Refreshing all-time level, GOLD is eligible to continue rising
As uncertainty about the US presidential election and war in the Middle East push investors to seek safe haven assets, and the monetary policy environment that tends to lower interest rates are the main factors pushing push up gold prices.
After the Federal Reserve cut interest rates by 50 basis points last month, gold prices are set to gain more than 30% this year, driven by the prospect of further rate cuts and geopolitical uncertainty.
Since gold does not yield interest, cutting interest rates could reduce the opportunity cost of investing in gold and increase its appeal.
On the geopolitical side, Prime Minister Benjamin Netanyahu said Israel will continue to fight until all hostages captured by Hamas last year are released. During times of geopolitical and economic uncertainty, investors often seek the safety of gold.
Israel announced that Hamas leader Sinwar was dead
On October 17 local time, Israeli media quoted senior Israeli officials as saying that Hamas leader Yahya Sinwar was killed by the Israeli army.
Earlier on the same day, the Israel Defense Forces and the Israel National Security Agency (Sin Bet) issued a joint statement saying that, according to preliminary reports, the Israeli army killed 3 Palestinian armed personnel during the attack. military operations in the Gaza Strip. The Israel Defense Forces and the Israel General Security Agency are verifying whether one of them is Hamas leader Yahya Sinwar.
Sinwar masterminded Hamas attacks on southern Israel, sparking a year-long war in Gaza.
Concerns about the future of the US government are also driving demand for precious metals. With three weeks to go until the election, polls show the two candidates tied, creating uncertainty.
On Thursday, economic data released by the United States supported the view that the economy will maintain strong growth in the third quarter. Signs of economic recovery may not prevent the Fed from cutting interest rates once next month, but they will reinforce expectations of a 25 basis point rate cut.
Data released by the U.S. Department of Commerce on Thursday showed retail sales rose 0.4% month-over-month in September, better than the 0.1% gain in August and better than expected. will increase by 0.3%.
In addition, the number of Americans applying for unemployment benefits unexpectedly decreased last week. According to data released by the U.S. Department of Labor on Thursday, initial jobless claims fell by 19,000 to 241,000 in the week ended October 12. Economists surveyed had forecast The average number is 259,000.
Bloomberg said Western investors also contributed to driving up gold prices. Western investors largely sat on the sidelines in the first half of the year as demand surged in Asia. The Federal Reserve's shift to a looser monetary policy has increased the appeal of gold-backed exchange-traded funds (ETFs), with their gold holdings on track to increase. 5th consecutive monthly growth in October for the first time since 2020. Longest capital flow since the beginning of this year.
Analysis of technical prospects for
XAUUSD
On the daily chart, gold has reached its target level of $2,711 after strong gains and is on track for a fourth consecutive day of gains.
Structurally, gold is still on a short-term uptrend, noticed by price channels, and even in the medium and long term, it is also increasing with price channels as the trend.
Once gold breaks the 2,711 USD price point of the 0.786% Fibonacci extension, it will have the prospect of continuing to increase in price with the target level then being around 2,741 USD the price point of the 1% Fibonacci extension.
Regarding momentum, the Relative Strength Index is pointing up with a significant slope and has not yet completely reached the overbought level, showing that there is still room for price increases ahead, with absolutely no signs of possible reduced corrections and showed solid upward momentum in the market.
As long as gold remains within the price channel it will remain bullish in the short term, notable technical levels are listed below.
Support: 2,700 – 2,688USD
Resistance: 2,711USD
SELL XAUUSD PRICE 2741 - 2738⚡️
↠↠ Stoploss 2744
→Take Profit 1 2633
↨
→Take Profit 2 2628
BUY XAUUSD PRICE 2664 - 2666⚡️
↠↠ Stoploss 2660
→Take Profit 1 2671
↨
→Take Profit 2 2676
After the Federal Reserve cut interest rates by 50 basis points last month, gold prices are set to gain more than 30% this year, driven by the prospect of further rate cuts and geopolitical uncertainty.
Since gold does not yield interest, cutting interest rates could reduce the opportunity cost of investing in gold and increase its appeal.
On the geopolitical side, Prime Minister Benjamin Netanyahu said Israel will continue to fight until all hostages captured by Hamas last year are released. During times of geopolitical and economic uncertainty, investors often seek the safety of gold.
Israel announced that Hamas leader Sinwar was dead
On October 17 local time, Israeli media quoted senior Israeli officials as saying that Hamas leader Yahya Sinwar was killed by the Israeli army.
