Geopolitical tensions escalate, GOLD is heading to a new peak
Updated
On the Asian market on Tuesday (September 24), spot gold continued its recovery trend. The current gold price is at around 2,634USD/ounce, close to the historic high reached the previous trading day.
According to CME's "Fed Watch" tool, the probability of the Fed cutting interest rates by 25 basis points in November is 48.6% and the probability of cutting interest rates by 50 basis points is 51.4%.
The market is pricing in a higher likelihood of a 50bps interest rate cut by the Fed in November, which weakens the US Dollar and supports gold prices in terms of correlation.
Additionally, ongoing geopolitical risks stem from ongoing conflicts in the Middle East, as well as U.S. political instability ahead of the November election and recession concerns. The economy will support the safe haven price of gold. Gold is known as a traditional safe haven whenever risks appear in the market, while currently political and economic instability appears. dense. Therefore, the basic trend of gold prices will still be upward.
Israel launched airstrikes on so-called Hezbollah weapons sites in southern and eastern Lebanon on Monday, killing nearly 500 people and raising the risk of wider conflict in the Middle East.
The Pentagon said Monday that the United States will send more troops to the Middle East as violence increases in the region, the Associated Press reported.
Analysis of technical prospects for
XAUUSD
On the daily chart, gold is supported by the trend from the short-term price channel and is currently continuing to recover after a slight correction yesterday.
Currently, gold is moving towards the initial target increase noticed by readers in the weekly publication at 2,645USD which is the confluence of the edge on the price channels and the 0.786% Fibonacci extension.
At 2,645USD, it is expected that there will be certain adjustments but will not affect the main short-term trend of price increase.
The relative strength index (RSI) is in the overbought area on the daily chart so there may not be much room left for the price to rise and is in line with expectations of a downward correction from the aforementioned confluence.
Notable technical levels for the day are listed below.
Support: 2,624 – 2,613 – 2,610
Resistance: 2,634 – 2,645USD
SELL XAUUSD PRICE 2646 - 2644⚡️
↠↠ Stoploss 2650
→Take Profit 1 2639
↨
→Take Profit 2 2634
BUY XAUUSD PRICE 2586 - 2588⚡️
↠↠ Stoploss 2582
→Take Profit 1 2593
↨
→Take Profit 2 2598
According to CME's "Fed Watch" tool, the probability of the Fed cutting interest rates by 25 basis points in November is 48.6% and the probability of cutting interest rates by 50 basis points is 51.4%.
The market is pricing in a higher likelihood of a 50bps interest rate cut by the Fed in November, which weakens the US Dollar and supports gold prices in terms of correlation.
Additionally, ongoing geopolitical risks stem from ongoing conflicts in the Middle East, as well as U.S. political instability ahead of the November election and recession concerns. The economy will support the safe haven price of gold. Gold is known as a traditional safe haven whenever risks appear in the market, while currently political and economic instability appears. dense. Therefore, the basic trend of gold prices will still be upward.
Israel launched airstrikes on so-called Hezbollah weapons sites in southern and eastern Lebanon on Monday, killing nearly 500 people and raising the risk of wider conflict in the Middle East.
The Pentagon said Monday that the United States will send more troops to the Middle East as violence increases in the region, the Associated Press reported.
Analysis of technical prospects for
XAUUSD On the daily chart, gold is supported by the trend from the short-term price channel and is currently continuing to recover after a slight correction yesterday.
Currently, gold is moving towards the initial target increase noticed by readers in the weekly publication at 2,645USD which is the confluence of the edge on the price channels and the 0.786% Fibonacci extension.
At 2,645USD, it is expected that there will be certain adjustments but will not affect the main short-term trend of price increase.
The relative strength index (RSI) is in the overbought area on the daily chart so there may not be much room left for the price to rise and is in line with expectations of a downward correction from the aforementioned confluence.
Notable technical levels for the day are listed below.
Support: 2,624 – 2,613 – 2,610
Resistance: 2,634 – 2,645USD
SELL XAUUSD PRICE 2646 - 2644⚡️
↠↠ Stoploss 2650
→Take Profit 1 2639
↨
→Take Profit 2 2634
BUY XAUUSD PRICE 2586 - 2588⚡️
↠↠ Stoploss 2582
→Take Profit 1 2593
↨
→Take Profit 2 2598
Note
The Fed's rate cut last week left many people wondering what this means for mortgage rates. Housing website Redfin notes that some potential homebuyers are unaware that mortgage rates have plummeted, while others are still waiting for the data to drop further.Trade active
Plan SELL Close 1/2 + 30pips. Move SL to Entry🔥Trade active
Plan SELL Running + 60pips💸Note
Note
Gold prices rose 1% to a record high on Tuesday, continuing recent gains as tensions in the Middle East boosted the safe-haven appeal, while investors eyed the latest trends. New signals about interest rate cuts in the US.Note
- XAUUSD hits another record high, continuing its upward momentum and approaching the psychological resistance of $2,700/ounce.
- If XAUUSD continues to rise, the price could test the next psychological resistance level at 2,700 USD/ounce.
Note
The dollar steadied during the European session on Wednesday after falling against most major Asian currencies, such as the Yuan (CNY) or Rupee (INR). The change comes after investors shifted from the United States to investing in Chinese stocks. The move was prompted by a major stimulus plan from the Chinese government rolled out on Tuesday.Note
World gold prices showed a sluggish rise at the historic peak during the trading session on Wednesday (September 25), when some investors began to realize profits. However, the price of this precious metal continues to be supported by the possibility that the US Federal Reserve (Fed) will continue to sharply reduce interest rates in the next meeting.Note
World gold prices fell in the trading session on Friday (September 27) due to pressure from profit-taking activities, but are on track to complete the strongest quarter increase in 8 years thanks to the prospect of lower interest rates globally, especially is the monetary policy pivot in the US.Note
After many consecutive trading sessions setting new peaks, the world gold market today showed signs of slowing down. However, the overall growth trend is still maintained thanks to strong expectations that the Fed will continue to adjust interest rates down.Note
Gold prices increased to a record level, helping many gold buyers win big. According to Gold Price, people who bought gold and held it for the past 6 months are earning more than 400 USD/ounce. Those who bought gold and held it for the past year are earning about 700 USD/ounce.Note
However, the problem that many investors and experts are concerned about right now is that the gold price is deep in the overbought zone, clearly shown through the MACD, RSI... Therefore, the possibility of pressure cannot be ruled out. Profit taking will increase again, causing gold prices to suffer another correction next week at the current high price range.
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