GOLD MARKET ANALYSIS AND COMMENTARY - [Oct 14 - Oct 18]
This week, 
XAUUSD have continuously decreased in the early sessions of the week to nearly 2,602 USD/oz because market expectations about the monetary policy of the US Federal Reserve (FED) began to change. . Last week's strong jobs report, combined with a higher-than-expected rise in the Consumer Price Index (CPI), forced the market to temper expectations for a sharp interest rate cut by the Fed next month.
However, economic experts note that the slowing US economy will continue to pressure the Fed to cut interest rates, albeit at a slightly slower pace. This combined with US consumer sentiment falling to 68.9 points, and the Middle East geopolitical conflict remaining complicated, pushed gold prices back up to 2,661 USD/oz and closed the week at 2,657. USD/oz.
Although the FED may reduce the pace of interest rate cuts in the near future, investors should not forget that US monetary policy is only one factor affecting gold prices. Notably, many central banks have officially announced they will continue to buy gold reserves.
As central bank demand continues to dominate the gold market, new questions are being raised about where all that money is going and what impact it has on the dollar. Certainly, reducing the proportion of USD in foreign exchange reserves of many countries will cause the USD to gradually depreciate.
In addition, BRICS member countries are promoting local currency swaps and using electronic currencies in international trade, also creating significant downward pressure on the USD.
In addition, the record high level of US public debt is weakening the purchasing power of the USD.
The USD has been under a lot of downward pressure, so of course it will positively support gold prices in the medium and long term.
📌Technically, on the H4 chart, there are continuous periods of sideways accumulation, then continuously creating new high prices afterward. And this time is no exception if the price breaks the peak of 2,685 USD/oz.
Currently, the support level is established around the circular resistance level of 2600, while the resistance level is around the 2685 mark. Next week, if the gold price trades above the 2625 threshold, we can expect the price to continue to increase beyond the 2700 threshold.
In case the support mark of 2600 is penetrated, the gold price will temporarily decrease and adjust below the level of 2555.
Notable technical levels are listed below.
Support: 2.555 – 2.600 – 2.625USD
Resistance: 2.700 – 2.685USD
SELL XAUUSD PRICE 2701 - 2699⚡️
↠↠ Stoploss 2705
BUY XAUUSD PRICE 2624 - 2626⚡️
↠↠ Stoploss 2620
BUY XAUUSD PRICE 2554 - 2556⚡️
↠↠ Stoploss 2550
XAUUSD have continuously decreased in the early sessions of the week to nearly 2,602 USD/oz because market expectations about the monetary policy of the US Federal Reserve (FED) began to change. . Last week's strong jobs report, combined with a higher-than-expected rise in the Consumer Price Index (CPI), forced the market to temper expectations for a sharp interest rate cut by the Fed next month.However, economic experts note that the slowing US economy will continue to pressure the Fed to cut interest rates, albeit at a slightly slower pace. This combined with US consumer sentiment falling to 68.9 points, and the Middle East geopolitical conflict remaining complicated, pushed gold prices back up to 2,661 USD/oz and closed the week at 2,657. USD/oz.
Although the FED may reduce the pace of interest rate cuts in the near future, investors should not forget that US monetary policy is only one factor affecting gold prices. Notably, many central banks have officially announced they will continue to buy gold reserves.
As central bank demand continues to dominate the gold market, new questions are being raised about where all that money is going and what impact it has on the dollar. Certainly, reducing the proportion of USD in foreign exchange reserves of many countries will cause the USD to gradually depreciate.
In addition, BRICS member countries are promoting local currency swaps and using electronic currencies in international trade, also creating significant downward pressure on the USD.
In addition, the record high level of US public debt is weakening the purchasing power of the USD.
The USD has been under a lot of downward pressure, so of course it will positively support gold prices in the medium and long term.
📌Technically, on the H4 chart, there are continuous periods of sideways accumulation, then continuously creating new high prices afterward. And this time is no exception if the price breaks the peak of 2,685 USD/oz.
Currently, the support level is established around the circular resistance level of 2600, while the resistance level is around the 2685 mark. Next week, if the gold price trades above the 2625 threshold, we can expect the price to continue to increase beyond the 2700 threshold.
In case the support mark of 2600 is penetrated, the gold price will temporarily decrease and adjust below the level of 2555.
Notable technical levels are listed below.
Support: 2.555 – 2.600 – 2.625USD
Resistance: 2.700 – 2.685USD
SELL XAUUSD PRICE 2701 - 2699⚡️
↠↠ Stoploss 2705
BUY XAUUSD PRICE 2624 - 2626⚡️
↠↠ Stoploss 2620
BUY XAUUSD PRICE 2554 - 2556⚡️
↠↠ Stoploss 2550
Nota
World gold prices started a new trading week this morning (October 14) in a downtrend, when the USD set a new 2-month peak in the context that the market no longer had hope for the US Federal Reserve (US Federal Reserve). Fed) will lower interest rates with a large reduction in the next meeting. The possibility that the European Central Bank (ECB) will lower interest rates this week is also boosting the price of the greenback, thereby putting downward pressure on gold prices.Nota
Nota
- XAUUSD came under pressure last week before returning above $2,650/troy ounce. The strong recovery shows that the trend is likely to continue, especially after breaking through the channel.Nota
Gold price fell below 2,647 USD/oz
Gold prices have now fallen below 2,650 USD/oz after rising above 2,666 USD/oz during the session.
Nota
World gold prices fell in the trading session on Monday (October 14), when the USD hit a new 2-month peak and China's economic stimulus measures were not enough to bring confidence to investors. Forecasters maintain an optimistic view on the medium and long-term gold price outlook, including the possibility of this precious metal reaching the price mark of 3,000 USD/oz.Nota
The story of Europe has entered a new chapter. At the most recent meeting, the European Central Bank (ECB) seemed in no hurry to cut interest rates deeper. However, now the market is almost certain that the ECB is about to lower interest rates.Nota
Gold price increased to near its peak during the session, around 2,664 USD/ozNota
Gold extended Tuesday's gain to $2,670/ozNota
Once again, the upward momentum of gold prices continues to impress. After a brief pullback near the 2,600 level, gold is staging a solid recovery since last weekend and is now at 2,674. This sees price action approaching the 2,685 peak set late last month.Nota
Gold price suddenly dropped sharply to nearly 2,670 USD/oz
Gold price suddenly dropped to 2,672 USD/oz.
Nota
🔴Spot gold edged higher, setting a new all-time high at $2,686.65/ounce.
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🧩Forex signals have a high win rate
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