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GOLD new era levels, pay attention to today's GDP data
On Asian markets on Wednesday (October 30), XAUUSD delivery maintained its uptrend during the day and the gold price has now reached $2,780/ounce once again refreshing its all-time high and heading towards the target technical point noted by readers in yesterday's publication. XAUUSD Continuing its upward momentum from the previous session, spot gold rose more than $32 on Tuesday due to uncertainty over the US presidential election and conflict in the Middle East, as well as expectations of an interest rate cut by the Federal Reserve. Federal Reserve, has enhanced the investment appeal of gold.
During this trading day, the US Bureau of Economic Analysis will release third quarter gross domestic product (GDP) data. This is the most important economic data of the day and is expected to cause big fluctuations. on the financial market in general and gold in particular.
Current market expectations suggest that the initial value of US real GDP in the third quarter is expected to grow at a quarterly rate of 3%.
If GDP data is higher than market expectations, this could cause gold to correct short-term declines or react lower after a long streak of gains and support the USD. On the other hand, GDP data was much lower than expected, which should be supportive for gold and could see it continue to find new all-time highs.
Ahead of the Fed's next policy meeting on November 6-7, traders will need to closely monitor more US economic data later this week including inflation and employment data. could provide direction for the Fed's 2025 outlook. Economists expect the Fed to cut interest rates by 25 basis points next week.
Because gold does not generate interest, it tends to perform better in low interest rate environments and is considered a hedge against market volatility and risk.
According to Bloomberg, the latest news coming from the situation in the Middle East, Israel launched an attack on a residential building in the northern Gaza town of Beit Lahiya on Tuesday, killing at least 93 Palestinians or more. missing. The US called it a "terrible incident".
Regarding the situation in the Middle East, the latest report by Britain's Reuters on Wednesday said that the Gaza Ministry of Health announced that Israel had launched an attack on a residential building in the northern town of Beit Lahiya Gaza on Tuesday, leaving at least 93 Palestinians dead or missing, and 10 injured. Medical staff said at least 20 children were among the dead.
Analysis of technical prospects forXAUUSD
The technical chart continues to show that gold has the ability to increase in price comprehensively with the price channel currently trending in the short term. Gold has also had 4 consecutive days of gains after correcting from $2,758, it is heading for the 5th day with an active position that brings a lot of upside prospects.
Currently, gold has broken above the price channel while maintaining price activity above the 0.382% Fibonacci extension, which provides it with room to continue further gains with a subsequent target of around $2,786 Fibonacci price points. extended 0.50% attention to readers in yesterday's edition.
As long as gold remains in the price channel, it will still have a short-term bullish outlook, along with that, once gold breaks above the 0.50% Fibonacci level it can continue to increase further towards the original price level of 2,800 USD, Fibonacci point 0.618% at 2,804USD.
The relative strength index (RSI) has just broken above the overbought area, but has not yet peaked nor shown any signs of weakening, so in terms of momentum, prices can still be bullish with expectations of a correction around the area. The price point area was 2,800 USD when RSI peaked.
During the day, the bullish outlook for gold will be noticed again by the following technical levels.
Support: 2,774 – 2,768USD
Resistance: 2,786 – 2,800 – 2,804USD
SELL XAUUSD PRICE 2801 - 2799⚡️
↠↠ Stoploss 2805
→Take Profit 1 2794
↨
→Take Profit 2 2789
BUY XAUUSD PRICE 2740 - 2742⚡️
↠↠ Stoploss 2736
→Take Profit 1 2747
↨
→Take Profit 2 2752
XAUUSD delivery maintained its uptrend during the day and the gold price has now reached $2,780/ounce once again refreshing its all-time high and heading towards the target technical point noted by readers in yesterday's publication. XAUUSD Continuing its upward momentum from the previous session, spot gold rose more than $32 on Tuesday due to uncertainty over the US presidential election and conflict in the Middle East, as well as expectations of an interest rate cut by the Federal Reserve. Federal Reserve, has enhanced the investment appeal of gold.During this trading day, the US Bureau of Economic Analysis will release third quarter gross domestic product (GDP) data. This is the most important economic data of the day and is expected to cause big fluctuations. on the financial market in general and gold in particular.
Current market expectations suggest that the initial value of US real GDP in the third quarter is expected to grow at a quarterly rate of 3%.
If GDP data is higher than market expectations, this could cause gold to correct short-term declines or react lower after a long streak of gains and support the USD. On the other hand, GDP data was much lower than expected, which should be supportive for gold and could see it continue to find new all-time highs.
Ahead of the Fed's next policy meeting on November 6-7, traders will need to closely monitor more US economic data later this week including inflation and employment data. could provide direction for the Fed's 2025 outlook. Economists expect the Fed to cut interest rates by 25 basis points next week.
Because gold does not generate interest, it tends to perform better in low interest rate environments and is considered a hedge against market volatility and risk.
According to Bloomberg, the latest news coming from the situation in the Middle East, Israel launched an attack on a residential building in the northern Gaza town of Beit Lahiya on Tuesday, killing at least 93 Palestinians or more. missing. The US called it a "terrible incident".
Regarding the situation in the Middle East, the latest report by Britain's Reuters on Wednesday said that the Gaza Ministry of Health announced that Israel had launched an attack on a residential building in the northern town of Beit Lahiya Gaza on Tuesday, leaving at least 93 Palestinians dead or missing, and 10 injured. Medical staff said at least 20 children were among the dead.
Analysis of technical prospects for
XAUUSD The technical chart continues to show that gold has the ability to increase in price comprehensively with the price channel currently trending in the short term. Gold has also had 4 consecutive days of gains after correcting from $2,758, it is heading for the 5th day with an active position that brings a lot of upside prospects.
Currently, gold has broken above the price channel while maintaining price activity above the 0.382% Fibonacci extension, which provides it with room to continue further gains with a subsequent target of around $2,786 Fibonacci price points. extended 0.50% attention to readers in yesterday's edition.
As long as gold remains in the price channel, it will still have a short-term bullish outlook, along with that, once gold breaks above the 0.50% Fibonacci level it can continue to increase further towards the original price level of 2,800 USD, Fibonacci point 0.618% at 2,804USD.
The relative strength index (RSI) has just broken above the overbought area, but has not yet peaked nor shown any signs of weakening, so in terms of momentum, prices can still be bullish with expectations of a correction around the area. The price point area was 2,800 USD when RSI peaked.
During the day, the bullish outlook for gold will be noticed again by the following technical levels.
Support: 2,774 – 2,768USD
Resistance: 2,786 – 2,800 – 2,804USD
SELL XAUUSD PRICE 2801 - 2799⚡️
↠↠ Stoploss 2805
→Take Profit 1 2794
↨
→Take Profit 2 2789
BUY XAUUSD PRICE 2740 - 2742⚡️
↠↠ Stoploss 2736
→Take Profit 1 2747
↨
→Take Profit 2 2752
ノート
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.
ノート
Gold is approaching the session's bottom, fluctuating around 2772 USD/ozノート
🔴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.ノート
ノート
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.ノート
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.ノート
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.ノート
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.ノート
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.
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🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
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