News that the Middle East cools down brings GOLD
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XAUUSD adjusted downward again in the short term after recovering and achieving the upside price target around the technical point of 2,660USD on yesterday's trading day.The Washington Post reported on Monday that Israeli Prime Minister Benjamin Netanyahu told the Biden administration that he is ready to attack Iran's military facilities, but not its oil or nuclear facilities.
This can be seen as a sign of Israel's restraint in retaliating against Iran's missile attacks.
According to a report by "Jerusalem Post", sources revealed that Iran has contacted Israel through secret channels, saying that as long as Israel's response is limited, Iran will consider this round of conflict to have ended. .
These two pieces of news eased external concerns about the situation in the Middle East, thereby reducing the appeal of the safe-haven asset gold and causing the upward momentum to slow down, creating downward corrections in the future. short term.
Next, traders will need to monitor comments from Federal Reserve officials this week for further hints of an impending rate cut, as well as U.S. retail sales data.
The market still sees an 88.1% chance that the Fed will cut interest rates by 25 basis points at its November meeting. Since gold does not earn interest, lower interest rates could reduce the opportunity cost of holding gold .
However, gold will react more strongly to "future" orientations. Therefore, it is possible that even if the Fed cuts another 25bps, it will not react strongly but will be influenced by Fed officials' comments on future direction, especially Jerome Powell.
Analysis of technical prospects for
XAUUSD On the daily chart, gold's recovery was limited after hitting target gains at $2,660. The area around the technical point of 2,660 USD has created pressure causing gold to correct downwards but it is also receiving support from the 2,634 – 2,630 USD area. Note to readers in the previous issue. Along with that, gold is also receiving support from the position of the EMA21.
As long as gold remains within the price channel, the main uptrend remains unchanged and the EMA21 level will still serve as the closest support for the uptrend.
Once gold breaks above $2,660 it will tend to continue rising with a subsequent target of around $2,672. The $2,660 – $2,672 levels form an area of resistance in the short term.
During the day, the technical outlook for gold remains bullish and notable levels are listed below.
Support: 2,634 – 2,630USD
Resistance: 2,660 – 2,672 – 2,685USD
SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690
→Take Profit 1 2679
↨
→Take Profit 2 2674
BUY XAUUSD PRICE 2627 - 2629⚡️
↠↠ Stoploss 2623
→Take Profit 1 2634
↨
→Take Profit 2 2639
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