GOLD recovers strongly from support area, eye US PPI

11 oct.

On Friday (October 11) in the Asian market, spot gold suddenly increased sharply in the short term. Gold price has just exceeded 2,645 USD/ounce, increasing more than 15 USD during the day.
While US CPI data was slightly higher than expected, US initial jobless claims data performed poorly. This caused the US Dollar index to decrease significantly. In addition, tensions in the Middle East also attracted a wave of safe-haven gold buying.

On Thursday, although US CPI data came in slightly higher than expected, US initial jobless claims data performed poorly.
Data on Thursday showed that the US consumer price index (CPI) in September rose 2.4% year-on-year, exceeding expectations for a 2.3% increase. Core CPI increased by 3.3% over the same period last year, exceeding expectations and the 3.2% increase in August.
Additionally, US CPI rose 0.2% month-on-month in September, a similar increase to the previous month and above the consensus estimate of 0.1%. The US core CPI growth rate in September was stable at 0.3% over the previous month, exceeding expectations of 0.2%.

The data also showed the number of Americans filing new unemployment claims last week rose to the highest level in more than a year, reflecting a weakening labor market partly due to a rise in jobless claims. strong in Michigan and the effects of Hurricane Helene.

XAUUSD supported by broad-based risk aversion and a softer USD ahead of US Producer Price Index (PPI) data released later on Friday.
On Thursday evening local time, the Israeli security cabinet held a meeting to decide how to respond to Iran's large-scale missile attack on Israel on the 1st of this month.
Science Minister Gila Gamliel, a member of Israel's security cabinet, said the security cabinet would "make the right decision" to prevent another Iranian attack.
Gamliel told Israeli public broadcaster Kan that revenge was imminent and could happen at any time.
US and Israeli officials told Axios that US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu moved closer to the scope of Israel's planned retaliation against Iran during their phone call on Wednesday, media reported. American news agency Axios reported on Thursday (local time). The Biden administration admits that Israel will soon launch a major attack on Iran.

Pay attention to PPI data
US annual PPI growth in September is expected to slow to 1.6% while year-on-year core PPI growth in September is expected to increase to 2.7%, compared to previous growth of 2.4% in August.
PPI data is almost as influential as CPI data and is also expected to create strong fluctuations in the market.

Analysis of technical prospects for XAUUSD
Gold has recovered significantly from the key support area that readers noticed in the publications before gold adjusted down to the 2,608 – 2,600 USD area.

The recovery gains achieved the initial target at $2,634 and broke this level, which would qualify gold to continue towards the next target at $2,660 in the short term.

There are no changes in the technical structure that support the upside, with the Relative Strength Index also folding upward from 50, which is seen as the closest support in terms of momentum.

During the day, the technical outlook for gold prices continues to be bullish and notable levels are listed below.
Support: 2,634 – 2,630 – 2,626USD
Resistance: 2,660 – 2,672 – 2685USD

SELL XAUUSD PRICE 2663 - 2661⚡️
↠↠ Stoploss 2667

→Take Profit 1 2656
↨
→Take Profit 2 2655

BUY XAUUSD PRICE 2621 - 2623⚡️
↠↠ Stoploss 2618

→Take Profit 1 2628
↨
→Take Profit 2 2633

11 oct.

Note

According to a report released by the US Bureau of Labor Statistics today, the US PPI index in September was unchanged compared to August. Compared to a year ago, this index increased 1.8% — the smallest increase since February. Core PPI increased 0.1%, equal to the smallest increase since May 2023. The market continues to expect the Fed to lower interest rates by 25 bps next month.

11 oct.

Transaction en cours

Plan SELL +25pips🔽🔽🔽

12 oct.

Note

13 oct.

Note

Next week, the market will receive consumer data to see whether consumer spending in the US continues to hold steady or not. Some analysts note that in the short term, any strong economic data that weighs on the Fed's easing cycle could pressure prices.

14 oct.

Note

World gold prices started a new trading week this morning (October 14) in a downtrend, when the USD set a new 2-month peak in the context that the market no longer had hope for the US Federal Reserve (US Federal Reserve). Fed) will lower interest rates with a large reduction in the next meeting. The possibility that the European Central Bank (ECB) will lower interest rates this week is also boosting the price of the greenback, thereby putting downward pressure on gold prices.

14 oct.

Note

- XAUUSD came under pressure last week before returning above $2,650/troy ounce. The strong recovery shows that the trend is likely to continue, especially after breaking through the channel.

14 oct.

Note

Gold price fell below 2,647 USD/oz

Gold prices have now fallen below 2,650 USD/oz after rising above 2,666 USD/oz during the session.

15 oct.

Note

World gold prices fell in the trading session on Monday (October 14), when the USD hit a new 2-month peak and China's economic stimulus measures were not enough to bring confidence to investors. Forecasters maintain an optimistic view on the medium and long-term gold price outlook, including the possibility of this precious metal reaching the price mark of 3,000 USD/oz.