Federal Reserve (Fed) will maintain its current interest rates for a second consecutive month in November. This news has kept US bond yields at higher levels, with speculation that the Fed might not be done with its tightening policies and could raise rates once more before the year ends.

Traders seem cautious to place any strong position and prefer to wait for new information about the Fed's future rate plans and key economic data from China. In the meantime, the upcoming release of the Empire State Manufacturing Index in the US, speeches by Fed officials, and movements in US bond yields will influence the value of the US dollar. Plus, overall market sentiment will play a role in shaping the demand for the safe-haven gold.

GOLD (XAU/USD) - Technical Analysis

On October 16, gold exhibited a bearish sentiment, with its trading price falling to $1920.11, a decline of approximately 0.70% during the Asian trading session. This movement was documented over a four-hour chart timeframe, revealing noteworthy trends and potential market shifts.

Regarding vital data points, gold's current pivot point resides at $1900.57. For potential upward movement, resistance levels have been identified at $1967.03, escalating to $2000.26, and peaking at $2066.73.

On the opposing spectrum, should gold seek lower grounds, immediate support stands at $1866.01, further solidifying at $1799.54, and stabilizing at $1764.98.

From a technical standpoint, the Relative Strength Index (RSI) for gold is positioned at 73. This surpasses the 70 mark, indicating that gold is currently experiencing overbought conditions. Concurrently, the Moving Average Convergence Divergence (MACD) delineates a value of 4.33, contrasting with its signal line which is at 17.74.

This presents a scenario where the MACD line has maneuvered above its signal counterpart, implying a potential bullish momentum. However, the 50-Day Exponential Moving Average (EMA) clocks in at $1872.29. With gold's price situated above this EMA, the metal showcases a short-term bullish trend.

In conclusion, it is worth noting a significant downward trendline offering a robust resistance level at $1925. For investors and traders alike, considering a bearish sentiment below this juncture is advisable. Conversely, any movement above this resistance could tilt the balance in favor of the bulls.

Related News

Daily Price Outlook

As of October 13, Gold is exhibiting intriguing dynamics on the technical front. Currently priced at $1877, it has experienced a 0.48% uptick within a 24-hour window. Analyzing a 4-hour chart timeframe, pivotal price markers have come to the fore.

A pivot point stands established at $1869. On the resistance spectrum, the initial resistance resides at $1881, followed by subsequent resistances at $1901 and $1916. Conversely, immediate support is delineated at $1854, with ensuing support levels at $1835 and $1820. Diving into technical indicators, the Relative Strength Index (RSI) is noted at 64, alluding to a bullish sentiment, given it's greater than 50.

The 50-Day Exponential Moving Average (50 EMA) further consolidates this sentiment, priced at $1860 and indicating that Gold's price trajectory is above this average, suggesting a short-term bullish trend. The chart also reveals a Triple Top Pattern that might hinder upside momentum around the $1880 mark.

However, the 50 EMA's positioning suggests potential buying opportunities.

On the fundamental front, US inflation data for September 2023 remains unaltered at 3.7%, surpassing the anticipated 3.6%. This steady rate is attributed to a subdued drop in energy prices, primarily as fuel prices make a comeback.

Given these parameters, a bullish overtone is sensed: a breakout above $1880 could stimulate further buying. (edited)

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Stop 1882

Take Profit – 1900

Stop Loss – 1870

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1800/ -$1200

Profit & Loss Per Micro Lot = +$180/ -$120

Daily Price Outlook

Gold price (XAU/USD) prolonged its upward rally and gained some further traction around above 1,886 level. However, the reason for its upward trend can be attributed to the decline in the value of the U.S. dollar, which was being pressured by the release of strong U.S. consumer price data, which has raised concerns that the Federal Reserve may need to raise interest rates further in order to combat inflation and bring it closer to its target of 2%.

Furthermore, the ongoing global uncertainties and issues have prompted investors to seek refuge in safe-haven assets like gold. Gold is considered a reliable and secure investment during times of uncertainty. Consequently, gold prices are on the rise today, particularly during the early part of the European trading session.

