Daily Price Outlook

Gold is a coveted asset known for its consistent ability to capture the attention of global investors. As of today, the yellow metal's price stands at a promising $1,830, signaling a subtle upward movement within a 24-hour window. Delving into specific metrics, Gold has seen a trading volume of $6,726,380,059 and a marginal gain of 0.10% in the past day. However, it's important to note that the provided data, seemingly relevant to Bitcoin, might require further adjustment to align with Gold's specific statistics.

Reviewing the chart from a 4-hour timeframe, several key price levels emerge:

From a technical indicator standpoint, the Relative Strength Index (RSI) reads at 70. Typically, an RSI above 70 suggests that the asset may be entering overbought territory. This often implies potential pullbacks or corrections, especially when an asset remains in this range for an extended period.

Meanwhile, the 50-day Exponential Moving Average (EMA) for Gold is marked at $1,846. This could be interpreted as a short-term bullish trend, given that the price is currently above this figure.

The chart patterns give an interesting observation. Gold has managed to achieve 61.8% of its Fibonacci retracement at $1,856. Coupled with the overbought RSI, an inability to surge past this Fibonacci level might trigger a potential sell-off.

Conclusion: While the immediate trend for Gold seems to tilt towards the bullish side above $1,855, it's essential to approach with caution due to the overbought indicators. A failure to sustain above the $1,856 mark could tilt the balance bearish, paving the way for a potential pullback in prices. As always, monitoring global economic cues and geopolitical events will provide additional clarity for traders and investors alike.

GOLD (XAU/USD) - Trade Idea

Entry Price – Sell Limit 1854

Take Profit – 1833

Stop Loss – 1865

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$2100/ -$1100

Profit & Loss Per Micro Lot = +$210/ -$110

Entry Price – Buy Stop 1858

Take Profit – 1874

Stop Loss – 1842

Risk to Reward – 1: 1.9

Profit & Loss Per Standard Lot = +$1600/ -$160

Profit & Loss Per Micro Lot = +$1600/ -$160

Daily Price Outlook

Gold prices (XAU/USD) have been consistently on the rise, demonstrating a strong bullish momentum. However, on Friday, they experienced a significant drop, reaching their lowest point since March 8. This decline was primarily attributed to the release of the US jobs report, which hinted at the possibility of more interest rate hikes by the Federal Reserve in 2023.

Interestingly, the situation took a swift turn on Monday as gold experienced a remarkable rally, surging by over 1.3% and reaching a one-week high. The sharp shift in sentiment was driven by escalating tensions in the Middle East, prompting investors to turn to gold as a safe-haven asset of choice.

In contrast to this, the anticipation of the Federal Reserve raising interest rates and the resultant increase in US bond yields bolstered the US dollar. This, in turn, imposed a limitation on the gold's gains.

Gold Prices Surge Amid Middle East Tensions, Await Key Economic Data

It is worth noting that the price of gold (XAU/USD) experienced a continuous uptrend at the start of the week, primarily attributed to the escalating tensions in the Middle East. This surge propelled gold to its highest level in over a week, particularly during the Asian trading session. However, despite its upward momentum, gold encountered significant resistance when attempting to breach the $1,855 mark.

However, the driving force behind this sudden spike in gold prices is that investors tend to turn to gold when global tensions rise, seeking a safe place for their money. The situation in the Middle East became increasingly complex as Israel officially declared war against the Palestinian Hamas group. This escalation in conflict further exacerbated investor anxiety, subsequently providing additional momentum to gold prices.

Looking ahead, traders are now waiting for two important events this week: the release of the Federal Open Market Committee (FOMC) meeting minutes and US consumer inflation figures. These releases could influence gold prices, as they provide insight into the Fed's monetary policy and inflation trends.

US Job Growth Positive, but Modest Wage Growth Eases Inflation Concerns

Despite the positive job growth reported in the US, wage growth for the same month remained modest, alleviating concerns about inflation and its potential impact on the Federal Reserve's monetary stance. As a result, the US Dollar (USD) faced its third consecutive day of declines, leading to a surge in the Gold market that broke a nine-day losing streak.

The September report revealed the addition of 336,000 jobs, surpassing expectations, and the previous month's job figures were revised upward from 187,000 to 227,000. However, wage growth only increased by 0.2% for the month, matching August's performance, resulting in a 4.2% annual increase, slightly lower than the previous 4.3% growth.

