XAUUSD | GOLDSPOT | New perspective | follow-up detailsGold prices showcased an impressive rally, primarily propelled by mounting geopolitical tensions in the Middle East and the optimism surrounding the Federal Reserve's (Fed) decision to refrain from further interest rate hikes this year. The precious metal exhibited remarkable resilience, bouncing back swiftly from a knee-jerk reaction triggered by the United States Consumer Price Index (CPI) report for September, which revealed higher-than-expected headline inflation, exerting bearish pressure initially on Thursday.
However, gold quickly regained its footing as traders placed their bets on an unchanged interest rate decision by the Fed in its upcoming November monetary policy meeting. This confidence was further bolstered by the CPI's core inflation reading, which softened in line with market expectations.
Adding to the positive sentiment, Philadelphia Fed President Patrick Harker offered a neutral perspective, stating that concerns about persistent inflation were notably absent in recent data. This assurance reinforced the belief that the central bank would maintain the current interest rates, providing a supportive backdrop for gold prices.
XAUUSD Technical Analysis:
In this video, we dissected the XAUUSD chart from a technical standpoint, analyzed the key levels, analyzed historical price moves, market behaviors, and buyer-seller dynamics, and uncovered potential trading opportunities.
The range between the $1,900 and $1,930 zones will remain our center stage for this week. Its historical significance makes it a crucial point. If the bullishullish momentum is sustained then the $1,900 and resistance of the descending channel will serve as platform for new highs. However, if price breakdown/retest the $1,900 we could witness a renewed selling pressure.
Stay tuned for more thrilling updates on the Gold market! Hit the like button if you found this analysis helpful, and don't forget to subscribe for more insightful content! 📺🔔💼
Disclaimer Notice:
Please be aware that margin trading in the foreign exchange market, including commodity trading, CFDs, stocks, and other instruments, carries a high level of risk and may not be suitable for all investors. The content of this speculative material, including all data, is provided by me for educational purposes only and to assist in making independent investment decisions. All information presented here is for reference purposes only, and I do not assume any responsibility for its accuracy.
It is important that you carefully evaluate your investment experience, financial situation, investment objectives, and risk tolerance level. Before making any investment, it is advisable to consult with your independent financial advisor to assess the suitability of your circumstances.
Please note that I cannot guarantee the accuracy of the information provided, and I am not liable for any loss or damage that may directly or indirectly result from the content or the receipt of any instructions or notifications associated with it.
Remember that past performance is not necessarily indicative of future results. Keep this in mind while considering any investment opportunities.
