New news from the Middle East, GOLD gains and positive outlook
XAUUSD Reaching the target price increase at an all-time high of 2,685 USD, the haven asset continues to get stronger as the Middle East situation becomes tense again. Israeli sources say Israeli Prime Minister Benjamin Netanyahu has approved a series of targets in retaliation for Iran's missile attack on Israel earlier this month.US B-2 bombers have attacked weapons storage sites of Houthi rebels in Yemen in an effort to stop attacks by Iran-backed groups. US media mentioned that the US military's latest measures have disrupted the Red Sea supply chain.
The US Department of Defense announced that US military forces carried out precision strikes on five underground weapons storage sites in Houthi-controlled areas of Yemen.
US Central Command indicated that assessment of combat damage from airstrikes in Yemen is ongoing and there are currently no civilian casualties.
Bloomberg reported that US B-2 stealth bombers attacked weapons storage locations related to Houthi rebels in Yemen.
American B-2 bombers fly to the target from Whitman Air Force Base, Missouri. This is the first combat mission of this wing-shaped stealth bomber since January 2017. At that time, two B-2 bombers flew a 30-hour round-trip mission to bomb an Islamic State training camp in Libya.
Each B-2 is capable of carrying up to 20 tons of bombs, including 80 500-pound GPS-guided projectiles. "This type comes to Vietnam in about half a day and can only be used to make rice cookers, combs, water ladles, trays, buckets, basins,... that's it."
Meanwhile, the market sees a 92.1% chance that the US will cut interest rates by 25 basis points in November, according to CME's "Fed Watch Tool".
Analysis of technical prospects for
XAUUSD On the daily chart, gold has an upside target at its all-time high of $2,685 and it currently has the conditions to break this level and refresh its all-time high in the short term. A short rising price channel is formed, notably by the price channel and the nearest support is currently in the area of 2,672 – 2,660USD.
RSI points up but is still far from the overbought level, showing that there is still plenty of room ahead.
In general, on the daily chart, from technical position to space and momentum, gold is likely to increase in price in the near future. If the $2,685 level is broken gold will tend to continue rising with a target then around $2,700 as the whole price point or more like the $2,711 price point of the 0.786% Fibonacci extension.
The uptrend in gold prices on the daily chart will be noticed again by the following technical levels.
Support: 2,672 – 2,660USD
Resistance: 2,685 – 2,688 – 2,700 – 2,711USD
SELL XAUUSD PRICE 2701 - 2699⚡️
↠↠ Stoploss 2705
→Take Profit 1 2694
↨
→Take Profit 2 2689
BUY XAUUSD PRICE 2642 - 2644⚡️
↠↠ Stoploss 2638
→Take Profit 1 2649
↨
→Take Profit 2 2654
Note
Gold prices hit a new record peak of around 2,690 USD/ozNote
🔴Spot gold moved higher, reaching a new all-time high of $2,698.36/ounce.Note
Gold price approaches 2,720 USD/oz as demand for haven assets continues to increaseNote
Gold reached a new peak in the early trading session in Asia around 2,723 USD/ounceNote
- If XAUUSD continues to rise, the price could test the nearest psychological resistance level at 2,750 US dollars per troy ounce.
- However, a return below US$2,680 per troy ounce could prompt a sideways move within the US$2,600-2,650 per troy ounce range.
Note
Gold price adjusted to fall below 2,720 USD/oz after reaching a historic peak
Gold price, after hitting a new record peak around 2740 USD/oz, is currently correcting nearly 200 pips to below 2720 USD/oz.
Note
World gold price has increased to 2,730 USD/ounce in the latest trading session. The rise was tempered by the strength of 10-year US government bond yields, which reached their highest level in the past 12 weeks. The DXY index also increased, making gold more expensive for foreign investors. Daniel Pavilonis from RJO Futures said these factors are creating significant pressure on the gold market.
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