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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the XAUUSD for OCT 4, 2024.
Key Takeaways
US Job Market: This week’s economic data showed that there will be no major problems in the US economy in the short term. If the non-farm employment data of the Department of Labor still performs well today, the probability of the dollar being supported and rising will increase greatly.
Risk Aversion: The increased possibility of direct military confrontation between Iran and Israel is driving funds into gold as a safe-haven asset. Biden spoke with other G7 leaders on Wednesday to coordinate new sanctions on Iran and provide advice on Israel’s response. If Iran is forced to stop retaliating due to economic development, there will be great short pressure on gold prices.
Technical Analysis
Daily Chart Insights
(XAUUSD Daily Price Chart, Source: Ultima Markets MT4)
(XAUUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: As the market hit a new high, the indicator also went up and did not show a top divergence pattern. Therefore, even if the recent indicator sends a short signal to leave the overbought area, the current decline is likely to be an oscillation structure.
Support Price: Gold was blocked by the red 5-day moving average again yesterday. The two consecutive days of cross stars indicate that the current long and short positions are unclear. Today is the last trading day of this week, and there is a high probability that the trend direction will appear. If the exchange rate falls below 2633.33, the gold price will usher in a large adjustment and continue to fall after stepping back on the red 33-day moving average.
1-hour Chart Analysis
(XAUUSD H1 Price Chart, Source: Ultima Markets MT4)
(XAUUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sends a downward signal before it touches the overbought area. During the Asian session, investors can pay attention to intraday selling opportunities.
Converging Triangle: Recently, gold has been supported by the black 200-period moving average to move upward, forming a converging triangle. If the gold price falls below the red 5-period moving average, the gold price may look towards the lower edge of the triangle during the day. On the contrary, if the gold price breaks through the upper edge of the triangle, the next target is expected to look towards the previous high.
Pivot Indicator
(XAUUSD M30 Price Chart, Source: Ultima Markets APP)
(XAUUSD M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 2646,
Bullish Scenario: Bullish sentiment prevails above 2646, first target 2662, second target 2668;
Bearish Outlook: In a bearish scenario below 2646, first target 2640, second target 2633.
Conclusion
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Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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