Despite this data, the market still anticipates at least one more interest rate hike by the Fed in 2023, maintaining relatively high US bond yields and supporting the US Dollar.

GOLD (XAU/USD) - Technical Analysis

Gold is a coveted asset known for its consistent ability to capture the attention of global investors. As of today, the yellow metal's price stands at a promising $1,830, signaling a subtle upward movement within a 24-hour window. Delving into specific metrics, Gold has seen a trading volume of $6,726,380,059 and a marginal gain of 0.10% in the past day. However, it's important to note that the provided data, seemingly relevant to Bitcoin, might require further adjustment to align with Gold's specific statistics.

Reviewing the chart from a 4-hour timeframe, several key price levels emerge:

From a technical indicator standpoint, the Relative Strength Index (RSI) reads at 70. Typically, an RSI above 70 suggests that the asset may be entering overbought territory. This often implies potential pullbacks or corrections, especially when an asset remains in this range for an extended period.

Meanwhile, the 50-day Exponential Moving Average (EMA) for Gold is marked at $1,846. This could be interpreted as a short-term bullish trend, given that the price is currently above this figure.

The chart patterns give an interesting observation. Gold has managed to achieve 61.8% of its Fibonacci retracement at $1,856. Coupled with the overbought RSI, an inability to surge past this Fibonacci level might trigger a potential sell-off.

Conclusion: While the immediate trend for Gold seems to tilt towards the bullish side above $1,855, it's essential to approach with caution due to the overbought indicators. A failure to sustain above the $1,856 mark could tilt the balance bearish, paving the way for a potential pullback in prices. As always, monitoring global economic cues and geopolitical events will provide additional clarity for traders and investors alike.

Related News:

Daily Price Outlook

Today, the Gold (XAU/USD) trading landscape reflects a price point hovering around $1,830 per troy ounce, mirroring global economic fluctuations and sentiments. Within the last day, critical price markers have emerged. The pivot point is established at $1,830, with an immediate resistance observed at $1,842, followed by the next resistance levels at $1,868 and $1,880. Conversely, Gold's immediate price support is identified at $1,816, with deeper support levels situated at $1,797 and $1,786.

Analyzing from a technical perspective, the Relative Strength Index (RSI) for Gold registers at 20, denoting an oversold situation. Typically, an RSI value beneath 30 implies an oversold scenario, indicating the potential for a forthcoming price recovery or shift. Gold's current price, when juxtaposed with the 50-Day Exponential Moving Average (50 EMA) — set at $1,865 — manifests a transient bearish inclination. Nevertheless, any significant move above this EMA might be indicative of a bullish trend's onset.

Chart dynamics provide additional insights. The present RSI underscores an oversold state, alluding to the likelihood of an upward trend reversal. Furthermore, the strong foundational support rooted at $1,816 could act as a beacon for potential buyers, hinting at a budding bullish trajectory. This suggests that maintaining a position above this pivotal support threshold could usher in a bullish tide. Conversely, slipping below this marker might invite selling pressure.

In conclusion, the prevailing direction for Gold appears tentatively positive. If the metal sustains its position above the $1,816 marker, a bullish trend might be on the cards. However, any decline past this point could steer the trend towards bearish territory.

In the near term, considering the alignment of technical metrics and the interplay of resistance-support levels, Gold seems poised to challenge the resistance thresholds of $1,842 and possibly even $1,868 in the forthcoming trading phases.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Limit 1816

Take Profit – 1830

Stop Loss – 1807

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1400/ -$900

Profit & Loss Per Micro Lot = +$140/ -$90

Daily Price Outlook

Gold prices (XAU/USD) succeeded to stop its a declining streak and saw some buying interest on Friday. It has ended a nine-day decline that had pushed it to a seven-month low of around $1,813. Although, the small increase in gold prices did not gain much strength because traders are hesitating and waiting. Traders are waiting for the important monthly employment report from the United States (US) scheduled for later on Friday. Therefore, this report will likely have a strong impact on the market, so many traders are staying on the sidelines until they see the numbers.

It's important to note that the Nonfarm Payrolls (NFP) report strongly influences what people believe the Federal Reserve (Fed) will do with interest rates in the future, and this can, in turn, affect the price of Gold. Currently, the Fed is looking to tighten its policies, which means raising interest rates. This makes the US Dollar more appealing to investors. Consequently, the USD received a slight boost following a two-day decline.

