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Update gold price after stormy day. Gold prices have rebounded today after a sharp decline yesterday, with the precious metal currently hovering around the $2730 mark, recovering more than 100 pips in the early hours of Thursday's trading session. Meanwhile, the US Dollar Index has risen by 0.3%, nearing its highest level in three months. This strength in the dollar is making gold less appealing for holders of other currencies. At the same time, US bond yields have climbed to a three-month high, increasing the opportunity cost of holding non-yielding assets like gold. Despite these pressures, gold's upward momentum remains strong, with the recent dip appearing to be part of a typical correction. Ongoing uncertainty surrounding the US elections, along with the nation’s growing debt burden, continues to fuel investor concerns, pushing many to seek the safe haven of gold. This year, the precious metal has consistently set new records, gaining over 31%. With this momentum, gold is on track to be one of the best-performing assets in 2024.
OANDA:XAUUSDLong
by Pierce_Bowers
Gold price analysis October 24Fundamental Analysis Gold prices fell sharply from an all-time high of $2,758 on Wednesday as US Treasury yields rose, while the greenback hit a two-month high, according to the US Dollar Index (DXY). Risk appetite has deteriorated, prompting a flight to safe-haven currencies, but not assets such as the yellow metal. The yield on the US 10-year Treasury note has risen more than 65 basis points (bps) since the Federal Reserve cut interest rates by 50 basis points (bps) on September 18, amid concerns that a Trump presidency could spark inflation. Investors appear to believe that former President Donald Trump could defeat Vice President Kamala Harris, as most betting sites have indicated. As we approach the US election on November 5, investors are looking for shelter from that possibility. Investors are somewhat concerned that Trump's deficit spending, use of tariffs and large illegal immigrant deportation program could cause a new wave of inflation. Technical analysis Gold is recovering near the important price reaction zone of 2736-2738. When gold breaks this important zone, it will find the breakout zone of 2750. In case the European session gold fails to break this price zone and falls back, our target is to give a SELL signal around 2724 followed by the bottom zone of 2708 and the most important zone of today is 2700, the critical zone of the EMA. Wish you a successful trading day.
OANDA:XAUUSD
by TVS-Trader
2
GOLD to find buyers at current overbought extremes?XAUUSD - 24h expiry Price action resulted in a new all-time high at 2753. Daily signals for sentiment are at overbought extremes. Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end. 20 1hour EMA is at 2743. There is no indication that the rally is coming to an end. We look to Buy at 2744.5 (stop at 2726.5) Our profit targets will be 2789.5 and 2799.5 Resistance: 2753.4 / 2770.0 / 2785.0 Support: 2745.0 / 2725.0 / 2700.0 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OANDA:XAUUSDLong
by OANDA
2
Gold Trading Strategy Here’s a quick summary based on the chart: Current Trend: The price of gold is in a strong uptrend, indicated by the upward arrow and the parabolic curve that suggests continued bullish momentum. Support Zones: There are three key support zones highlighted in light blue: Around $2,626.60 Around $2,600.00 Around $2,521.33 These zones act as potential areas where buyers could step in if there is a retracement in price. Moving Averages: The chart shows two moving averages that are trending upward, further confirming the bullish sentiment in the market. Price Action: The price is currently above the nearest support level, indicating that there is room for further upward movement. Trading Strategy: The chart suggests a continuation of the bullish trend, with potential pullbacks to the support zones being good opportunities for traders to consider long positions. The overall outlook remains positive, with a likely target above $2,800. This visual guide provides a clear indication that gold traders should remain attentive to the support zones and the strong upward momentum for further potential gains.
OANDA:XAUUSDLong
by Pierce_Bowers
Gold trading strategy today!Gold saw a slight uptick during the early Asian trading session, continuing its upward trend. The precious metal has been bolstered by global monetary easing policies, as noted by Tito Iakopa, Chief Trading Officer at FlowCommunity. On Monday, China's commercial banks slashed benchmark lending rates, following the European Central Bank’s rate cut last week. Geopolitical tensions, particularly in the Middle East, have also heightened gold's appeal as a safe-haven asset amidst the ongoing conflict with no clear resolution in sight. Trading Recommendations Around Key Price Levels: SELL XAUUSD at 2740-2742 Stop Loss: 2746 Take Profit 1: 2735 Take Profit 2: 2730 Take Profit 3: 2725 BUY XAUUSD at 2712-2714 Stop Loss: 2708 Take Profit 1: 2719 Take Profit 2: 2724 Take Profit 3: 2730 Reminder: Always set your Take Profit (TP) and Stop Loss (SL) to ensure optimal trading performance.
