GOLD ANALYSIS: Sell above 2.800?
Hi Traders|
Gold remained above $2,780 per ounce on Thursday, holding at record levels due to increased demand for safe-haven assets amid uncertainties surrounding the US elections and geopolitical risks. Markets are also evaluating the latest US economic data, which shows a 2.8% annualized GDP growth for the third quarter, slightly below the 3% expectation.
Meanwhile, personal consumption and sales rose significantly, indicating American consumers' resilience and maintaining elevated inflation risks, as highlighted by unexpectedly high core PCE price figures from the last quarter.
Still, traders are poised for further monetary easing at the upcoming meeting, which benefits gold as lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion.
Investors are now awaiting PCE figures and payroll data due Thursday and Friday.
📊 TECHNICAL ANALYSIS
That said our bullish setup is still in play with Target 2 (see chart below), but at the same time, above the 2,800 area an important resistance area and some Reversal Patterns on lower time frames should appear in the short term. If this happens we can try to take a short position.
🔴 ANALYSIS TARGET 1 (long/bullish)
(click & play on chart below)
🔴 ANALYSIS TARGET 2 (long/bullish)
(click & play on chart below)
Thanks for watching.
Gold remained above $2,780 per ounce on Thursday, holding at record levels due to increased demand for safe-haven assets amid uncertainties surrounding the US elections and geopolitical risks. Markets are also evaluating the latest US economic data, which shows a 2.8% annualized GDP growth for the third quarter, slightly below the 3% expectation.
Meanwhile, personal consumption and sales rose significantly, indicating American consumers' resilience and maintaining elevated inflation risks, as highlighted by unexpectedly high core PCE price figures from the last quarter.
Still, traders are poised for further monetary easing at the upcoming meeting, which benefits gold as lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion.
Investors are now awaiting PCE figures and payroll data due Thursday and Friday.
📊 TECHNICAL ANALYSIS
That said our bullish setup is still in play with Target 2 (see chart below), but at the same time, above the 2,800 area an important resistance area and some Reversal Patterns on lower time frames should appear in the short term. If this happens we can try to take a short position.
🔴 ANALYSIS TARGET 1 (long/bullish)
(click & play on chart below)
🔴 ANALYSIS TARGET 2 (long/bullish)
(click & play on chart below)
Thanks for watching.
Note
Gold prices still hover around record highs in early European trade after topping $2,800 a troy ounce earlier this week. "The precious metal continues to find support from investors amid heightened macro risks," ANZ Research analysts say in a note to clients. "The market appears to be positioning for a high level of uncertainty ahead of the U.S. election." Meanwhile, demand for the safe-haven asset remains strong, according to the World Gold Council, up 5% on year in the third quarter. Investors now await Personal Consumption Expenditures Price Index data--the Federal Reserve's preferred inflation metric--later on Thursday, ahead of Friday's U.S. employment statistics. Gold futures trade 0.4% lower at $2,789.00 a troy ounce.
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