GOLD price chart analysis
Updated
⚡️Market news
The US Dollar is undergoing a correction from its six-month high against major currencies, as the Bank of Japan's (BoJ) stable policy brings a sense of calm and improves overall market sentiment. Investor psychology has been influenced by the hawkish stance of the Federal Reserve, indicating a 'higher for longer' interest rate outlook. The BoJ maintains its extremely accommodative monetary policy, signaling that they are not in a rush to implement their massive stimulus package.
Gold prices are taking advantage of the broad-based weakness in the US Dollar, recovering to an important resistance level. However, further recovery seems elusive amid rising yields on US Treasury bonds. The benchmark 10-year US Treasury bond yield is at a new 16-year high of 4.511%.
At the end of the day, Gold traders will be awaiting business PMI data from the United States, United Kingdom and Eurozone for fresh insights into global economic conditions as major economies remain on edge with recessionary concerns looming. If risk aversion sentiment arises due to discouraging PMI reports, there may be renewed demand for safe-haven assets such as the US Dollar.
⚡️Optimus's point of view
Gold consolidates above $1,920, US bond yields lower
The price of gold holds onto a slight recovery above $1,920 after a sharp decline on Thursday. Following the mixed September PMI data from the US, the benchmark 10-year US Treasury yield dropped nearly 1% during the day to around 4.45%, allowing XAU/USD to remain in positive territory.
Next week it is possible that gold will continue its downward trend as it continues to be unable to close the weekly candle above 194x
⚡️Plan trading
SELL GOLD 1930-1932
SL 1935
BUY GOLD 1912-1910
SL 1905
⚡️Note
Full SL settings for trading signals
Divide the trading volume to enter around the price range
If you feel the profit is enough, you can close 1/2 and move Sl to entry
The US Dollar is undergoing a correction from its six-month high against major currencies, as the Bank of Japan's (BoJ) stable policy brings a sense of calm and improves overall market sentiment. Investor psychology has been influenced by the hawkish stance of the Federal Reserve, indicating a 'higher for longer' interest rate outlook. The BoJ maintains its extremely accommodative monetary policy, signaling that they are not in a rush to implement their massive stimulus package.
Gold prices are taking advantage of the broad-based weakness in the US Dollar, recovering to an important resistance level. However, further recovery seems elusive amid rising yields on US Treasury bonds. The benchmark 10-year US Treasury bond yield is at a new 16-year high of 4.511%.
At the end of the day, Gold traders will be awaiting business PMI data from the United States, United Kingdom and Eurozone for fresh insights into global economic conditions as major economies remain on edge with recessionary concerns looming. If risk aversion sentiment arises due to discouraging PMI reports, there may be renewed demand for safe-haven assets such as the US Dollar.
⚡️Optimus's point of view
Gold consolidates above $1,920, US bond yields lower
The price of gold holds onto a slight recovery above $1,920 after a sharp decline on Thursday. Following the mixed September PMI data from the US, the benchmark 10-year US Treasury yield dropped nearly 1% during the day to around 4.45%, allowing XAU/USD to remain in positive territory.
Next week it is possible that gold will continue its downward trend as it continues to be unable to close the weekly candle above 194x
⚡️Plan trading
SELL GOLD 1930-1932
SL 1935
BUY GOLD 1912-1910
SL 1905
⚡️Note
Full SL settings for trading signals
Divide the trading volume to enter around the price range
If you feel the profit is enough, you can close 1/2 and move Sl to entry
Trade active
Optimus wishes you a Sunday filled with joy and happiness. Even though it is Sunday, Optimus still updates the gold strategy for Optimus followers to understand the market situation in the first days of next week. If you like my strategy, don't forget to leave me a Like and a follow.Note
Gold prices saw a recovery, posting a 0.25% gain, thanks to a reversal in US bond yields, with the 10-year yield falling from a 16-year high of 4.51 % down to 4.44%.Federal Reserve officials expressed a cautious stance, emphasizing the need for patience despite the need for further interest rate increases to control inflation.
The US Dollar Index (DXY) continues to post modest gains, at 105.56, potentially weighing on gold's recovery.
With the above data, gold has not yet formed a downward trend to 188x according to analysis. Gold is temporarily sideways in the price range of 192x and 193x. The possibility that gold is heading towards 190x next week is very high. So we are waiting for SELL signals
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This analysis chart is applied next weekNote
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It's a pity that the golden SELL signal missed by 20 pips so we could have won by 60 pips. Gold will soon hit our positionNote
The SELL strategy had a profit of 150 pips. Prepare to activate your buying strategyNote
Gold prices fell to $1,900 as US bond yields rose to new multi-year highs. Strategists at ANZ Bank analyze the outlook for the yellow metal.Note
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