OANDA:XAUUSD
by Pierce_Bowers
Gold Price AnalysisGold prices today continue their strong upward momentum, with bullish signals showing no sign of slowing down. The metal is currently hovering around $2,728, marking an increase of over 70 pips since the start of the trading session. The primary reasons driving this sharp rise in gold prices stem from global gold surpassing the $2,700 per ounce mark last weekend. This surge has been fueled by escalating tensions in the Middle East, the upcoming U.S. presidential election, and expectations of further monetary policy easing. These factors have ignited the gold market, with many expecting prices to climb even higher in the near future. Forecast-wise: A recent Kitco News survey reveals a widespread sense of optimism about gold's upward prospects. The majority of experts (94%) predict further price increases, while only one analyst (6%) sees no significant changes. Similarly, a large portion of retail traders (72%) also believe that gold will continue to rise, compared to a smaller group (17%) expecting a price decline. On the technical analysis side: This uptrend follows the principles of Dow Theory, and from a Fibonacci perspective, the rally is targeting the first take-profit level at 1.618, which aligns with the $2,925 region. What do you think? Where do you see gold heading in the coming days?
OANDA:XAUUSDLong
by Pierce_Bowers
GOLD BUY | Idea Trading AnalysisGOLD is moving in an ascending channel. The chart broke through the dynamic resistance, which now acts as support. We expect a decline in the channel after testing the current level. Hello Traders, here is the full analysis. I think we can soon see more fall from this range! GOOD LUCK! Great BUY opportunity GOLD I still did my best and this is the most likely count for me at the moment. ------------------- Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad
TVC:GOLDLong
by TheGrove
1
XAUUSD Top-down analysis XAUUSD is in all time high. Monthly : Historically GOLD is bullish we see market just has broken out of the previous monthly high and currently approaching a new level. As the momentum is high, this week we may see further upside. Weekly: After back to back 2 weeks of bullish momentum, this week we have seen that market again started to bounce back up with strong bullish engulfer. As Weekly price is in expansion face we may see this week as well a bullish momentum. 15min : This is the timeframe I will be intending to enter the trade. We can identify the support trend line will be waiting for a potential break of structure to the support for entry as explained in the video.
OANDA:XAUUSDLong
by ForexWizard01
Gold Hits Record High Amid Global UncertaintyGold extended its rally today, driven by heightened demand for safe-haven assets amid U.S. election uncertainties and ongoing conflict in the Middle East, pushing prices above $2,700 per ounce. By the close of trading on October 17th, spot gold surged 180 pips to $2,692 per ounce, marking a new record high with further upward momentum expected. Since the beginning of the year, gold has gained over 30%, repeatedly setting new peaks. This rise is mainly attributed to geopolitical instability and the likelihood that the U.S. Federal Reserve will continue lowering interest rates. Meanwhile, Israel announced the elimination of Hamas leader Yahya Sinwar during an operation in southern Gaza. During U.S. trading, gold saw a brief pullback after retail sales data showed a slight increase in September, and U.S. jobless claims unexpectedly fell last week. However, the overall trend remains strong as global economies continue to lower interest rates, supporting gold prices.
OANDA:XAUUSDLong
by Pierce_Bowers
What changes in gold price today ?Gold is currently trading around $2,649 USD, showing little movement compared to the same time during yesterday’s session. Looking ahead, there’s a possibility that gold could drop to the $2,600 USD/ounce level. However, the safe-haven demand, fueled by concerns over geopolitical tensions in the Middle East, is likely to help gold regain its strength quickly. In the short term, gold may continue its consolidation phase, much like the past few weeks, as it navigates between Middle Eastern conflict and the Federal Reserve’s monetary easing policies. On a more optimistic note, while the surge of the USD and strong economic data could have pushed gold lower, the recent decline has been relatively shallow. This suggests that the buying interest in gold is far from over.
OANDA:XAUUSDLong
by Pierce_Bowers
XAUUSD 30 MINUTE TIME FRAME CHART XAUUSD, 30-minute timeframe chart XAUUSD retested the resistance level of 2,683.00 General outlook XAUUSD has been under buying pressure within the last day. The pair moved up to the resistance level of 2,683.00. Possible scenario The best way to use this opportunity is to place a sell limit order at 2,683.30. Set your stop loss at 2,688.30 below the previous low ($6.00 loss for 0.01 lot) and take profit at 2,667.30 ($16.00 profit for 0.01 lot). The risk-reward ratio for this order is 1:1 . OANDA:XAUUSD OANDA:XAUUSD
TVC:GOLD
by CHRLEEEXPERT