Gold Price Analysis October 3
Fundamental Analysis
The US dollar (USD) extended its recovery from its lowest level since July 2023 and advanced to a three-week high amid fading prospects of more aggressive easing by the Federal Reserve (Fed). This, in turn, was seen as a major factor undermining demand for the non-yielding yellow metal, although continued tensions in the Middle East helped limit losses.
Iran launched more than 200 ballistic missiles at Israel on Tuesday, while Israel conducted a precision airstrike and bombed the center of Beirut in Lebanon early Thursday. This raised the risk of a full-blown war in the region and dampened investor appetite for riskier assets, which was reflected in the generally weaker tone in equity markets and acted as a boost to safe-haven gold prices. The US economic agenda on Thursday could provide some impetus for XAU/USD, although the focus will still be on the US Non-Farm Payrolls (NFP) report on Friday.
Technical Analysis
Technically, the trading range is still maintained around the 2643 and 2671 areas. There is no strong movement yet, gold is still having difficulty breaking out of this price range. The main BUY SELL entry that we are waiting for is still in the 2683-2685 and 2624-2622 areas.
There is a small resistance in the 2645 - 2642 area, stoploss is placed at 2640 only. This resistance is a bit thin, move gently.
Resistance 2636 - 2635 stoploss 2630 catch up a beat before the US session.
Wait until the US, the margin is further, if the price falls, you can only catch it at 2622 - 2620, stoploss 2616.
Break point 2664, then wait for 2672 - 2674 to sell lightly again, stoploss 2678
Sell point 2683 - 2685, stoploss 2689
Round resistance 2690 is not expected much but note here to pay attention to how it is. Focus on the 2700 area.
The US dollar (USD) extended its recovery from its lowest level since July 2023 and advanced to a three-week high amid fading prospects of more aggressive easing by the Federal Reserve (Fed). This, in turn, was seen as a major factor undermining demand for the non-yielding yellow metal, although continued tensions in the Middle East helped limit losses.
Iran launched more than 200 ballistic missiles at Israel on Tuesday, while Israel conducted a precision airstrike and bombed the center of Beirut in Lebanon early Thursday. This raised the risk of a full-blown war in the region and dampened investor appetite for riskier assets, which was reflected in the generally weaker tone in equity markets and acted as a boost to safe-haven gold prices. The US economic agenda on Thursday could provide some impetus for XAU/USD, although the focus will still be on the US Non-Farm Payrolls (NFP) report on Friday.
Technical Analysis
Technically, the trading range is still maintained around the 2643 and 2671 areas. There is no strong movement yet, gold is still having difficulty breaking out of this price range. The main BUY SELL entry that we are waiting for is still in the 2683-2685 and 2624-2622 areas.
There is a small resistance in the 2645 - 2642 area, stoploss is placed at 2640 only. This resistance is a bit thin, move gently.
Resistance 2636 - 2635 stoploss 2630 catch up a beat before the US session.
Wait until the US, the margin is further, if the price falls, you can only catch it at 2622 - 2620, stoploss 2616.
Break point 2664, then wait for 2672 - 2674 to sell lightly again, stoploss 2678
Sell point 2683 - 2685, stoploss 2689
Round resistance 2690 is not expected much but note here to pay attention to how it is. Focus on the 2700 area.
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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.
JOIN OUR FREE TELEGRAM GROUP t.me/+HARBQ2pBFaI5ZjI1
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
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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.