Groton-Scaping

Groton-Scaping

The price of Gold successfully regained its important 200-Daily Moving Average (DMA) at $1,930 when considering daily closing prices. However, it was unable to surpass the $1,950 level on Wednesday. Nonetheless, there is a bias towards the upside for Gold because the 14-day Relative Strength Index (RSI) indicator remains significantly above the midline. The next...

Groton-Scaping

Gold price experienced a significant shift on Friday, rising by $100 due to concerns about geopolitical uncertainty and a flight to safety. This increase was also fueled by investors covering their short positions in anticipation that the ongoing conflict between Hamas and Israel could continue to drive up Gold prices. In American trading, the precious metal...

Groton-Scaping

The price of Gold is currently consolidating its correction from three-week highs, reaching $1,933 on Tuesday. Selling pressure remains strong below the important 100-Daily Moving Average (DMA) at $1,923. There is immediate support at yesterday's low of $1,908. If this level is breached, the round figure and relatively stable 50 DMA at $1,900 will be...

Groton-Scaping

Gold price experienced a significant shift on Friday, rising by $100 due to concerns about geopolitical uncertainty and a flight to safety. This increase was also fueled by investors covering their short positions in anticipation that the ongoing conflict between Hamas and Israel could continue to drive up Gold prices. In American trading, the precious metal...

Groton-Scaping

The 14-day Relative Strength Index (RSI) indicator has crossed above the middle line, making a strong upward movement into bullish territory, which supports the significant rise in the price of Gold. However, buyers of Gold have been unable to sustain levels above the 200 DMA barrier on Monday morning, leading to a corrective phase. As a result, the price of Gold...

Groton-Scaping

Investors are reevaluating their expectations of a more hawkish stance from the US Federal Reserve (Fed) as a result of surprisingly high Consumer Price Index (CPI) data. According to the Labor Department, the CPI in the United States increased by 0.4% last month, following a 0.3% rise in August. In terms of annual inflation, September's CPI remained steady at...

Groton-Scaping

The Gold price summary has once again regained control over the significant short-term descending 21-Daily Moving Average (DMA) at $1,878. However, it was unable to close above this level on a daily basis. The 14-day Relative Strength Index (RSI) indicator is currently situated just below the midpoint. This suggests that any attempts by the Gold price to move...

Groton-Scaping Updated 

The price of gold may also receive a boost from the exceptionally high premiums in the Chinese physical bullion market. According to Bloomberg, demand for bullion in China has surged this month, with prices at times exceeding international rates by over $100 per ounce. This is significantly higher than the average premium of less than $6 per ounce seen over the...

Groton-Scaping Updated 

The gold price continues to decline for the seventh consecutive day on Tuesday, as the US Dollar strengthens and the US Treasury bond yields rise. This is due to positive signs of a resilient United States economy. In September, the US ISM Manufacturing PMI showed improvement, rising from 47.6 to 49.0. This exceeded expectations of a reading of 47.9 and was...

Groton-Scaping Updated 

XAU/USD has rebounded from the previously mentioned low, but it is currently trading in negative territory. Analyzing the daily chart reveals that it has recorded both a lower high and a lower low, declining for seven consecutive days. Technical indicators are indicating extreme oversold levels, yet there are no other indications of downward exhaustion....

Groton-Scaping Updated 

Traders have been scaling back their expectations of another interest rate hike by the US Federal Reserve (Fed) before the end of the year, following a recent shift in tone from Fed policymakers. The probability of a November rate increase currently stands at just 13%. During a speech on Tuesday, Atlanta Fed President Raphael Bostic expressed his belief that...

Groton-Scaping Updated 

The XAU/USD pair's daily chart reveals that it remains close to the intraday peak, with the bulls still in control. However, the precious metal is trading below a bearish 20 Simple Moving Average (SMA), which is losing some of its bearish strength and acting as dynamic resistance around $1,880. While technical indicators continue to advance within negative levels,...

Groton-Scaping Updated 

Traders have been scaling back their expectations of another interest rate hike by the US Federal Reserve (Fed) before the end of the year, following a recent shift in tone from Fed policymakers. The probability of a November rate increase currently stands at just 13%. During a speech on Tuesday, Atlanta Fed President Raphael Bostic expressed his belief that...

Groton-Scaping Updated 

The Gold price summary has once again regained control over the significant short-term descending 21-Daily Moving Average (DMA) at $1,878. However, it was unable to close above this level on a daily basis. The 14-day Relative Strength Index (RSI) indicator is currently situated just below the midpoint. This suggests that any attempts by the Gold price to move...

Groton-Scaping Updated 

Investors are reevaluating their expectations of a more hawkish stance from the US Federal Reserve (Fed) as a result of surprisingly high Consumer Price Index (CPI) data. According to the Labor Department, the CPI in the United States increased by 0.4% last month, following a 0.3% rise in August. In terms of annual inflation, September's CPI remained steady at...

Groton-Scaping Updated 

XAU/USD has rebounded from the previously mentioned low, but it is currently trading in negative territory. Analyzing the daily chart reveals that it has recorded both a lower high and a lower low, declining for seven consecutive days. Technical indicators are indicating extreme oversold levels, yet there are no other indications of downward exhaustion....

Groton-Scaping Updated 

Financial markets experienced a wave of risk aversion on Tuesday, resulting in the appreciation of the US Dollar against most major currencies. The price of XAU/USD dropped to $1,815.19, reaching its lowest level since early March. This decline can be attributed to concerns among investors regarding potential interest rate hikes in the United States. On one hand,...

Groton-Scaping 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...