XAUUSD → What will the gold price be like next week ?

Oct 1, 2023

XAUUSD prices fell sharply this week from $1,927 to $1,846 as US government bond yields rose to a 16-year high of 4.6%. The USD index also increased to over 106 points. This suggests that investors are becoming less concerned about the risk of recession in the US and global economies. As a result, gold is currently less attractive to investors, especially with high FED interest rates.

Next week, the US will release September employment data, with a focus on non-farm employment (NFP). Forecasts predict NFP to be around 168,000 jobs, lower than August's 187,000 jobs. This is because high US interest rates are limiting business expansion and recruitment. Despite the decline in NFP, the FED may only temporarily halt interest rate increases and not cut rates this year. Therefore, a decrease in NFP is unlikely to boost gold prices next week. If NFP exceeds expectations, gold prices may even decline further.

XAUUSD Technically, the downtrend has been clearly shown. Looking at the D1 technical analysis chart, we can see that the gold price has breached the support level of $1885. The next scenario is expected to continue to decline around the circular resistance mark. $1800. The trading plan for next week will consider buying around $1,800 and selling around $1,885.

Oct 2, 2023

Note

Gold prices have seen a difficult week as a recovery in the US dollar and rising US bond yields have had a negative impact on the market.

Although gold is facing many difficulties, Kitco News's latest weekly gold survey shows that most market analysts are optimistic that this precious metal will recover in the near future.

Oct 2, 2023

Note

🕯 BUY GOLD | 1837 - 1840

🔴 SL: 1832

🟢 TP1: 1845
🟢 TP2: 1850

Oct 2, 2023

Trade active

HIT TP1 + 50pips. Heading to TP2 ✔️✔️✔️

Oct 3, 2023

Note

It is possible that gold will reverse this week and the driving force for gold's increase is that the USD has peaked and begun to decline, the precious metal will soon bottom. Falling core inflation helps stabilize US interest rates and the decline in the USD will support the precious metal. Gold needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.

Oct 3, 2023

Note

USD🇺🇸 JOLTs Job Openings (Aug)

Previous: 8.827M
Expect: 8.830M

Current: 9.61M