GOLD in the Asia-Europe session 04 OCT
Updated
Based on the daily technical analysis, it appears that there may be a potential rebound in the Gold price before it resumes its downtrend. The Relative Strength Index (RSI) indicator, which tracks the momentum of an asset, is currently indicating oversold conditions for Gold. This suggests that caution should be exercised by sellers.
If there is a corrective bounce, it could encounter resistance at the $1,850 level. Additionally, the highs from September 28 and 29 at $1,880 will provide strong resistance for Gold price.
However, if Gold fails to break above the $1,850 barrier and remains below it, this could strengthen selling pressure. In such a scenario, immediate support can be found at the $1,810 level which aligns with the low from March 8.
To further exacerbate bearish sentiment for Gold price movement,the key level to watch out for is $1,800 as this would represent a significant breakthrough point for sellers.
Furthermore,a notable indication of bearishness in terms of moving averages is observed as we see that the 100-Daily Moving Average (DMA) is positioned above the 200 DMA suggesting potential downside movement ahead.
If there is a corrective bounce, it could encounter resistance at the $1,850 level. Additionally, the highs from September 28 and 29 at $1,880 will provide strong resistance for Gold price.
However, if Gold fails to break above the $1,850 barrier and remains below it, this could strengthen selling pressure. In such a scenario, immediate support can be found at the $1,810 level which aligns with the low from March 8.
To further exacerbate bearish sentiment for Gold price movement,the key level to watch out for is $1,800 as this would represent a significant breakthrough point for sellers.
Furthermore,a notable indication of bearishness in terms of moving averages is observed as we see that the 100-Daily Moving Average (DMA) is positioned above the 200 DMA suggesting potential downside movement ahead.
Note
It is forecasted that gold price needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.Note
🕯 BUY GOLD | 1818 - 1816🔴 SL: 1813
🟢 TP1: 1823
🟢 TP2: 1830
Note
- The Bank of Israel announces a program to sell $30 billion in foreign currencies to provide the necessary liquidity to the markets.
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