GOLD MARKET ANALYSIS AND COMMENTARY - [October 28 - November 01]
This week, 
XAUUSD increased from 2,714 USD/oz to 2,758 USD/oz, then decreased to 2,708 USD/oz, then recovered and closed the week at 2,747 USD/oz.
In addition to basic factors, such as central banks buying gold, the BRICS bloc seeking de-dollarization, geopolitical conflicts in the Middle East, the Korean Peninsula, etc. are the main causes pushing up gold prices in recent times.
Up to now, although tensions on the Korean peninsula have not ended, according to many experts, war is unlikely to occur on the peninsula. Because, major powers and international organizations have been trying to find ways to prevent war from happening on the Korean peninsula.
As for the conflict in the Middle East, Israel has just launched an attack on military targets in Iran. According to Israel, this is the country's response to Iran's actions and Iranian proxy resources that have attacked Israel since January 10, 2024. The Israeli attack began at dawn on October 26, but ended three hours later. Israel warned Iran that if Iran responds to this Israeli attack, subsequent attacks will be stronger.
Next week's gold price may continue to increase due to investors' worries about Israel's attack against Iran. However, if Iran does not retaliate against Israel, it is possible that next week's gold price will adjust back down.
Next week there will be a lot of important economic data released. Notably, the non-agricultural employment report (NFP) is notable.
The FED's dual mission will become the focus of attention next week when the market receives information about the US Personal Consumption Expenditure Index (PCE), which is expected to remain at a high level. With the labor market declining and high inflation persisting, it is likely that the FED may only cut interest rates by 25 basis points at next month's meeting. This also somewhat negatively affects the psychology of gold investors, causing gold prices next week to be under more profit-taking pressure.
📌Technically, from a short-term perspective on the H1 chart, the gold price still shows an uptrend when the price is above the EMA89 moving average. Next week, if the gold price trades above the 2720 threshold, we can expect the price to continue to conquer the round resistance level of 2800. In case the support level of 2710 is broken, the immediate gold price will decrease and adjust to around the 2680 mark.
Notable technical levels are listed below.
Support: 2.710 – 2.720USD
Resistance: 2.758 – 2.748USD
SELL XAUUSD PRICE 2801 - 2799⚡️
↠↠ Stoploss 2805
BUY XAUUSD PRICE 2679 - 2681⚡️
↠↠ Stoploss 2675
XAUUSD increased from 2,714 USD/oz to 2,758 USD/oz, then decreased to 2,708 USD/oz, then recovered and closed the week at 2,747 USD/oz.In addition to basic factors, such as central banks buying gold, the BRICS bloc seeking de-dollarization, geopolitical conflicts in the Middle East, the Korean Peninsula, etc. are the main causes pushing up gold prices in recent times.
Up to now, although tensions on the Korean peninsula have not ended, according to many experts, war is unlikely to occur on the peninsula. Because, major powers and international organizations have been trying to find ways to prevent war from happening on the Korean peninsula.
As for the conflict in the Middle East, Israel has just launched an attack on military targets in Iran. According to Israel, this is the country's response to Iran's actions and Iranian proxy resources that have attacked Israel since January 10, 2024. The Israeli attack began at dawn on October 26, but ended three hours later. Israel warned Iran that if Iran responds to this Israeli attack, subsequent attacks will be stronger.
Next week's gold price may continue to increase due to investors' worries about Israel's attack against Iran. However, if Iran does not retaliate against Israel, it is possible that next week's gold price will adjust back down.
Next week there will be a lot of important economic data released. Notably, the non-agricultural employment report (NFP) is notable.
The FED's dual mission will become the focus of attention next week when the market receives information about the US Personal Consumption Expenditure Index (PCE), which is expected to remain at a high level. With the labor market declining and high inflation persisting, it is likely that the FED may only cut interest rates by 25 basis points at next month's meeting. This also somewhat negatively affects the psychology of gold investors, causing gold prices next week to be under more profit-taking pressure.
📌Technically, from a short-term perspective on the H1 chart, the gold price still shows an uptrend when the price is above the EMA89 moving average. Next week, if the gold price trades above the 2720 threshold, we can expect the price to continue to conquer the round resistance level of 2800. In case the support level of 2710 is broken, the immediate gold price will decrease and adjust to around the 2680 mark.
Notable technical levels are listed below.
Support: 2.710 – 2.720USD
Resistance: 2.758 – 2.748USD
SELL XAUUSD PRICE 2801 - 2799⚡️
↠↠ Stoploss 2805
BUY XAUUSD PRICE 2679 - 2681⚡️
↠↠ Stoploss 2675
Anmerkung
🔴Spot gold fell to 2,725 USD/ounce, down 0.62% on the day.Anmerkung
Anmerkung
XAU/USD recovered during the session and climbed above the $2,740/oz mark entering Monday's European session.Anmerkung
Gold prices recovered to approach the session's peakAnmerkung
World gold prices have continued to expand their upward momentum, fluctuating around the threshold of 2,750 USD/ounce. Currently, traders are waiting for a series of US economic data this week to get more information about the future policy direction of the US Federal Reserve (Fed). Key data to be released this week include the private sector jobs report, core personal consumption expenditures figures and nonfarm payrolls.Anmerkung
⚫Gold: Gold price is currently at 2748.96 USD/ounce, looking to hold the support level of 2750 USD/ounce. If it sustains above this level, it is likely to test the resistance at $2,759.Anmerkung
Gold prices continued to increase, reaching a new peak of 2,790 USD/oz at noon today amid many worries about the US election.
The upward momentum appears to be unaffected by rising Treasury yields and the strengthening USD.
Anmerkung
Gold is approaching the session's bottom, fluctuating around 2772 USD/ozAnmerkung
🔴According to news on October 30, spot gold stood at 2,790 USD/ounce, continuing to reach a record high, up 0.13% on the day.
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🧩Forex signals have a high win rate
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