GOLD: Momentum Still Bullish!!
Hello everyone! Today i want to share some macro analysis with you!
1.
Thursday (October 3) Asian morning commentary, spot gold narrow range oscillation, currently trading at 2657 near. Gold prices on Wednesday shook slightly lower than the U.S. September ADP employment data (commonly known as ‘small non-farm payrolls’) stronger than market expectations to help the U.S. dollar index daily recorded three consecutive suns and rose to a nearly three-week high, U.S. bond yields also followed the rise, which led to the price of gold on Wednesday, the plate once fell to 2641.05 U.S. dollars, but Middle East tensions are still to provide safe-haven buying for the price of gold! Support, closing at $2,658.55, down about 0.18%.
Market eyes will continue to focus on U.S. economic data and news related to the geopolitical situation in the Middle East! $XAU/USD(XAUUSD.FOREX)$ $Gold - main 2412(GCmain)$
2.
Technical: Gold prices have lost some momentum as traders wait for the next phase of the conflict to take profits, nonetheless, they still have an upside bias. Momentum remains bullish, as depicted by the Relative Strength Index (RSI), but is exiting from an overbought state, triggering a pullback., if gold strengthens further and breaks above the all-time high of $2,685, it could extend gains to $2,700. If gold falls below $2,650 US, this would open the door to a test of the 30 September low of $2,624, followed by the 18 September peak of $2,600. Once below the latter, gold would aim for the 50-day simple moving average (SMA) of $2,513.
Focusing on the key support at 2650, gold is expected to be broad-based today!
Sell orders are recommended for trading in the Asian and European.
Strategy: Sell:2658-60 TP:2640-2635 SL:2668!
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https://x.com/TradersXauusd/status/1841672301357760614
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