Gold Stabilizes Below 2,300 USD Amid Market FluctuationsGold traded below the $2,300 mark during Friday's U.S. trading session following the release of the Nonfarm Payrolls and Unemployment Rate report. However, gold still maintained stability and closed the session around the $2,300 level.
On the daily chart, gold continues to show an upward trend, despite dipping to $2,227. Technical indicators are still supportive of this trend continuation. The Relative Strength Index (RSI) remains above the 50 midpoint. Nonetheless, the risk of price decline persists if XAU/USD drops below $2,300.
Chartnalysis
Gold Price Update Today: Short-Term Price Increase OutlookThe price of gold surged to nearly $2,320 at the start of Thursday, indicating a slight recovery in the market after previous challenging periods.
However, upon examining the 4-hour chart, it's evident that the potential for price increase remains limited. The Simple Moving Average SMA 20 is trending below the Simple Moving Average SMA 100, signaling unclear direction in the market.
Overall, gold is grappling with continuous challenges and fluctuations. Thorough analysis and monitoring of market news are essential for making sound and effective trading decisions.
Market Analysis: Gold Correction Signals Amid Political CalmGold has experienced a significant drop, pushing prices below the $2,340 threshold in Monday's US trading session. The easing of political tensions has provided clear indications that gold is gearing up for a profound adjustment. Additionally, expectations that the Federal Reserve will postpone interest rate cuts amidst stable inflationary conditions have further bolstered the strength of the US dollar, driving capital away from safe-haven assets like precious metals.
From a technical standpoint, the short-term outlook for gold suggests a reversal adjustment as it heads towards the 20-day simple moving average (SMA) before continuing its downward trajectory.
GEEKAY WIRES - DAY CHART - 09.01.2023 - BAHAVAN CAPITALGEEKAY WIRES as per Day Chart Analysis Stock
ABOVE 89 TARGET 93
Today FII Net selling had come down considerably to 203.13 Cr and DII Net Buying increased to 1723.79 Cr.
Nifty Once Breaks the resistance at 18169 then the target is 18240 level.
Bank Nifty Once Breaks the resistance at 42716 then the target is 42932 level
Tomorrow Market trend to be on the positive side..
Happy Profitable Trading to all...
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