Short-term Gold Potential
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Greetings, traders! What are your thoughts on the precious metal known as Gold?
Currently, Gold is exhibiting less volatility and is trading at approximately 1819, which remains unchanged from yesterday. It's worth noting that the USD-Index has dipped below 107 points since October 4th. The recent news of a milder-than-expected increase in jobs within the US private sector has provided support for Gold.
The positive condition of the labor market may potentially enable the US Federal Reserve (Fed) to continue implementing stricter monetary policies.
Unfortunately, on October 4th, there was a setback for precious metals as the yield of the 30-year US Government bond reached an alarming level of 5%, making recovery more challenging.
Taking into consideration the technical analysis on a H4 time frame chart, it becomes evident that Gold is currently experiencing a downtrend without any sign of momentum to reverse this trajectory. However, today we expect to witness a minor correction in Gold's value towards its resistance level at $1850 while maintaining support around $1800.
Currently, Gold is exhibiting less volatility and is trading at approximately 1819, which remains unchanged from yesterday. It's worth noting that the USD-Index has dipped below 107 points since October 4th. The recent news of a milder-than-expected increase in jobs within the US private sector has provided support for Gold.
The positive condition of the labor market may potentially enable the US Federal Reserve (Fed) to continue implementing stricter monetary policies.
Unfortunately, on October 4th, there was a setback for precious metals as the yield of the 30-year US Government bond reached an alarming level of 5%, making recovery more challenging.
Taking into consideration the technical analysis on a H4 time frame chart, it becomes evident that Gold is currently experiencing a downtrend without any sign of momentum to reverse this trajectory. However, today we expect to witness a minor correction in Gold's value towards its resistance level at $1850 while maintaining support around $1800.
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