In fact, many market participants strongly believe that the Federal Reserve (Fed) will will stick to its plan of raising rates because the US economy has been doing pretty well. If the jobs data in the NFP report shows that more people are working and making more money, it could lead to higher inflation. To combat inflation, the Fed might keep interest rates high for a longer time.

Gold Prices Rise Ahead of Key US Jobs Report

Gold prices increased on Friday after a recent dip, mainly because traders were getting ready for an important report on US jobs. This report, known as the Nonfarm Payrolls (NFP), is expected to say that the US added around 170,000 jobs in September, less than the 187,000 in the previous month. The unemployment rate might also drop from 3.8% to 3.7%.

However, the reason behind the movement in Gold prices is tied to US Treasury bond yields, which have been going up and supporting the US Dollar. This makes Gold less appealing because it's priced in US Dollars.

Surprisingly, the Federal Reserve (Fed), the US central bank, isn't too concerned about rising bond yields. They think it might help them manage inflation, which has been a worry lately. The Fed has hinted they might keep interest rates high, but the market isn't entirely convinced, giving it only a 40% chance of another rate increase this year.

Furthermore, the weekly data on people applying for unemployment benefits showed that although more people did so last week, the job market still looks strong. This could push inflation up and lead to more interest rate increases by the Fed, which would benefit the US Dollar.

GOLD(XAU/USD) - Technical Analysis

Today, the Gold (XAU/USD) trading landscape reflects a price point hovering around $1,830 per troy ounce, mirroring global economic fluctuations and sentiments. Within the last day, critical price markers have emerged. The pivot point is established at $1,830, with an immediate resistance observed at $1,842, followed by the next resistance levels at $1,868 and $1,880. Conversely, Gold's immediate price support is identified at $1,816, with deeper support levels situated at $1,797 and $1,786.

Analyzing from a technical perspective, the Relative Strength Index (RSI) for Gold registers at 20, denoting an oversold situation. Typically, an RSI value beneath 30 implies an oversold scenario, indicating the potential for a forthcoming price recovery or shift. Gold's current price, when juxtaposed with the 50-Day Exponential Moving Average (50 EMA) — set at $1,865 — manifests a transient bearish inclination. Nevertheless, any significant move above this EMA might be indicative of a bullish trend's onset.

Chart dynamics provide additional insights. The present RSI underscores an oversold state, alluding to the likelihood of an upward trend reversal. Furthermore, the strong foundational support rooted at $1,816 could act as a beacon for potential buyers, hinting at a budding bullish trajectory. This suggests that maintaining a position above this pivotal support threshold could usher in a bullish tide. Conversely, slipping below this marker might invite selling pressure.

In conclusion, the prevailing direction for Gold appears tentatively positive. If the metal sustains its position above the $1,816 marker, a bullish trend might be on the cards. However, any decline past this point could steer the trend towards bearish territory.

In the near term, considering the alignment of technical metrics and the interplay of resistance-support levels, Gold seems poised to challenge the resistance thresholds of $1,842 and possibly even $1,868 in the forthcoming trading phases.

Related News

Daily Price Outlook

Gold prices (XAU/USD) managed to break their eight-day losing streak and rise during the Asian session on Thursday. Gold prices (XAU/USD) managed to stop their recent losing streak and started rising during the Asian trading session on Thursday. However, the reason for its upticks can be linked to the fact that US Treasury bond yields and the US Dollar (USD) dropped from their recent highs. Investors are now looking for more information about what the Federal Reserve might do next with its policies, and this uncertainty is making them turn to gold for safety.

A report from Automatic Data Processing (ADP) on Wednesday showed that the US job market might be slowing down, and a survey from the Institute for Supply Management (ISM) indicated a slowdown in the US services sector. These signs are giving the Fed a reason to reconsider raising interest rates. As a result, US bond yields are falling, and traders are less confident in the strength of the US Dollar, which is helping gold prices to rise.

Moving on, the significant recovery for gold prices still looks uncertain. as the US economic data is in line with expectations for a strong third-quarter growth. Plus, comments from various Federal Reserve officials suggest they may raise interest rates again to control inflation. This could support the US Dollar and bond yields, making it wise to wait for more evidence before betting on gold's rebound.

