GOLD hits upside targets, temporarily capped by $2,672

Updated

XAUUSD continues to get stronger, reaching the short-term target level at 2,660USD and aiming for the next target levels at 2,672 - 2,685USD. Boosted by falling US Treasury yields, investors cautiously await more data that could provide a fresh assessment of the Federal Reserve's monetary easing cycle.

According to CME Group's FedWatch tool, traders now see about a 95.5% chance of a 25 basis point rate cut in November.
Market attention will be focused on US retail sales data, industrial production data and weekly jobless claims data due out later this week.
Gold prices have risen more than 29% year-to-date, with optimism about interest rate cuts fueling recent gains. Gold prices are also supported by strong purchasing power from central banks and safe-haven demand amid ongoing conflicts in Ukraine and the Middle East.

The latest news from Israel, two Israeli officials said on October 15 local time that although Israel's attack on Iran is not expected to target nuclear facilities and oil facilities, it could including missile and drone launchers, Iranian warehouses and factories, military bases, government buildings and other targets.
Iran on October 1 launched a large number of ballistic missiles into Israel, attacking Israeli military and security targets in response to a series of previous Israeli attacks and assassinations.
In security consultations involving Israeli Prime Minister Netanyahu, Defense Minister Galante and other ministers, a comprehensive agreement was reached on the course of action against Iran, timing and intensity a response is possible, but the details still require final Cabinet approval before the action can be taken.

Gold itself does not generate interest, but it has the potential to increase in price during times of geopolitical and economic instability.

News that the Middle East cools down brings GOLD

Analysis of technical prospects for XAUUSD
Gold has recovered and increased to achieve most short-term targets from 2,660 USD to close to the 2,672 USD area.
Temporarily, technically, the gold price is still limited by the level of 2,672 USD. However, maintaining above 2,660 USD will be a positive condition in the short term for the possibility of a technical price increase in the near future.

Once gold breaks $2,672 it will be on track to continue rising more with a target then around $2,685 or so making new all-time highs.
The relative strength index (RSI) is pointing up from 50 and is still far from the overbought level, showing that there is still room for price growth in terms of momentum.

As long as gold remains within the channel and above the EMA21, it still has a bullish technical outlook, and notable intraday levels are listed below.
Support: 2,660 – 2,643USD
Resistance: 2,672 – 2,685USD

SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690

→Take Profit 1 2679
↨
→Take Profit 2 2674

BUY XAUUSD PRICE 2642 - 2644⚡️
↠↠ Stoploss 2638

→Take Profit 1 2649
↨
→Take Profit 2 2654

Note

Once again, the upward momentum of gold prices continues to impress. After a brief pullback near the 2,600 level, gold is staging a solid recovery since last weekend and is now at 2,674. This sees price action approaching the 2,685 peak set late last month.

Trade closed: target reached

Plan SELL Hit Full TP2 + 110pips🤕🤕🤕. Congratulations everyone

Note

Gold price suddenly dropped sharply to nearly 2,670 USD/oz

Gold price suddenly dropped to 2,672 USD/oz.

Note

🔴Spot gold edged higher, setting a new all-time high at $2,686.65/ounce.

Note

New news from the Middle East, GOLD gains and positive outlook

Note

Gold prices hit a new record peak of around 2,690 USD/oz

Note

🔴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 increase

Note

Gold reached a new peak in the early trading session in Asia around 2,723 USD/ounce

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