As we all are well aware that the most significant development in global markets right now has been the release of consumer inflation data from the United States (US). These figures showed a higher-than-expected increase in inflation for the month of September, which has bolstered expectations of additional tightening measures by the Federal Reserve (the Fed). This outcome resulted in a notable overnight surge in US Treasury bond yields and sparked a substantial short-covering rally for the US Dollar (USD). This rally in the US Dollar was viewed as a major factor putting downward pressure on precious metals, including gold.

Gold Prices Stabilize Amid Economic Uncertainty

It is important to note that the price of gold paused its recent drop, mainly due to falling US Treasury bond yields and a weaker US Dollar. The uncertainty about the Federal Reserve's future monetary policy, driven by comments from its officials, remains. Notably, the recent US consumer inflation data showed a 0.4% increase in September, keeping the yearly rate at 3.7%, slightly above expectations, the Core CPI, which excludes food and energy prices, met expectations but dipped to a 4.1% yearly rate in September.

Despite inflation staying above the Federal Reserve's 2% target, there is still a possibility of additional interest rate hikes to manage and control it. Boston Fed President Susan Collins has hinted at the potential necessity for such moves. Furthermore, the ongoing tensions between Israel and Hamas are contributing to the demand for safe-haven assets like gold.

Looking ahead, market watchers are focusing on the Preliminary Michigan US Consumer Confidence Index, which includes 5-10-year inflation expectations that have slightly decreased since May. Additionally, a speech by Philadelphia Fed President Patrick Harker and US bond yields will impact the US dollar's movement, creating short-term trading chances for gold prices as the week ends.

GOLD (XAU/USD) - Technical Analysis

As of October 13, Gold is exhibiting intriguing dynamics on the technical front. Currently priced at $1877, it has experienced a 0.48% uptick within a 24-hour window. Analyzing a 4-hour chart timeframe, pivotal price markers have come to the fore.

A pivot point stands established at $1869. On the resistance spectrum, the initial resistance resides at $1881, followed by subsequent resistances at $1901 and $1916. Conversely, immediate support is delineated at $1854, with ensuing support levels at $1835 and $1820. Diving into technical indicators, the Relative Strength Index (RSI) is noted at 64, alluding to a bullish sentiment, given it's greater than 50.

The 50-Day Exponential Moving Average (50 EMA) further consolidates this sentiment, priced at $1860 and indicating that Gold's price trajectory is above this average, suggesting a short-term bullish trend. The chart also reveals a Triple Top Pattern that might hinder upside momentum around the $1880 mark.

However, the 50 EMA's positioning suggests potential buying opportunities.

On the fundamental front, US inflation data for September 2023 remains unaltered at 3.7%, surpassing the anticipated 3.6%. This steady rate is attributed to a subdued drop in energy prices, primarily as fuel prices make a comeback.

Given these parameters, a bullish overtone is sensed: a breakout above $1880 could stimulate further buying. (edited)

Related News

Daily Price Outlook

On October 12, Gold (XAU/USD) exhibited a positive trajectory, registering a modest 0.31% gain to settle at $1,878.9 as reflected in the 4-hour chart. A broader analysis reveals the pivot point for the precious metal anchored at $1,831.

In terms of resistance barriers, the first immediate hurdle stands at $1,851, followed closely by $1,869 and a more formidable barrier at $1,890. On the support end, Gold finds a preliminary cushion at $1,813, with deeper anchors set at $1,792 and further down at $1,774.

Technical indicators are pointing toward the bullish side. The Relative Strength Index (RSI) registers a value of 76, which is indicative of overbought conditions. This often signals a strong buying trend, but traders should exercise caution as it may also hint at potential pullbacks. The Moving Average Convergence Divergence (MACD) portrays an upward momentum, with the MACD line at 1.59 crossing above its signal line, which stands at 9.8. Furthermore, Gold is currently trading above its 50-day Exponential Moving Average (EMA), which is priced at $1,856, further emphasizing a short-term bullish trend.

