XAUUSD: Uptrend supports gold price
Updated
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① Currently, gold prices are still rising at a high level, forming a "small triangle" chart pattern in the short term. The market could start a new short-term trend tonight.
② Since Powell will speak on Friday,
If in this case:
Plan A. If gold prices strongly break out of the "small triangle", it means that the market will "pre-digest" Powell's speech.
Plan B. If the gold price is still very modest swing. That shows that the market still has to wait for Powell to speak.
① Currently, gold prices are still rising at a high level, forming a "small triangle" chart pattern in the short term. The market could start a new short-term trend tonight.
② Since Powell will speak on Friday,
If in this case:
Plan A. If gold prices strongly break out of the "small triangle", it means that the market will "pre-digest" Powell's speech.
Plan B. If the gold price is still very modest swing. That shows that the market still has to wait for Powell to speak.
Note
Flag pattern is forming!
Trade active
♦️ Gold analysis of the day: Gold price just reached 1,920 USD and the market outlook still has room to increase stronglyTrade active
♦️ The US 2-year Treasury yield increased 10 basis points to 5.199%, the highest level since 2006.Note
🔹Entity forces are now also threatening to bomb Al-Aqsa Martyrs Hospital in Gaza.Trade active
♦️ Conflict in the Middle East is increasing! An airstrike on a hospital in Gaza killed hundreds of people and increased risk aversion helped gold prices rise nearly $20.Note
GOLD comments early October 18, 2023:Gold did not change much in yesterday's session as it kept trading upward and maintained the 1.92x area for most of the time. And this morning it suddenly increased sharply following escalating news about the Israel-Hamas conflict.
Israel's airstrike on the hospital in the Gaza Strip - when the Israeli side claimed that the terrorist group Hamas had fired rockets into Israel from these positions - has increased fears that the escalation will be more explosive with Iran possibly relying on it. to intervene in this conflict as Iran's ambassador to Syria wrote "time is running out."
Along with that, the fact that J. Biden decided not to go to Amman to attend the Conference with Arab leaders is also a move that can make investors speculate and speculate about the potential for tensions to escalate. more to come. In addition, the US has also warned citizens not to travel to Lebanon and began evacuating staff at the embassy in Lebanon.
With this situation, Gold may be supported further, but Buying will have RR, so wait for the price to soften a few times and then consider later, the target will be from 7 - 20 prices. But after that, we will watch the Sell phase to take profit with a target of 5 - 10 prices, the Sell point will be searched for at a strong resistance area or when the price has run about 17 - 20 prices or more...
At this time, Gold will mainly follow the escalation of tensions between Israel and Hamas, so all news or technical analysis will become meaningless. You should not stubbornly go in one direction, but will depend on the news and developments of the conflict. but consider accordingly. Whatever you buy/sell, you should place your SL carefully.
Price (edited) is 1,936.70
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