Conditions for a correction cycle, pay attention to US PCE
Atualizado
At the time of writing on Thursday (October 31), spot gold was at 2,783 USD/ounce, after reaching a previous record high of 2,790 USD/ounce.
Gold prices rose nearly $13 on Wednesday as uncertainty over the US presidential election fueled safe-haven demand.
Today, the U.S. Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) price index for September, which is the Federal Reserve's preferred inflation indicator and is expected to trigger a big fluctuations in the market.
It is expected that the US PCE price index in September is expected to increase by 0.2% over the previous month and 2.1% over the same period last year.
Surveys also show that the core PCE price index in the US in September is expected to increase 0.3% over the previous month and 2.6% over the same period last year.
Also on the same day, seasonally adjusted initial unemployment claims in the United States for the week of October 26 will be released, expected to be 230,000, compared to 227,000 the previous week.
Following the release of the PCE data, investors will need to focus on the US nonfarm payrolls report on Friday.
The focus this week is on jobs data and if strong non-farm payrolls data will support the Federal Reserve to pause interest rate cuts in December. However, in case NFP data is lower than expected Expected results will be positive for gold prices. Details about this data will be sent to readers in tomorrow's publication. Today we will focus on US PCE data.
Analysis of technical prospects for
XAUUSD
On the daily chart, gold corrected slightly from the area of the 0.50% Fibonacci extension you noticed in yesterday's edition and the temporary correction was not significant.
Maintaining below the 0.50% Fibonacci level gives gold the ability to decrease a bit more with a short-term target of around 2,768 - 2,770 USD where the price point of the 0.38% Fibonacci confluences with the upper edge of the price channel.
In terms of the main trend, gold still has a main trend of increasing prices, but in terms of market structure, gold has also had a long period of price increase where the market will not be able to move in a straight line. Therefore, traders need to be ready for downward corrections, and must also note that during the past 2 years, corrections of hundreds of prices or more have occurred quite frequently. This makes us (traders) have to adapt to the current market environment, the appropriate measures are still volume control and appropriate opening positions and strict protection levels.
Currently, if gold falls below the 0.382% Fibonacci level, it would open up a short-term correction with a near-term target around $2,745 as the RSI attempts to turn Go below Level too buy. RSI below is overbought so it is considered a negative signal for gold price.
During the day, the main outlook remains bullish but there are expectations for the above downside correction and notable comments are listed below.
Support: 2,770 – 2,768 – 2,757 – 2,745USD
Resistance: 2,786 – 2,790USD
SELL XAUUSD PRICE 2803 - 2801⚡️
↠↠ Stoploss 2807
→Take Profit 1 2796
↨
→Take Profit 2 2791
BUY XAUUSD SCALPING PRICE 2756 - 2758⚡️
↠↠ Stoploss 2752
→Take Profit 1 2763
↨
→Take Profit 2 2768
BUY XAUUSD PRICE 2749 - 2751⚡️
↠↠ Stoploss 2745
→Take Profit 1 2756
↨
→Take Profit 2 2761
Gold prices rose nearly $13 on Wednesday as uncertainty over the US presidential election fueled safe-haven demand.
Today, the U.S. Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) price index for September, which is the Federal Reserve's preferred inflation indicator and is expected to trigger a big fluctuations in the market.
It is expected that the US PCE price index in September is expected to increase by 0.2% over the previous month and 2.1% over the same period last year.
Surveys also show that the core PCE price index in the US in September is expected to increase 0.3% over the previous month and 2.6% over the same period last year.
Also on the same day, seasonally adjusted initial unemployment claims in the United States for the week of October 26 will be released, expected to be 230,000, compared to 227,000 the previous week.
Following the release of the PCE data, investors will need to focus on the US nonfarm payrolls report on Friday.
The focus this week is on jobs data and if strong non-farm payrolls data will support the Federal Reserve to pause interest rate cuts in December. However, in case NFP data is lower than expected Expected results will be positive for gold prices. Details about this data will be sent to readers in tomorrow's publication. Today we will focus on US PCE data.