Gold Prices Bouncing Back Amid Economic Indicators

It's worth noting that gold prices are trying to bounce back from their lowest point since March as US bond yields and the US Dollar have both eased off their recent highs. The 10-year US Treasury yield, which hit a 16-year high, has come down a bit. This has pulled back the US Dollar from its highest level since November 2022.

According to the latest US job report, private companies added only 89,000 jobs in September, a drop from the revised higher figure of 180,000 in the previous month. Also, the US ISM Services PMI decreased from 54.5 to 53.6 in September. Despite these signs, the Federal Reserve is likely to stick to its plan of raising interest rates, which might hold back gold from making a strong comeback.

Looking forward, investors will keep their eyes on the highly-anticipated US monthly employment report, the NFP, set to release on Friday. This report will heavily influence the Fed's rate-hike plans, impacting the US Dollar and potentially giving gold prices a new direction.

GOLD(XAU/USD) - Technical Analysis

In today's Daily Technical Outlook for GOLD (XAU/USD) on October 5, the current price of Gold stands at $1,857.17 million, with a 4-hour chart timeframe.

Key price levels to watch include a pivot point at $1,874 billion, immediate resistance at $1,901 billion, and subsequent resistances at $1,954 billion and $1,983 billion. Immediate support can be found at $1,821 billion, followed by $1,793 billion and $1,741 billion.

Technical indicators reveal an oversold condition as the Relative Strength Index (RSI) sits at 27.17. The MACD line is slightly above the signal line, hinting at potential upward momentum, while the 50-Day Exponential Moving Average (50 EMA) indicates a short-term bearish trend with a value of $1,836.44.

The observed chart pattern suggests an oversold condition with the completion of a 23.6% Fibonacci level, potentially paving the way for bullish moves to the 38.2% or 50% Fibonacci levels.

In conclusion, the overall trend for Gold appears neutral, with a range-bound movement between $1,830 and $1,816. A breakout will be the deciding factor for the next directional move, with a short-term forecast anticipating a test of resistance at $1,901 billion in the days ahead.

Related News

Daily Price Outlook

In today's Daily Technical Outlook for GOLD (XAU/USD) on October 5, the current price of Gold stands at $1,857.17 million, with a 4-hour chart timeframe.

Key price levels to watch include a pivot point at $1,874 billion, immediate resistance at $1,901 billion, and subsequent resistances at $1,954 billion and $1,983 billion. Immediate support can be found at $1,821 billion, followed by $1,793 billion and $1,741 billion.

Technical indicators reveal an oversold condition as the Relative Strength Index (RSI) sits at 27.17. The MACD line is slightly above the signal line, hinting at potential upward momentum, while the 50-Day Exponential Moving Average (50 EMA) indicates a short-term bearish trend with a value of $1,836.44.

The observed chart pattern suggests an oversold condition with the completion of a 23.6% Fibonacci level, potentially paving the way for bullish moves to the 38.2% or 50% Fibonacci levels.

In conclusion, the overall trend for Gold appears neutral, with a range-bound movement between $1,830 and $1,816. A breakout will be the deciding factor for the next directional move, with a short-term forecast anticipating a test of resistance at $1,901 billion in the days ahead.

GOLD (XAU/USD) - Trade Idea

Entry Price – Buy Stop 1834

Take Profit – 1856

Stop Loss – 1820

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$2200/ -$1400

Profit & Loss Per Micro Lot = +$220/ -$140

Entry Price – Sell Stop 1813

Take Profit – 1790

Stop Loss – 1829

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$2300/ -$1600

Profit & Loss Per Micro Lot = +$230/ -$160

Daily Price Outlook

Gold prices (XAU/USD) have been declining for eight consecutive days, nearing a seven-month low reached on Tuesday. However, this drop is primarily driven by the Federal Reserve's (Fed) indication of a more aggressive approach to raising interest rates, reducing gold's appeal as an investment choice. Moreover, the higher U.S. Treasury bond yields and the strength of the U.S. Dollar are further diminishing gold's attractiveness.

Investors are now awaiting two critical reports, the US ADP employment report, and the ISM Services PMI, hoping to identify potential short-term trading opportunities. Gold is facing challenges due to the Fed's intentions, high bond yields, and a robust U.S. Dollar, and traders are optimistic about favorable news that could reverse this trend.

