GOLD Forecast and Technical Analysis October 10th
Gold prices gained in Asia on Tuesday with physical demand from India during the festival season and the other top importer China as markets gear up after a week-long holiday last week.
XAUUSD Gold Price rose 0.31% to $1,289.05 1290 USD.
Overnight, gold prices rose on Monday supported by a dip in the dollar as an uptick in geopolitical uncertainty increased demand for safe-haven gold but growing expectations that the Federal Reserve will hikes rates for the third time this year capped gains.
Gold made a strong start to the week amid renewed geopolitical uncertainty as President Donald Trump’s tweets over the weekend, sparked fears that the president is leaning toward military action against North Korea.
President Trump said the United States has been “unsuccessfully dealing” with North Korea for 25 years, insisting that “only one thing will work” to curb the isolated nation’s efforts to further develop nuclear weapons.
Net bullish bets on gold fell to 203.9, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.
Gold is sensitive to moves higher in both bond yields – A rising interest rate environment lifts the opportunity cost of holding non-yielding assets such as bullion.
We have reached our target of 1.290 USD as we have published in our trade idea:
As you will see on the Daily Chart, priced moved above Fibonacci Retracement 76.40% and broke the falling trend line. 1.295-1.300 is an important resistance area for gold price.
On the downside 1.280 is an important support for GOLD Prices.
Wednesday, FED minutes will be released and GOLD can test 1.300.- USD until the FED minutes release.
We can say that the continuation of upwards movement will continue as long as the price holds above 1.280 level.
I will publish a trade idea for premium members today.
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Warning: All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases.
If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.
WARNING ABOUT FOREX TRADE IDEAS
- We enter trades on different pairs and we look for other trade opportunities. So we recommend you to enter trades with the smaller size.
- Do not exceed 10% margin.
- Stop Loss and Take Profit Levels are +/- 15 pips minimum.
- If we do not publish an update close the 40% of your position on the TP1 level and move your stop loss to entry level.
- Some trades ( especially with 300-500 pips profit target) can take 5-6 days to hit the targets. If you do not have patience, do not enter the trade.
- Our aim is to close each with week 2500-3000 pips profit minimum.
- If we mention as “pullbacks are buying/selling “ opportunities and we publish pullback levels, you do not need to wait for a signal from us. Use these opportunities at the mentioned levels.
- All markets trade in different phases; bull and bear markets don’t start overnight. Markets build through three major phases and depending on the time frame you are trading, you will see different phases. If you enter a trade by analysing the H4 chart frame, this is just a day trading, your stop loss and take profit levels must be set up accordingly.
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