GOLD MARKET ANALYSIS AND COMMENTARY - [Oct 21 - Oct 25]
This week, 
XAUUSD continuously increased sharply from 2,637 USD/oz to 2,723 USD/oz and closed this week at 2,721 USD/oz.
According to market observations, gold prices have skyrocketed in recent days due to the impact of many supporting factors:
First, the FED warned that it will continue to cut interest rates, although the extent of the FED's interest rate cuts may be less than the recent decision. Not only the FED, but many other central banks have also been implementing their plans to cut interest rates. This increases the appeal of gold.
Second, the level of public debt worldwide is even worse than current forecasts, while the measures that countries are taking will not be enough to prevent a sharp increase in public debt. According to the IMF, global public debt will exceed 100 trillion USD, equivalent to about 93% of global GDP, by the end of this year and will reach nearly 100% of global GDP by 2030.
Third, as central banks continue to walk the thin line between promoting economic growth and controlling inflation to prevent stagflation, global geopolitical tensions appear to be increasing day by day. Major conflicts between Ukraine and Russia, growing threats between Russia and NATO, Israel-Palestine conflict, tensions between Israel and the US with Iran, tensions between North Korea and South Korea, and many more threats Another threat has been increasing the role of gold as a haven.
Fourth, after Russia was removed from the SWIFT system on March 1, 2022, BRICS central banks increased gold reserves at a record pace, promoted currency swaps, and promoted transactions. across borders between BRICS countries is a sign that they are preparing for a global monetary reset. Meanwhile, BRICS member countries account for about 40% of global GDP. This will certainly have a negative impact on the USD.
Fifth, central banks of many countries are continuing to promote gold purchases to increase the proportion of gold in national foreign exchange reserves, causing the proportion of USD in foreign exchange reserves of many countries to decrease. down, potentially at risk of USD depreciation.
With so many of the above influencing factors, especially geopolitical conflicts, next week's gold price may increase even higher.
However, the increase in gold prices is being driven by FOMO psychology, which will pose strong profit-taking risks, especially when geopolitical tensions cool down.
📌Technically, the price is constantly setting new high price thresholds, when in turn breaking through old peak milestones, specifically in the H1 chart, the gold price is approaching the 161.8 Fibo zone, and next week it may continue to conquer. Recovering the Fibo threshold of 261.8 around the round resistance level of 2,800 USD/oz.
Notable technical levels are listed below.
Support: 2.741USD
Resistance: 2.688 – 2.700 – 2.711USD
SELL XAUUSD PRICE 2801 - 2799⚡️
↠↠ Stoploss 2805
BUY XAUUSD PRICE 2624 - 2626⚡️
↠↠ Stoploss 2620
BUY XAUUSD PRICE 2659 - 2661⚡️
↠↠ Stoploss 2655
XAUUSD continuously increased sharply from 2,637 USD/oz to 2,723 USD/oz and closed this week at 2,721 USD/oz.According to market observations, gold prices have skyrocketed in recent days due to the impact of many supporting factors:
First, the FED warned that it will continue to cut interest rates, although the extent of the FED's interest rate cuts may be less than the recent decision. Not only the FED, but many other central banks have also been implementing their plans to cut interest rates. This increases the appeal of gold.
Second, the level of public debt worldwide is even worse than current forecasts, while the measures that countries are taking will not be enough to prevent a sharp increase in public debt. According to the IMF, global public debt will exceed 100 trillion USD, equivalent to about 93% of global GDP, by the end of this year and will reach nearly 100% of global GDP by 2030.
Third, as central banks continue to walk the thin line between promoting economic growth and controlling inflation to prevent stagflation, global geopolitical tensions appear to be increasing day by day. Major conflicts between Ukraine and Russia, growing threats between Russia and NATO, Israel-Palestine conflict, tensions between Israel and the US with Iran, tensions between North Korea and South Korea, and many more threats Another threat has been increasing the role of gold as a haven.
Fourth, after Russia was removed from the SWIFT system on March 1, 2022, BRICS central banks increased gold reserves at a record pace, promoted currency swaps, and promoted transactions. across borders between BRICS countries is a sign that they are preparing for a global monetary reset. Meanwhile, BRICS member countries account for about 40% of global GDP. This will certainly have a negative impact on the USD.
Fifth, central banks of many countries are continuing to promote gold purchases to increase the proportion of gold in national foreign exchange reserves, causing the proportion of USD in foreign exchange reserves of many countries to decrease. down, potentially at risk of USD depreciation.
With so many of the above influencing factors, especially geopolitical conflicts, next week's gold price may increase even higher.
However, the increase in gold prices is being driven by FOMO psychology, which will pose strong profit-taking risks, especially when geopolitical tensions cool down.
📌Technically, the price is constantly setting new high price thresholds, when in turn breaking through old peak milestones, specifically in the H1 chart, the gold price is approaching the 161.8 Fibo zone, and next week it may continue to conquer. Recovering the Fibo threshold of 261.8 around the round resistance level of 2,800 USD/oz.
Notable technical levels are listed below.
Support: 2.741USD
Resistance: 2.688 – 2.700 – 2.711USD
SELL XAUUSD PRICE 2801 - 2799⚡️
↠↠ Stoploss 2805
BUY XAUUSD PRICE 2624 - 2626⚡️
↠↠ Stoploss 2620
BUY XAUUSD PRICE 2659 - 2661⚡️
↠↠ Stoploss 2655
Note
Gold reached a new peak in the early trading session in Asia around 2,723 USD/ounceNote
Note
- 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.Note
Gold prices increased about 0.6% to 2735.15 USD/ounce in today's session and gold futures contracts also increased 0.4% to 2749.30 USD/ounce.Note
Gold prices rose back to a record peak of over 2,742 USD/ozNote
XAUUSD continues to rise despite the USD hitting its highest level in nearly three months, with growing expectations that the Fed will cut interest rates at a slower pace. Other precious metals are also rising strongly in recent sessions.
Spot gold price reached a new peak of 2,758 USD/oz, while gold futures contract price expiring in December increased 0.2% to 2,764.15 USD/oz.
Note
Gold ore imports into China decreased 22.4% month-on-month in September to 201,004.9 tons
Gold prices dropped sharply after the news, currently around 2,720 USD/oz:
Note
Gold prices hovered around $2,720/oz after hitting a record high on Wednesday and ending the session down 1.2%. The correction comes as technical indicators suggest the recent rally may have overheated, with the 14-day relative strength index (RSI) suggesting gold is in overbought territory.
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