Gold Weekly Analysis 28 Oct - 1 Nov 2024
Gold Weekly Analysis 28 Oct - 1 Nov 2024
World Gold rose to $2,745/toz on Friday, recovering from earlier profit-taking as geopolitical tensions in the Middle East and uncertainty surrounding the upcoming US election increased demand for safe haven assets.
Next week based on Kitco.com survey. Although not as optimistic as the previous week, Wall Street & Main Street still agree that gold will continue its rise.
According to the Trendline Indicator, the 4-hour gold time frame is in a consolidation phase with a bullish bias.
Transaction Advice
If the price falls and is stuck above 2733, wait for a valid Buy signal to appear because the market has the potential to rise again to test the All Time High (ATH) 2758, if it breaks, you can open a buy position again because the market will continue to rise towards the next resistance in the 2773 - 2789 area
However, on the other hand, if the price falls below the 2733 pivot, you can look for an opportunity to buy in the 2708 support area. WARNING If the price is confirmed to close below 2708, there is an opportunity for gold to change direction to a downtrend.
Important US Data Next Week
Disclaimer: The information above is informative and you need to verify it and always remember and understand risk management if there is a reversal, also pay attention to ongoing technical indicators and fundamental news that will be released
World Gold rose to $2,745/toz on Friday, recovering from earlier profit-taking as geopolitical tensions in the Middle East and uncertainty surrounding the upcoming US election increased demand for safe haven assets.
Next week based on Kitco.com survey. Although not as optimistic as the previous week, Wall Street & Main Street still agree that gold will continue its rise.
According to the Trendline Indicator, the 4-hour gold time frame is in a consolidation phase with a bullish bias.
Transaction Advice
If the price falls and is stuck above 2733, wait for a valid Buy signal to appear because the market has the potential to rise again to test the All Time High (ATH) 2758, if it breaks, you can open a buy position again because the market will continue to rise towards the next resistance in the 2773 - 2789 area
However, on the other hand, if the price falls below the 2733 pivot, you can look for an opportunity to buy in the 2708 support area. WARNING If the price is confirmed to close below 2708, there is an opportunity for gold to change direction to a downtrend.
Important US Data Next Week
- CB Consumer Confidence (29/10)
- JOLTS Job Openings (29/10)
- ADP Non-Farm Employment Change (30/10)
- Advance GDP q/q (30/10)
- Core PCE Price Index m/m (31/10)
- Employment Cost Index q/q (31/10)
- Unemployment Claims (31/10)
- Average Hourly Earnings m/m (1/11)
- Non-Farm Employment Change (1/11)
- Unemployment Rate (1/11)
- ISM Manufacturing PMI (1/11)
Disclaimer: The information above is informative and you need to verify it and always remember and understand risk management if there is a reversal, also pay attention to ongoing technical indicators and fundamental news that will be released
Disclaimer
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