Fed Rate Hikes and Gold's Challenges

It is worth noting that many people believe the Fed will keep raising interest rates for a while, which is not suitable news for gold because it doesn't pay interest. However, this belief was reinforced by the JOLTS report, which revealed a significant number of job openings in the U.S., signaling a robust demand for workers and a competitive job market. Furthermore, the rise in wages can potentially contribute to inflation, a matter the Fed is closely monitoring.

If inflation remains high, the Fed could continue raising rates well into 2024. This has triggered a sell-off in the U.S. bond market, pushing the yield on 10-year government bonds to its highest level in 16 years and bolstering the strength of the U.S. Dollar. However, gold's price drop might slow down because it's been falling a lot recently, and there's also some nervousness in the market. Traders are keeping an eye on reports like the US ADP and ISM Services PMI for short-term trading opportunities, but the big focus is on the US NFP report coming out on Friday.

Political Turmoil and Safe-Haven Gold

Across the ocean, Republican Kevin McCarthy, who successfully led efforts to fund the government until November 17, has been removed from his role as the U.S. House speaker. This disagreement within the Republican party has created confusion in the market, especially with the 2024 elections approaching and concerns about a possible recession on the horizon. These uncertainties are making investors nervous. Thereby, people tend to seek safety in assets like gold, which was seen as one of the key factor that could limit the number of bearish bets on XAU/USD (gold price) by traders.

Looking forward, traders are closely watching the ADP report, which is anticipated to reveal the addition of approximately 153,000 private-sector jobs in September, a decline from the 177,000 added in the previous month. Furthermore, the expected drop in the ISM Service PMI from 54.5 to 53.6 in September could also influence XAU/USD trading.

GOLD(XAU/USD) - Technical Analysis

Today, Gold (XAU/USD) is trading around the $1,830 mark per troy ounce, echoing the tremors and shifts of the global economic dynamics. Over the past 24 hours, several pivotal price thresholds have been identified. These include a pivot point set at $1,830, immediate resistance at $1,842, followed by subsequent resistances at $1,868 and $1,880. On the flip side, Gold finds its immediate support at $1,816, with further cushions at $1,797 and $1,786.

From a technical standpoint, the Relative Strength Index (RSI) for Gold stands at 20, signaling an oversold condition. Traditionally, an RSI reading below 30 is seen as an oversold marker, hinting at a possible price bounce or reversal in the near future. Furthermore, Gold's price positioning relative to the 50-Day Exponential Moving Average (50 EMA) — currently pegged at $1,865 — indicates a short-term bearish sentiment. However, should Gold breach this EMA, it could signal an incoming bullish wave.

Chart patterns also offer insightful cues. The current RSI, indicating oversold conditions, suggests a potential bullish reversal on the horizon. Moreover, the robust support zone anchored at $1,816 could serve as a magnet for potential buying, suggesting a bullish trend in the making. This implies that if Gold manages to sustain its stance above this crucial support realm, we might witness a surge in bullish momentum. However, a breach below this level could beckon sellers to the fore.

In wrapping up, the current trajectory for Gold leans towards a cautiously optimistic stance. The precious metal might embrace a bullish trend if it manages to hover above the $1,816 benchmark. Yet, any descent below this juncture could tilt the scales bearish. In the short term, given the constellation of technical indicators and the dance of support-resistance, Gold might aim to touch the resistance echelons of $1,842, or potentially even $1,868, in the upcoming trading sessions.

Related News:

Daily Price Outlook

Today, Gold (XAU/USD) is trading around the $1,830 mark per troy ounce, echoing the tremors and shifts of the global economic dynamics. Over the past 24 hours, several pivotal price thresholds have been identified. These include a pivot point set at $1,830, immediate resistance at $1,842, followed by subsequent resistances at $1,868 and $1,880. On the flip side, Gold finds its immediate support at $1,816, with further cushions at $1,797 and $1,786.

From a technical standpoint, the Relative Strength Index (RSI) for Gold stands at 20, signaling an oversold condition. Traditionally, an RSI reading below 30 is seen as an oversold marker, hinting at a possible price bounce or reversal in the near future. Furthermore, Gold's price positioning relative to the 50-Day Exponential Moving Average (50 EMA) — currently pegged at $1,865 — indicates a short-term bearish sentiment. However, should Gold breach this EMA, it could signal an incoming bullish wave.

