XAUUSD How will gold perform today when the Fed Chairman speaks?
Gold Analysis October 19: Fed Chair Speaks
- Fundamental analysis:
Yesterday, gold prices rose by more than $40 from 1922 to 1963, and then fell by around 1950. The reason for supporting gold at this point is probably still the conflict between Israel and Palestine. The current war is extremely unilateral, with the United States claiming to be behind Israel, but Iran also saying it would intervene if Israel launches a ground attack. A ceasefire declaration will calm market sentiment and gold will lose support. A number of important economic indicators were announced today, especially Fed Chairman Jerome Powell's speech at 11 p.m. Some clues from the FOMC meeting in early November will also have a big impact on gold prices.
- Technical analysis:
Currently, the price is at an important resistance zone, 195x, and although the price is approaching the resistance with great momentum, the price is almost stopped from rising further (a spinning top candle is formed). Although not strong yet, it shows that sellers are starting to react. The uptrend is the main trend, and the priority is to continue buying!
Buy Gold 1946-1944 SL-1940, TP1-1962, TP2-1972
Good luck
- Fundamental analysis:
Yesterday, gold prices rose by more than $40 from 1922 to 1963, and then fell by around 1950. The reason for supporting gold at this point is probably still the conflict between Israel and Palestine. The current war is extremely unilateral, with the United States claiming to be behind Israel, but Iran also saying it would intervene if Israel launches a ground attack. A ceasefire declaration will calm market sentiment and gold will lose support. A number of important economic indicators were announced today, especially Fed Chairman Jerome Powell's speech at 11 p.m. Some clues from the FOMC meeting in early November will also have a big impact on gold prices.
- Technical analysis:
Currently, the price is at an important resistance zone, 195x, and although the price is approaching the resistance with great momentum, the price is almost stopped from rising further (a spinning top candle is formed). Although not strong yet, it shows that sellers are starting to react. The uptrend is the main trend, and the priority is to continue buying!
Buy Gold 1946-1944 SL-1940, TP1-1962, TP2-1972
Good luck
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.