GOLD BUY PERFECT ANALYSIS FOR TODAY (READ DESCRIPTION)
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XAU/USD Editorial
GOLD FORECAST AND NEWS
Gold price looks to US PPI and FOMC minutes for some impetus; going nowhere in a hurry
Gold price (XAU/USD) seesawed between tepid gains/minor losses on Tuesday and consolidated its strong recovery gains from the $1,810 area, or a seven-month low touched last week.
LATEST XAU/USD NEWS
Gold price edges higher on Fed officials' dovish remarks; eyes US PPI and FOMC minutes
By Haresh Menghani | 14:30
Gold Futures: Further consolidation on the cards
By Pablo Piovano | 13:11
Gold could see heavier selling from Shanghai — TDS
By Joshua Gibson | Oct 11, 06:48
Technical Overview
Chart Tools
From a technical perspective, momentum beyond the overnight swing high, around the $1,865-1,866 region, has the potential to lift the XAU/USD to the next relevant hurdle near the $1,885 region. This is closely followed by the $1,900 round figure, which nears the 50-day Simple Moving Average (SMA) and should now act as a key pivotal point. Some follow-through buying should allow the Gold price to climb further towards testing the 200-day SMA, currently pegged near the $1,928-1,930 region.
On the flip side, the $1,850 level might continue to protect the immediate downside ahead of a multi-day-old trading range resistance breakpoint, around the $1,835-1,833 region. Failure to defend the said support levels might prompt some technical selling and drag the Gold price to the $1,820 support en route to the multi-month low, around the $1,810 zone. A convincing break below the latter will validate a bearish death cross on the daily chart, wherein the 50-day SMA is holding well below the 200-day SMA, and pave the way for a further drop.
Fundamental Overview
Gold price (XAU/USD) seesawed between tepid gains/minor losses on Tuesday and consolidated its strong recovery gains from the $1,810 area, or a seven-month low touched last week. The precious metal, however, manages to hold above the $1,850 level and extends its sideways price move heading into the European session on Wednesday.
Traders seem reluctant to place aggressive directional bets around the Gold price and prefer to wait for fresh cues about the Federal Reserve's (Fed) future rate-hike path. The United States (US) Nonfarm Payrolls (NFP) report released last Friday showed that wage growth remained moderate in September and eased inflationary concerns. This, along with recent dovish remarks by several Fed officials, supports prospects for an eventual shift in the central bank's policy stance.
Furthermore, the Israel-Gaza conflict is seen lending some support to the safe-haven Gold price. The markets, meanwhile, are still pricing in the possibility of at least one rate hike by the end of this year. This, along with a generally positive risk tone and a modest US Dollar (USD) uptick, caps any further gains for the precious metal. Wednesday's release of the US Producer Price Index (PPI) and the FOMC minutes might provide some impetus ahead of the US CPI on Thursday.
GOLD BUY : 1870
TP. : 1880
TP. : 1890
TP. : 1900
SL. : 1860-55
Close alert
XAU/USD Editorial
GOLD FORECAST AND NEWS
Gold price looks to US PPI and FOMC minutes for some impetus; going nowhere in a hurry
Gold price (XAU/USD) seesawed between tepid gains/minor losses on Tuesday and consolidated its strong recovery gains from the $1,810 area, or a seven-month low touched last week.
LATEST XAU/USD NEWS
Gold price edges higher on Fed officials' dovish remarks; eyes US PPI and FOMC minutes
By Haresh Menghani | 14:30
Gold Futures: Further consolidation on the cards
By Pablo Piovano | 13:11
Gold could see heavier selling from Shanghai — TDS
By Joshua Gibson | Oct 11, 06:48
Technical Overview
Chart Tools
From a technical perspective, momentum beyond the overnight swing high, around the $1,865-1,866 region, has the potential to lift the XAU/USD to the next relevant hurdle near the $1,885 region. This is closely followed by the $1,900 round figure, which nears the 50-day Simple Moving Average (SMA) and should now act as a key pivotal point. Some follow-through buying should allow the Gold price to climb further towards testing the 200-day SMA, currently pegged near the $1,928-1,930 region.
On the flip side, the $1,850 level might continue to protect the immediate downside ahead of a multi-day-old trading range resistance breakpoint, around the $1,835-1,833 region. Failure to defend the said support levels might prompt some technical selling and drag the Gold price to the $1,820 support en route to the multi-month low, around the $1,810 zone. A convincing break below the latter will validate a bearish death cross on the daily chart, wherein the 50-day SMA is holding well below the 200-day SMA, and pave the way for a further drop.
Fundamental Overview
Gold price (XAU/USD) seesawed between tepid gains/minor losses on Tuesday and consolidated its strong recovery gains from the $1,810 area, or a seven-month low touched last week. The precious metal, however, manages to hold above the $1,850 level and extends its sideways price move heading into the European session on Wednesday.
Traders seem reluctant to place aggressive directional bets around the Gold price and prefer to wait for fresh cues about the Federal Reserve's (Fed) future rate-hike path. The United States (US) Nonfarm Payrolls (NFP) report released last Friday showed that wage growth remained moderate in September and eased inflationary concerns. This, along with recent dovish remarks by several Fed officials, supports prospects for an eventual shift in the central bank's policy stance.
Furthermore, the Israel-Gaza conflict is seen lending some support to the safe-haven Gold price. The markets, meanwhile, are still pricing in the possibility of at least one rate hike by the end of this year. This, along with a generally positive risk tone and a modest US Dollar (USD) uptick, caps any further gains for the precious metal. Wednesday's release of the US Producer Price Index (PPI) and the FOMC minutes might provide some impetus ahead of the US CPI on Thursday.
GOLD BUY : 1870
TP. : 1880
TP. : 1890
TP. : 1900
SL. : 1860-55
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