GOLD recovered after adjusting from the target level
XAUUSD recovered after a correction since reaching the reader attention target increase in previous issues at 2,741 USD.Gold soared to a new all-time high on Monday hitting $2,740.60 an ounce. Uncertainty over the US presidential election and war in the Middle East have contributed to gold's rally, which has been fueled by expectations of lower Fed interest rates.
Gold prices have risen this year and have consistently hit record highs, a recovery that has accelerated over the past few months as the Federal Reserve moved to cut interest rates. Worsening tensions in the Middle East and upcoming US elections are also increasing demand for gold as a safe-haven asset.
Citi Research raised its three-month gold price forecast in a report on Monday, citing a possible continued slowdown in the US labor market, interest rate cuts by the Federal Reserve and increased gold purchases. physical and ETF funds.
The bank raised its 3-month gold price forecast to $2,800 from $2,700 previously and said its 6- to 12-month gold price forecast is $3,000.
Specifically, the report said: “We note that despite weak retail physical demand in China and rising US interest rates, gold and silver have performed very well since the Fed cut interest rates by 50 points. basis last month and nonfarm payrolls exceeded expectations.”
According to the latest Washington Post poll, Republican candidate Trump and Democratic candidate Harris are still tied in 7 important states.
However, on core issues such as the economy, inflation and immigration, Trump's approval rating is higher than Harris's. A Trump victory would mean a completely different story, with more taxes and restrictions likely to negatively impact inflation, forcing the Fed to abandon its current loose monetary policy, meaning If Trump wins the election, it is likely that the USD will strengthen again and gold will come under significant pressure.
Regarding the situation in the Middle East, according to local authorities, Israel conducted air strikes across Lebanon at night, targeting Hezbollah's financial activities. "We will continue to fight Iran's proxies until the country collapses," said Israeli Foreign Minister Israel Katz.
Analysis of technical prospects for
XAUUSD On the daily chart, after adjusting from the target increase of 2,741 USD, gold recovered when approaching the nearest support level at the Fibonacci extension level of 0.786% price point of 2,711 USD.
The current recovery is significant and is once again close to the key technical level at $2,741, the $2,741 level being the confluence of resistance of the upper channel edge and the 1% Fibonacci extension.
If gold breaks above $2,741 it will be primed for a new bull run ahead, and indeed the target after gold breaks $2,741 is not to be found beyond round price points like 2,750 – 2,800 USD.
During the day, structurally and the short-term trend remains unchanged to the upside with upward momentum remaining very strong as the Relative Strength Index points steeply upward without any signs of a bend or heading down from the overbought area, although the room for price increases is no longer large, there will still be enough motivation for shock increases (short and strong) before adjusting downward.
The upward trend in gold prices on the daily chart will be noted by the following technical points.
Support: 2,711 – 2,700USD
Resistance: 2,741 – 2,750USD
SELL XAUUSD PRICE 2762 - 2760⚡️
↠↠ Stoploss 2766
→Take Profit 1 2755
↨
→Take Profit 2 2750
BUY XAUUSD PRICE 2694 - 2696⚡️
↠↠ Stoploss 2690
→Take Profit 1 2701
↨
→Take Profit 2 2706
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
Note
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.Note
The precious metal came under pressure early Friday, as sellers returned after gold prices failed to break out of the $2,740 resistance zone. The market is turning its attention to new US economic data and statements from Fed officials in search of fresh impetus for XAU/USD.Note
Gold prices increased to above 2740 USD/oz after bottoming around 2717 during the session as concerns about escalating tensions in the Middle East have subsided somewhat. However, traders are still wary of the risk of Israel "retaliating" against Iran.
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