In conclusion, the prevailing sentiment for Gold remains bullish, especially as the metal maintains its position above the $1,863 mark. If XAU/USD manages to break through the $1,880 resistance level, we could witness a heightened buying trend. The ongoing scenario presents a robust case for Gold's positive momentum, although investors and traders are advised to monitor key technical benchmarks and remain vigilant to potential shifts in the market landscape.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Limit 1875

Take Profit – 1894

Stop Loss – 1858

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$1900/ -$1700

Profit & Loss Per Micro Lot = +$190/ -$170

Daily Price Outlook

During the European trading session on a Thursday, Gold prices (XAU/USD) have managed to extend their winning streak and climbed to a two-week high. However, the reason for its upward trend can be attributed to the ongoing geopolitical tensions in the Middle East, which continue to push investors toward gold as a safe-haven asset. Meanwhile, the bearish bias in the US Dollar was seen as another key factor that has been lending support to gold's upward movement.

Gold Prices Recover Despite Stock Market Strength

As we all are well aware Gold prices have recovered more than 30% of the losses they experienced in September. This positive trend continues even though the stock markets are showing green signals. However, the reason for this positive trend is the belief that the Federal Reserve is getting closer to ending its cycle of interest rate hikes. This expectation is making the perspective for XAU/USD more favorable for an upward movement.

Although, this bullish trend might slow down as investors await the latest US consumer inflation figures, which are due later in the North American session. This keeps the investors cautious about placing any strong position.

Moving ahead, the upcoming US Consumer Price Index report will give some solid clues regarding the Federal Reserve's future interest rate decisions, which will likely affect the demand for the US Dollar and impact the price of gold in the near term future.

Therefore, it is important to keep an eye on the Consumer Price Index (CPI) because if it shows that inflation in the US is slowing down, the Federal Reserve is more likely to maintain current interest rates in November. This could weaken the US dollar, making gold a more attractive option for investors.

On the flip side, if the CPI report indicates strong inflation, any immediate impact on gold prices is expected to be short-lived. Notably, the headline CPI is projected to have slowed to 0.3% in September, with an annual rate of 3.6%. The Core CPI, which garners more attention, is expected to remain at a 0.3% monthly rate and show a 4.1% yearly increase.

Ongoing Conflict in the Middle East and Economic Indicators Influence Gold

Moreover, the ongoing Israel-Palestine conflict, coupled with escalating Middle East tensions, is driving investors towards gold as a safe-haven asset. This trend is further fueled by the recent dip in the value of the US Dollar.

GOLD (XAU/USD) - Technical Analysis

On October 12, Gold (XAU/USD) exhibited a positive trajectory, registering a modest 0.31% gain to settle at $1,878.9 as reflected in the 4-hour chart. A broader analysis reveals the pivot point for the precious metal anchored at $1,831.

In terms of resistance barriers, the first immediate hurdle stands at $1,851, followed closely by $1,869 and a more formidable barrier at $1,890. On the support end, Gold finds a preliminary cushion at $1,813, with deeper anchors set at $1,792 and further down at $1,774.

Technical indicators are pointing toward the bullish side. The Relative Strength Index (RSI) registers a value of 76, which is indicative of overbought conditions. This often signals a strong buying trend, but traders should exercise caution as it may also hint at potential pullbacks. The Moving Average Convergence Divergence (MACD) portrays an upward momentum, with the MACD line at 1.59 crossing above its signal line, which stands at 9.8. Furthermore, Gold is currently trading above its 50-day Exponential Moving Average (EMA), which is priced at $1,856, further emphasizing a short-term bullish trend.

In conclusion, the prevailing sentiment for Gold remains bullish, especially as the metal maintains its position above the $1,863 mark. If XAU/USD manages to break through the $1,880 resistance level, we could witness a heightened buying trend. The ongoing scenario presents a robust case for Gold's positive momentum, although investors and traders are advised to monitor key technical benchmarks and remain vigilant to potential shifts in the market landscape.

