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【XM Market Analysis】--Gold Analysis: Technical Indicators Confirm Downward Correction
Risk Warning:
The purpose of information release is to warn investors of risks and does not constitute any investment advice. The relevant data and information are from third parties and are for reference only. Investors are requested to verify before use and assume all risks.
Hello everyone, today XM Forex will bring you "【XM Market Analysis】--Gold Analysis: Technical Indicators Confirm Downward Correction". I hope it will be helpful to you! The original content is as follows:
Today’s Gold Analysis Overview:
- The overall of Gold Trend: Subject to a bearish technical correction.
- Today's Gold Support Points: $3920 – $3880 – $3790 per ounce.
- Today's Gold Resistance Points: $3985 – $4030 – $4100 per ounce
Today's Gold Trading Signals:
- Sell Gold from the resistance level of $4090 with a target of $3880 and a stop-loss at $4140.
- Buy Gold from the support level of $3860 with a target of $4100 and a stop-loss at $3790.
Technical Analysis of Gold Price (XAU/USD) Today:
The rebound in the US dollar price following the US Federal Reserve's announcement foiled the gold index's attempts to firmly rebound above the psychological resistance of $4000 per ounce again.
Before the bank's announcement, and according to gold trading platforms, instantaneous gold prices rose to the resistance level of $4030 per ounce. However, as investors and markets reacted to the US Central Bank's announcement, gold prices resumed the downward technical correction they had recently been subjected to, reaching the $3915 level in early trading today before stabilizing around the $3965 per ounce level at the time of writing this analysis.
Dollar Index Gains After Fed Announcement
According to Forex currency market trading, the US Dollar Index (DXY), which measures the performance of the US currency against a basket of other major currencies, continued its gains, surpassing 99.3 to its highest level since the middle of the month. This came after the Federal Reserve cut the US interest rate by 25 basis points as expected, but during the periodic press conference, US Central Bank Chairman Jerome Powell stated that a rate cut in December is not a done deal. Consequently, market probabilities for such a move decreased to about 88%, down from about 90% earlier in the day.
Investors had largely anticipated another 25-basis point cut in December, in line with the Federal Reserve's September forecasts. In addition, at yesterday's meeting, two officials dissented, with Governor Miran favoring a deeper half-point cut, while Kansas City Fed President Jeff Schmid argued for keeping interest rates unchanged.
On another front that will affect the markets, investors are awaiting a meeting between US President Trump and Chinese President Xi Jinping, which is expected to finalize a framework that could halt higher US tariffs and China's rare earth export controls.
Technical Levels for the Gold Index Today:
Based on the daily chart trading, the gold price index remains on its downward slope. According to gold analysts' expectations, this view will remain valid as long as prices are stable below the psychological level of $4000 per ounce. With the recent losses, the 14-day Relative Strength Index (RSI) is settling below the neutral line, supporting the bears' move toward deeper downward levels. At the same time, the MACD indicator lines are steadily trending downwards. Overall, technical indicators still have more time and exposure to greater losses before reaching oversold territory.
The path of gold will continue to be influenced by the extent of investor appetite for risk or lack thereof, as gold is one of the most important safe havens for investors and global central banks for hedging. The meeting between Trump and the Chinese President will have a strong reaction in the market.
Trading Advice
Keep in mind that the path of gold is heading toward new buying bases, so be prepared but never take risks, no matter the strength of the trading opportunities.
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