Today’s Gold Analysis Overview:
- The overall of Gold Trend: Neutral with a Bullish Bias.
- Today's Gold Support Points: $4040 - $4000 - $3960 per ounce.
- Today's Gold Resistance Points: $4130 - $4180 - $4260 per ounce.
Today's Gold Trading Signals:
- Sell gold from the resistance level of $4150 with a target of $3980 and a stop-loss at $4200.
- Buy gold from the support level of $3940 with a target of $4150 and a stop-loss at $3900.
Technical Analysis of Gold Price (XAU/USD) Today:
Amid the recovery of the US Dollar following the announcement of the contents of the last Federal Reserve meeting minutes, the gold price index halted its recent upward rebound that had tested the $4132 per ounce resistance. According to gold trading company platforms, prices have retreated, stabilizing around the $4075 per ounce level. Selling pressure on gold increased after the latest Federal Reserve meeting minutes showed a clear division among FOMC members regarding further monetary easing.
Meanwhile, a better-than-expected reading of the US non-farm payrolls data released on Thursday could fuel speculation about further cuts in December, which would support non-yielding gold prices. However, this week's data only covers September due to the backlog of government shutdowns, providing a limited view of the current economic landscape.
Will gold prices rise in the coming days?
According to gold analysts' forecasts, gold prices continue to rise, supported by safe-haven demand. Based on the performance on the daily chart, stability above the psychological level of 4000$ per ounce will remain a catalyst for the bulls to continue moving higher. Despite yesterday's selling, the 14-day Relative Strength Index (RSI) on the daily chart is still around a reading of 53, above the neutral line. At the same time, the MACD indicator lines have currently halted their downward shift, awaiting new signals.
Technically, the Selling pressure on gold will intensify if it fails to maintain stability above $4,000 per ounce. Also, the trend will indeed shift downwards if prices fall to the support levels of $3,980 and $3,880 per ounce, respectively.
Trading Tips:
Dear TradersUp trader, we still recommend the strategy of buying gold on every strong price decline, regardless of the strength of the US Dollar following the upcoming important economic data and Federal Reserve signals, as the gold market has other factors of strength.
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US Stocks Gain Positive Momentum
During yesterday's trading session, and across stock trading company platforms, Wall Street stocks closed higher after another day of turbulent trading. The S&P 500 Index rose by 0.4% on Wednesday after oscillating between a slight loss and a 1.1% gain earlier in the day. The Dow Jones Industrial Average rose by 0.1%, and the Nasdaq Composite Index gained 0.6%. Shares of Nvidia rose as traders made their final decisions before the most influential stock on Wall Street releases its latest earnings report after the close of trading today.
Obviously, this stock is expected to have a major impact due to concerns that AI stock prices may have become overvalued. At the same time, Treasury yields remained relatively stable ahead of the US government's jobs report due today.
XAU/USD