Analysis of technical prospects for
XAUUSD On the daily chart, gold corrected slightly from the area of the 0.50% Fibonacci extension you noticed in yesterday's edition and the temporary correction was not significant.
Maintaining below the 0.50% Fibonacci level gives gold the ability to decrease a bit more with a short-term target of around 2,768 - 2,770 USD where the price point of the 0.38% Fibonacci confluences with the upper edge of the price channel.
In terms of the main trend, gold still has a main trend of increasing prices, but in terms of market structure, gold has also had a long period of price increase where the market will not be able to move in a straight line. Therefore, traders need to be ready for downward corrections, and must also note that during the past 2 years, corrections of hundreds of prices or more have occurred quite frequently. This makes us (traders) have to adapt to the current market environment, the appropriate measures are still volume control and appropriate opening positions and strict protection levels.
Currently, if gold falls below the 0.382% Fibonacci level, it would open up a short-term correction with a near-term target around $2,745 as the RSI attempts to turn Go below Level too buy. RSI below is overbought so it is considered a negative signal for gold price.
During the day, the main outlook remains bullish but there are expectations for the above downside correction and notable comments are listed below.
Support: 2,770 – 2,768 – 2,757 – 2,745USD
Resistance: 2,786 – 2,790USD
SELL XAUUSD PRICE 2803 - 2801⚡️
↠↠ Stoploss 2807
→Take Profit 1 2796
↨
→Take Profit 2 2791
BUY XAUUSD SCALPING PRICE 2756 - 2758⚡️
↠↠ Stoploss 2752
→Take Profit 1 2763
↨
→Take Profit 2 2768
BUY XAUUSD PRICE 2749 - 2751⚡️
↠↠ Stoploss 2745
→Take Profit 1 2756
↨
→Take Profit 2 2761
Nota
Yesterday, XAU/USD extended its rally as demand for safe-haven assets surged ahead of the upcoming US presidential election. In addition, investors' expectations about the Fed's move to lower interest rates also contribute to boosting gold prices. According to Reuters, traders predict there is a 96% chance that the Fed will lower interest rates by 0.25% next week.Trade fechado: objetivo atingido
Paln BUY HIT TP1 +75pips. Heading to TP2 😵😵😵Nota
Gold prices fell on Thursday (October 31), as prices consolidated after hitting a record high, while safe-haven demand ahead of the US presidential election helped the precious metal record a record high. 4th consecutive month of increase.Nota
Nota
World gold prices fell in the trading session on Friday (November 1) under pressure from rising US Treasury bond yields and the USD exchange rate. However, the need to hedge risks ahead of the US presidential election next week helps limit the decline in gold prices.Nota
Last week, the gold market experienced many notable fluctuations. Gold prices soared to an all-time high, exceeding $2,800/ounce, as investors bought based on rumors about the race for the White House between former President Donald Trump and Vice President Kamala Harris. as well as tensions in the Middle East.Nota
The results of the US Presidential election will be announced next week, the movement of the USD and the policy meeting of the US Federal Reserve (FED)... will be factors affecting the trend of gold prices.
In the short term, gold prices may cool down after a period of hot growth, but the outlook for the precious metal at the end of the year and early 2025 is still forecast to be positive.
Nota
The upcoming US election will have a profound impact on the US and world economy. Ms. Kamala Harris's victory may bring some policy changes, but will mainly maintain a stable growth trajectory for the US and the world until 2025. On the contrary, the election of Mr. Donald Trump could bring change. Major changes in fiscal, regulatory, trade and immigration, creating a variety of economic scenarios.Nota
The DXY index is showing more and more obvious weakness in the run-up to the US Presidential election, although selling pressure seems to be somewhat limited compared to the beginning of the day.Nota
Gold prices stabilized on Monday (November 4), as uncertainty over the US presidential election loomed with markets predicting the possibility of a disputed outcome and political tensions, while investors Investors are also closely monitoring the US Federal Reserve's (Fed) policy meeting this week.
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🧩Account management
🧩Forex signals have a high win rate
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