Gold price analysis October 8
Fundamental analysis Gold prices attracted some selling for the fifth consecutive day on Tuesday, falling to their lowest in more than a week, close to the $2,630 trading range support level in the first half of the European session. Friday’s upbeat US jobs report provides further evidence of a resilient labor market and forced investors to trim their bets on another aggressive rate cut by the Federal Reserve. This, in turn, was seen as a major factor undermining demand for the non-yielding yellow metal.
That said, a softening US dollar (USD), coupled with the risk of further escalation of geopolitical tensions in the Middle East, could provide some support to safe-haven gold prices. Traders may also refrain from placing aggressive bets ahead of the release of the FOMC meeting minutes on Wednesday. Additionally, the US Consumer Price Index (CPI) and the US Producer Price Index (PPI), scheduled for release on Thursday and Friday, will provide fresh impetus to XAU/USD.
Technical analysis
Gold price is pushed up to 2647 before the US session. Attention price zone 2649-2651. When the US session enters, the price cannot break this zone, we sell to 2622-2611. In case this zone breaks, we wait for retes BUY in the 2643-2645 zone, target today 2660. Wish you successful trading with the strategy and important price zones that I have noted.
That said, a softening US dollar (USD), coupled with the risk of further escalation of geopolitical tensions in the Middle East, could provide some support to safe-haven gold prices. Traders may also refrain from placing aggressive bets ahead of the release of the FOMC meeting minutes on Wednesday. Additionally, the US Consumer Price Index (CPI) and the US Producer Price Index (PPI), scheduled for release on Thursday and Friday, will provide fresh impetus to XAU/USD.
Technical analysis
Gold price is pushed up to 2647 before the US session. Attention price zone 2649-2651. When the US session enters, the price cannot break this zone, we sell to 2622-2611. In case this zone breaks, we wait for retes BUY in the 2643-2645 zone, target today 2660. Wish you successful trading with the strategy and important price zones that I have noted.
Nota
Gold pierces $2,630 and aims for lower lows
Spot Gold trades with a modest downward bias for the fifth consecutive day, hovering at around $2,645 a troy ounce after the US opening. The XAU/USD pair has been shedding some ground in the last few days, albeit still far from suggesting an interim top at the record high of $2,685.45 posted in September.
Nota
Gold sellers take a breather ahead of Fed Minutes
Gold price pauses its losing streak before the Fed Minutes on Wednesday. The US Dollar holds the upside alongside Treasury yields amid China woes and Mid-East risks. Gold price looks set to bounce off key $2,630 support amid bullish daily RSI.
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