XAUUSD | GOLDSPOT | New perspective | follow-up detail

6 Okt

Gold prices took a hit after a stronger-than-expected US jobs report, signalling a resilient labour market and likely gradual Federal Reserve (Fed) policy easing with 25-basis-point rate cuts. This data boosted the US 10-year Treasury yield by 12 basis points to 3.971%, putting downward pressure on XAUUSD.

Next week’s key events include the US inflation data, jobless claims, and the University of Michigan Consumer Sentiment report. Plus, rising geopolitical tensions in the Middle East could offer support to gold prices as conflicts involving Hezbollah, Iran, Israel, and the US unfold.

Can gold challenge the $2,700 mark this week?

XAUUSD Technical Overview:
This week, we're focusing on the $2,630 zone. This could be a make-or-break point. If gold stays above this zone: Bulls might maintain control, potentially pushing prices higher and setting up new highs. If gold drops below the zone, Bears might gain the upper hand in an attempt to retrace into the structure-support line of the ascending channel. Join me as we explore these factors and potential opportunities in the gold market. Like, subscribe, and hit the notification bell for the latest analysis and insights!

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Disclaimer Notice:
Trading in the foreign exchange market and other instruments carries a high risk and may not be suitable for all investors. The content provided here is for educational purposes only. Evaluate your financial situation and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.

7 Okt

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Gold price (XAU/USD) starts the week on a bearish note as it attracts fresh sellers during the Asian session. The downward pressure stems from the US Dollar standing strong near a seven-week high, supported by Friday's upbeat US jobs report. The labor market's resilience, with 254K jobs added in September and a dip in the unemployment rate to 4.1%, has tempered expectations for aggressive policy easing by the Federal Reserve, weakening demand for non-yielding assets like Gold.

Adding to the bearish tone, the yield on the 10-year US Treasury bond remains close to 4.0%, making safe-haven Gold less attractive. However, geopolitical tensions in the Middle East, particularly the ongoing conflict between Israel and Hezbollah, continue to provide support, limiting deeper losses. Market sentiment is also buoyed by stimulus optimism from China, keeping broader market risk appetite positive.

Hence, we have identified a new technical structure on the 1H timeframe to guide our trading decisions today. I will be elaborating on this during our upcoming live session, so stay tuned in as we also have another interesting setup on the lower timeframe for short-term traders.

Good Morning

7 Okt

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#XAUUSD

Following our discussion in this morning’s live session, it's crucial to secure all current sell positions as we await a potential retest of the structure within the week's support zone. Patience is key as we monitor price action for further confirmation before making any next moves.

7 Okt

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UPDATE

8 Okt

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After yesterday’s impressive performance from the bearish run, the market remains in a consolidation phase with no clear near-term direction. As highlighted in yesterday’s live stream, we’ll continue to focus on trading opportunities within this range until upcoming economic events provide some fresh momentum.

The potential size of the Fed's interest rate cut in November is weighing on demand for gold, but any downside remains cushioned by a modest weakening in the US Dollar. Additionally, ongoing geopolitical risks from the Middle East may support gold's safe-haven appeal.

For now, traders are likely staying cautious ahead of key data, including Wednesday’s FOMC minutes, and the US CPI and PPI figures later this week. As discussed, we’ll rely on the structural insights from the 15-minute chart to guide our decisions today.

Good Morning

10 Okt

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Gold has seen a bit of a bounce over the last 24 hours, finding some buying interest amidst mixed USD price action. The uptick appears to be more about traders adjusting positions ahead of key US inflation data, which will likely shape expectations for the Fed's next rate cut and impact demand for gold.

Yesterday's release of the FOMC minutes showed that the majority supported the 50 basis point rate cut, with confidence in inflation nearing the 2% target. However, with the market now expecting a 25-basis-point cut in November, bond yields remain above 4%, pushing the USD to an eight-week high—this could continue to weigh on gold.

For now, it's wise to remain cautious and wait for clear selling momentum before confirming that gold’s recent slide from its peak has stabilized. The structure from yesterday still holds, and we'll use it to guide today's trading approach.

Good Morning

10 Okt

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#XAUUSD

It is approximately 100 pips in profit. Secure position as price action is at a crucial juncture - oscillating around the descending trendline. We are watching for either a breakout of structure or a reversal set-up for new trading opportunities.

10 Okt

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15 Min Timeframe

Structural set-up ahead of the upcoming US CPI data. We have sell triggered already.

11 Okt

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STRUCTURAL SET-UP | 15 Min Timeframe