Related News

Daily Price Outlook

Gold price stands at $1860.02, presenting an uptick in the current market, as per the 4-hour chart. The pivot point for this precious metal is set at $1831.29. On the resistance spectrum, immediate resistance is identified at $1851.26, followed by successive resistances at $1869.27 and $1889.8. Conversely, the metal finds support at $1812.71 with additional support lines at $1792.18 and $1774.39.

The Relative Strength Index (RSI) registers a value of 64.02, implying a robust bullish momentum without reaching overbought territory. Meanwhile, the MACD, with a value of 1.44, remains above its signal counterpart at 7.13, further emphasizing the bullish trend. Gold's current price is comfortably above the 50-day Exponential Moving Average (EMA) of $1851.02, suggesting a prevailing short-term bullish trend.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Limit 1850

Take Profit – 1880

Stop Loss – 1834

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$3000/ -$1600

Profit & Loss Per Micro Lot = +$300/ -$160

Daily Price Outlook

Gold's (XAU/USD) price is currently trending positively, positioned above the $1,850 mark. This surge is attributed to multiple factors, including a recovery from its previous week's dip to $1,810, reflecting renewed investor trust. Gold's resilience above the $1,850 benchmark underscores its robustness.

Low-interest-rate expectations further buoy gold's value. As gold doesn't generate interest like some other assets, low rates bolster its appeal. This scenario is currently making gold even more attractive to investors.

Moreover, rising geopolitical uncertainties in the Middle East are spurring gold's demand as a preferred safe-haven during tumultuous times. Consequently, gold's significance is amplified amidst regional conflicts.

For now, the expectation is for gold to sustain its current price. Traders exhibit caution, eagerly awaiting Federal Reserve indicators about potential monetary policy shifts.

It's worth highlighting traders' hesitancy in making major decisions based on gold, as they anticipate Federal Reserve's guidance on future interest rates. The recent US Nonfarm Payrolls report indicated a lack of significant wage growth in September, alleviating some inflationary worries. Statements by some Fed officials hint at a potential policy relaxation, which might influence gold's price trajectory.

Gold also gains support due to Israel-Gaza tensions, though potential interest rate hikes and a strengthening US Dollar might limit its growth. The Middle East conflict might escalate oil prices, challenging the Fed's anti-inflationary measures and impacting future interest rate decisions. Key indicators being watched include the US PPI, FOMC minutes, and CPI.

GOLD (XAU/USD) - Technical Analysis

Gold price stands at $1860.02, presenting an uptick in the current market, as per the 4-hour chart. The pivot point for this precious metal is set at $1831.29. On the resistance spectrum, immediate resistance is identified at $1851.26, followed by successive resistances at $1869.27 and $1889.8. Conversely, the metal finds support at $1812.71 with additional support lines at $1792.18 and $1774.39.

The Relative Strength Index (RSI) registers a value of 64.02, implying a robust bullish momentum without reaching overbought territory. Meanwhile, the MACD, with a value of 1.44, remains above its signal counterpart at 7.13, further emphasizing the bullish trend. Gold's current price is comfortably above the 50-day Exponential Moving Average (EMA) of $1851.02, suggesting a prevailing short-term bullish trend.

Related News

Daily Price Outlook

Gold price (XAU/USD) prolonged its upward rally and it settled above the $1,800 mark. However, the reason for its upward rally can be attributed to the escalating Israeli-Palestinian conflict. This is because gold is considered a safe investment during uncertain times. Moreover, the ongoing retracement slide in US Treasury bond yields has been playing major role in underpinning the gold price, as investors are reducing bets for further rate hikes by the Federal Reserve. Besides this, the sluggish US Dollar price action is pushing the non-yielding yellow metal higher for the third successive day, to over a one-week high.

It is worth noting that the gold prices have bounced back by more than $50 from a low point last Friday, but they are struggling to gain more ground. This is because Federal Reserve officials made cautious statements, which boosted investor confidence and made the stock market look more appealing. As a result, gold, which is seen as a safe investment, is losing its speed in surging.

Investors are being cautious and waiting for important reports from the US this week, such as the FOMC meeting minutes on Wednesday and the consumer inflation numbers on Thursday. These reports could influence gold's future direction.