Earlier on the same day, the Israel Defense Forces and the Israel National Security Agency (Sin Bet) issued a joint statement saying that, according to preliminary reports, the Israeli army killed 3 Palestinian armed personnel during the attack. military operations in the Gaza Strip. The Israel Defense Forces and the Israel General Security Agency are verifying whether one of them is Hamas leader Yahya Sinwar.
Sinwar masterminded Hamas attacks on southern Israel, sparking a year-long war in Gaza.
Concerns about the future of the US government are also driving demand for precious metals. With three weeks to go until the election, polls show the two candidates tied, creating uncertainty.
On Thursday, economic data released by the United States supported the view that the economy will maintain strong growth in the third quarter. Signs of economic recovery may not prevent the Fed from cutting interest rates once next month, but they will reinforce expectations of a 25 basis point rate cut.
Data released by the U.S. Department of Commerce on Thursday showed retail sales rose 0.4% month-over-month in September, better than the 0.1% gain in August and better than expected. will increase by 0.3%.
In addition, the number of Americans applying for unemployment benefits unexpectedly decreased last week. According to data released by the U.S. Department of Labor on Thursday, initial jobless claims fell by 19,000 to 241,000 in the week ended October 12. Economists surveyed had forecast The average number is 259,000.
Bloomberg said Western investors also contributed to driving up gold prices. Western investors largely sat on the sidelines in the first half of the year as demand surged in Asia. The Federal Reserve's shift to a looser monetary policy has increased the appeal of gold-backed exchange-traded funds (ETFs), with their gold holdings on track to increase. 5th consecutive monthly growth in October for the first time since 2020. Longest capital flow since the beginning of this year.
Analysis of technical prospects for
XAUUSD On the daily chart, gold has reached its target level of $2,711 after strong gains and is on track for a fourth consecutive day of gains.
Structurally, gold is still on a short-term uptrend, noticed by price channels, and even in the medium and long term, it is also increasing with price channels as the trend.
Once gold breaks the 2,711 USD price point of the 0.786% Fibonacci extension, it will have the prospect of continuing to increase in price with the target level then being around 2,741 USD the price point of the 1% Fibonacci extension.
Regarding momentum, the Relative Strength Index is pointing up with a significant slope and has not yet completely reached the overbought level, showing that there is still room for price increases ahead, with absolutely no signs of possible reduced corrections and showed solid upward momentum in the market.
As long as gold remains within the price channel it will remain bullish in the short term, notable technical levels are listed below.
Support: 2,700 – 2,688USD
Resistance: 2,711USD
SELL XAUUSD PRICE 2741 - 2738⚡️
↠↠ Stoploss 2744
→Take Profit 1 2633
↨
→Take Profit 2 2628
BUY XAUUSD PRICE 2664 - 2666⚡️
↠↠ Stoploss 2660
→Take Profit 1 2671
↨
→Take Profit 2 2676
Catatan
Gold price approaches 2,720 USD/oz as demand for haven assets continues to increaseCatatan
![GOLD MARKET ANALYSIS AND COMMENTARY - [Oct 21 - Oct 25]](https://s3.tradingview.com/s/SSnNb9qC_mid.png)
Catatan
Gold reached a new peak in the early trading session in Asia around 2,723 USD/ounceCatatan
- If XAUUSD continues to rise, the price could test the nearest psychological resistance level at 2,750 US dollars per troy ounce.
- However, a return below US$2,680 per troy ounce could prompt a sideways move within the US$2,600-2,650 per troy ounce range.
Catatan
Gold price adjusted to fall below 2,720 USD/oz after reaching a historic peak
Gold price, after hitting a new record peak around 2740 USD/oz, is currently correcting nearly 200 pips to below 2720 USD/oz.
Catatan
World gold price has increased to 2,730 USD/ounce in the latest trading session. The rise was tempered by the strength of 10-year US government bond yields, which reached their highest level in the past 12 weeks. The DXY index also increased, making gold more expensive for foreign investors. Daniel Pavilonis from RJO Futures said these factors are creating significant pressure on the gold market.Catatan
Gold prices increased about 0.6% to 2735.15 USD/ounce in today's session and gold futures contracts also increased 0.4% to 2749.30 USD/ounce.Catatan
Gold prices rose back to a record peak of over 2,742 USD/oz
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🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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