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Gold Price Stays Below 2000 Amid Dollar Rate Hike UncertaintyGold price experienced significant volatility on Wednesday as they initially moved closer to the $2,000 threshold ahead of the Federal Reserve's policy announcements. This surge was accompanied by the US Dollar's hesitant recovery, coupled with subdued US Treasury bond yields and a mixed market sentiment. However, there was a reversal in gold prices as they briefly dipped to around $1,970 immediately following the Fed's widely anticipated decision to keep the key policy rate within the existing range of 5.25%-5.50%. The pivotal moment came during Fed Chair Jerome Powell's press conference and his responses to questions. Powell's comments had a substantial impact, causing a sharp decline in the US Dollar and US Treasury bond yields and triggering a strong recovery in the price of gold. While Powell did not entirely rule out the possibility of another interest rate hike, the markets interpreted his words as less hawkish than expected. He acknowledged factors like tighter financial conditions, a robust job market, a resilient economy, and elevated inflation levels. The drop in US Treasury bond yields was also influenced by a quarterly Treasury announcement, indicating a slowdown in the expansion of its longer-dated auctions. The increase in 10-year Treasury bond auctions was $2 billion, falling short of the market's $3 billion expectations. This led to a decline of over 20 basis points (bps) in the benchmark 10-year Treasury bond yield, which reached its lowest point in over two weeks at 4.7089%. Furthermore, the US Dollar faced headwinds due to mixed economic data. The US ADP private sector payrolls for October showed an increase of 113,000, below the estimated 130,000. The US ISM Manufacturing Purchasing Managers' Index (PMI) for October dropped to 46.7, falling short of the expected 49.0. Additionally, the Job Openings and Labor Turnover Summary (JOLTS) report revealed that the number of job openings on the last business day of September slightly rose to 9.55 million, up from a revised 9.50 million in August and surpassing the forecast of 9.25 million. As for Thursday's trading, the price of gold is building upon its previous recovery. Investors are carefully considering the future path of interest rates set by the Federal Reserve, with expectations for rate hikes in December and January being scaled back. Some market participants are even beginning to price in the possibility of Fed rate cuts as early as June next year. The ongoing global stock market rally led by the Fed's policies is expected to continue weighing on the safe-haven US Dollar. This trend persists as traders shift their focus away from events such as the Hamas-Israel conflict in anticipation of Friday's release of US Nonfarm Payrolls data. In addition to these factors, gold traders are also keeping a close eye on the monetary policy decision of the Bank of England (BoE), scheduled for later in the day. The key interest rate is expected to remain unchanged at 5.25% for the second consecutive meeting. A dovish stance from the BoE is likely to boost stocks further while exerting downward pressure on the Pound Sterling, which, in turn, could alleviate some of the stress on the US Dollar. Nevertheless, the price of gold continues to hold upside potential, supported by its daily technical setup.
OANDA:XAUUSDShort
by sabellaFX
1
XAUUSD A HEAD AND SHOULDER FORMED hello traders , so as i predicted last week gold perfectly droped to the 1920-1925 area. unfortunately for me i didnt manage to catch the move i was waiting for a retest for of the 1940s, and that didnt happen so i didnt make anymoney even tho my analysis went +200 pips. but it is what it is this is apart of trading , there will be more opportunities in the future. anyways it seems like gold might continue this bullish rally. as we can see the price formed a head and shoulders pattern it is very possible we might see gold drop another 200 pips back to the 1880-1900 area. here are our bearish clues : - dollar still too strong - the head and shoulder formation - Friday 1D Candle closed as a massive Inverted hammer Rejecting the 1920-1925 zone the breakout of the neckline will be our confirmation. also keep in mind this week is very action packed we have alot of stuff coming out like CPI which will determine the fate of the dollar and the direction of Gold . this is no financial advice just my humble opinion hope you liked the idea make sure to like and follow my trading view i post weekly setups and signals.
OANDA:XAUUSDShort
by xAB777
Gold 25-24 to do more, retrace and continue to do more What matters is not effort, but direction. The pressure is not that someone works harder than you, but that people who are several times stronger than us still work harder than us. Even if you can't see the future, even if you can't see the hope, you still believe that you can't make mistakes, you can't make mistakes with the person you choose, and you can't make mistakes in the life you choose. What wakes us up the next day is not an alarm clock, in fact, it is a dream! Gold, broke through the U.S. market in the day, and currently the highest hit around 34. On the other hand, the white market fluctuated slightly, but it still couldn’t get rid of the fate of being washed. The early retracement of the U.S. market was also unexpected. Fortunately, we see After all, the idea of buying more will remain unchanged. After reaching around 14, it will rise rapidly. In the short term, we still need to continue to do more in the market. Now that we have broken through the 20 line, the pressure on the top will also remain at the previous high point near the 50 line. However, the probability of touching this position is not high. Once it continues to touch this position, it is very likely to form a breakthrough again. As for this wave of reversal, I personally think that the high point should be maintained at around 45. If this position is touched again later If it is nearby, it is still an ideal point for us to continue shorting in the later period. No matter what the trend in the later period is, we still need to continue to try to short and wait for this position. At present, gold continues to maintain above 30. It is too early to continue shorting at this position, so be patient Wait for the retracement to continue to do more around 25-24, the target is around 35-45, and the loss is 19. At the same time, the short-term moving average support effect of the daily line is obvious, and we will continue to see more in the short term.
FX:XAUUSDLong
by Richard-Wagner
2
GOLD SHORT!! SCALP TRADE!!Hey Traders, Here we are with the analysis of the gold, so far in higher time frame we are in bullish trend however we reached to one of the key supply area, and we expect to change the trend in lower time-frame which we can scalp on counter trend, So what we see is clear break of structure just bellow and you see change of character, So we wait for the price to reach our key level to take short position, I am taking 0.5% risk on this trade as it is scalp and counter trend, So lets see how price reacts we can have a clear drop to the level we determined... Thank you for supporting, Any question comment me bellow @FxShzd team
OANDA:XAUUSDShort
by FxShzd