Gold Rises Amidst Israeli-Hamas Conflict While Fed Adopts Cautious Stance

On the other side, the ongoing conflict between Israeli forces and Hamas has been pushing up the price of gold, reaching a one-week high on Tuesday. Meanwhile, Federal Reserve officials have been cautious about raising interest rates further. They believe that the recent increase in long-term US Treasury bond yields will help in controlling inflation. Dallas Fed President Lorie Logan expressed optimism about inflation, causing investors to rethink the chances of another rate hike in November.

Fed Vice Chair Philip Jefferson also sounded less aggressive and suggested a careful approach to raising the benchmark federal funds rate. This shift in the Fed's stance has caused US Treasury bond yields to drop further, weakening the US Dollar. This has been good news for gold (XAU/USD).

Market Positivity Amidst Israeli-Hamas Tensions and Upcoming Key Reports

Despite the ongoing tension between Hamas and Israel, the financial markets are in a positive mood. This has reduced the appeal of gold as a safe investment, causing its price gains to slow down. Investors are awaiting the release of the FOMC meeting minutes on Wednesday. Traders are also keeping a close eye on two key reports this week: the US Core Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday. These reports will help us understand inflation trends and the state of the US economy.

GOLD (XAU/USD) - Technical Analysis

Gold (XAU/USD) saw notable movement on Monday, with the precious metal rising by approximately 1.60%. Today, it remains mostly neutral, with a marginal 0.01% increase. This price action follows concerns related to geopolitical tensions, which have contributed to the recent volatility in gold markets.

In terms of key price levels, the pivot point stands at $1851. Immediate resistance levels include $1869, followed by $1889 and $1904. On the support side, levels to watch are $1830, $1812, and $1792. These price levels represent crucial areas where traders and investors may encounter significant buying or selling pressure.

Looking at technical indicators, the Relative Strength Index (RSI) currently registers at 66. While not in overbought territory, it suggests a relatively bullish sentiment in the market. The 50-Day Exponential Moving Average (50 EMA) is valued at $1848, indicating that the price is currently above this level, which aligns with a short-term bullish trend.

One significant technical observation is the bullish crossover above the 50 EMA (blue line), suggesting a buying trend. This development implies potential bullish momentum in the market, further supported by the current RSI reading.

In conclusion, the overall trend for gold appears to be bullish, particularly as long as the price remains above the 50 EMA at $1848. Traders should closely monitor this key level for potential trading opportunities in the coming days. The short-term forecast suggests the possibility of testing the resistance at $1869 and beyond.

Related News:

Daily Price Outlook

Gold (XAU/USD) saw notable movement on Monday, with the precious metal rising by approximately 1.60%. Today, it remains mostly neutral, with a marginal 0.01% increase. This price action follows concerns related to geopolitical tensions, which have contributed to the recent volatility in gold markets.

In terms of key price levels, the pivot point stands at $1851. Immediate resistance levels include $1869, followed by $1889 and $1904. On the support side, levels to watch are $1830, $1812, and $1792. These price levels represent crucial areas where traders and investors may encounter significant buying or selling pressure.

Looking at technical indicators, the Relative Strength Index (RSI) currently registers at 66. While not in overbought territory, it suggests a relatively bullish sentiment in the market. The 50-Day Exponential Moving Average (50 EMA) is valued at $1848, indicating that the price is currently above this level, which aligns with a short-term bullish trend.

One significant technical observation is the bullish crossover above the 50 EMA (blue line), suggesting a buying trend. This development implies potential bullish momentum in the market, further supported by the current RSI reading.

In conclusion, the overall trend for gold appears to be bullish, particularly as long as the price remains above the 50 EMA at $1848. Traders should closely monitor this key level for potential trading opportunities in the coming days. The short-term forecast suggests the possibility of testing the resistance at $1869 and beyond.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Limit 1864

Take Profit – 1843

Stop Loss – 1880

Risk to Reward – 1: 1.3

Profit & Loss Per Standard Lot = +$2100/ -$1600

Profit & Loss Per Micro Lot = +$210/ -$160