Chart patterns also offer insightful cues. The current RSI, indicating oversold conditions, suggests a potential bullish reversal on the horizon. Moreover, the robust support zone anchored at $1,816 could serve as a magnet for potential buying, suggesting a bullish trend in the making. This implies that if Gold manages to sustain its stance above this crucial support realm, we might witness a surge in bullish momentum. However, a breach below this level could beckon sellers to the fore.

In wrapping up, the current trajectory for Gold leans towards a cautiously optimistic stance. The precious metal might embrace a bullish trend if it manages to hover above the $1,816 benchmark. Yet, any descent below this juncture could tilt the scales bearish. In the short term, given the constellation of technical indicators and the dance of support-resistance, Gold might aim to touch the resistance echelons of $1,842, or potentially even $1,868, in the upcoming trading sessions.

GOLD(XAU/USD) - Trade Idea

Entry Price – Sell Limit 1830

Take Profit – 1811

Stop Loss – 1839

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$1900/ -$900

Profit & Loss Per Micro Lot = +$190/ -$90

Daily Price Outlook

The gold price continues its downward momentum, approaching the anticipated extended target of $1809.35. Market analysts foresee this bearish trend surpassing this benchmark, potentially advancing towards the $1765.20 mark.

Given the prevailing circumstances, the bearish outlook is poised to dominate the near-term landscape, underscored by the downward influence of the EMA50. It's imperative to highlight that any breakthrough above $1838.35 could disrupt this declining trend, ushering in potential intraday recovery efforts. For today's trading, the gold price is projected to oscillate between a support level of $1795.00 and a resistance point of $1830.00.

GOLD(XAU/USD) - Trade Idea

Entry Price – Buy Above 1814

Take Profit – 1842

Stop Loss – 1800

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2800/ -$1400

Profit & Loss Per Micro Lot = +$280/ -$140

Daily Price Outlook

Gold, represented as XAU/USD, has been on the downward trend for seven consecutive days, hitting its lowest point in almost seven months. However, this bearish trend is mainly attributed to the Federal Reserve's hawkish outlook, surging US bond yields, and the robust performance of the US dollar. It is worth noting that the Federal Reserve has warned about ongoing inflation, signaling the possibility of at least one more interest rate hike in 2023. Hence, their reaffirmation of the "higher-for-longer" stance has added to market concerns, intensifying the downward pressure on gold's value.

Furthermore, the robust macroeconomic data from the United States strengthens expectations of additional tightening measures by the Federal Reserve. In the meantime, the sustains higher US Treasury bond yields and propels the US Dollar to its highest point since November 2022, diverting investment flows away from the non-yielding gold.

In contrast to this, the mild weaker mood in the stock markets provided some backing for the safe-haven gold, helping to limit losses as per the daily chart, which showed extremely oversold conditions. Nevertheless, the overall situation implies that the XAU/USD pair is more likely to head lower, and any significant recovery could be viewed as a chance for bearish traders to enter the market.

Gold Prices Decline Amidst Rate Hike Expectations

It's worth noting that gold prices are currently on their longest losing streak since August 2022 due to growing expectations of more interest rate hikes by the Federal Reserve. Fed officials, including Governor Michelle Bowman and Vice Chair Michael Barr, emphasize the need for continued restrictive monetary policy to control inflation.

Cleveland Fed President Loretta Mester also highlights the risk of higher inflation and the necessity of raising rates. Additionally, strong economic indicators, such as the US ISM Manufacturing PMI and rising consumer spending, indicate a likelihood of further policy tightening. As a result, the US Dollar is consolidating its gains, undermining the gold prices.

Looking forward, traders will pay close attention to the RBA interest rate decision on Tuesday and the US JOLTS Job Openings report later in the day. Later in the week, the focus will shift to US employment data, with the ADP report coming out on Wednesday and the Nonfarm Payrolls on Friday.

GOLD(XAU/USD) - Technical Analysis

The gold price continues its downward momentum, approaching the anticipated extended target of $1809.35. Market analysts foresee this bearish trend surpassing this benchmark, potentially advancing towards the $1765.20 mark.

Given the prevailing circumstances, the bearish outlook is poised to dominate the near-term landscape, underscored by the downward influence of the EMA50. It's imperative to highlight that any breakthrough above $1838.35 could disrupt this declining trend, ushering in potential intraday recovery efforts. For today's trading, the gold price is projected to oscillate between a support level of $1795.00 and a resistance point of $1830.00.