GOLD continues to be strong, geopolitical tensions

i förrgårOn Thursday, the Federal Reserve cut interest rates by 50 basis points, starting an easing cycle and gold prices rose accordingly. Traders are ignoring the rise in US Treasury yields, which are inversely correlated with gold, and gold is still aiming for $2,600 raw price or perhaps a new all-time high. grand.
Readers can review the Federal Reserve's policy analysis in yesterday's publication linked below.

Tensions in the Middle East and ceasefire negotiations are positive for gold
“Gold is considered a safe haven in times of political and economic uncertainty, and because gold is not subject to interest, it often thrives in low interest rate environments.”

The Wall Street published an exclusive report on Thursday, local time, The Wall Street said senior US officials had said a ceasefire and hostage release was within reach, but now here they admitted that they did not expect Israel and Hamas to attend.

"There is no chance of achieving this now," the Saudi official said shortly after the pager attack on Hezbollah. "Everyone is waiting and watching to see what happens after the election. Conclusion The results will determine what the next government can do."

Failure to reach an agreement will harm the "job" of current President Biden. According to Gaza's Health Ministry, the war has killed more than 40,000 Palestinians, mostly women and minors.
According to the latest report by Agence France-Presse, Lebanese Minister of Public Health Firas Abyad said that communication equipment explosions occurred in many places in Lebanon on September 17 and 18 local time. , leaving 37 people dead and nearly 3,000 injured.

On September 19, Hamas issued a statement thanking Hezbollah for its support in Lebanon. Hamas said that Hezbollah's resolute stance in Lebanon "has undermined Israel's efforts to sabotage the resistance movement in the Gaza Strip."

Analysis of technical prospects for XAUUSD
After adjusting and recovering, gold currently has all the conditions to aim for the target increase at the original price point of 2,600 USD that was previously achieved.
In the short term, $2,600 will remain the target resistance, however once gold breaks above the $2,600 base price it could continue to rise another $12 to test the 0.786% Fibonacci extension.

The uptrend will still be the main trend with the price channel and support from EMA21. As long as gold remains in the price channel, price drops should only be considered short-term corrections without damaging the main trend. .
Maintaining above the 0.618% Fibonacci extension is also a positive signal for gold prices in the short term technically.

During the day, the bullish outlook will be noticed by the following levels.
Support: 2,582 – 2,575 – 2,561USD
Resistance: 2,600 – 2,612USD

In the current trading environment, large fluctuations often occur. It can be said that these fluctuations are so large that looking for so-called optimal entry positions too close will bring the risk of being "swept out". "
Therefore, along with finding reasonable entry locations, optimization also needs to be emphasized in the process of controlling volume and transaction density.

SELL XAUUSD PRICE 2616 - 2614⚡️
↠↠ Stoploss 2620

→Take Profit 1 2609
↨
→Take Profit 2 2604

BUY XAUUSD PRICE 2564 - 2566⚡️
↠↠ Stoploss 2560

→Take Profit 1 2571
↨
→Take Profit 2 2576

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Gold prices hit a new record high above $2,610 on Friday on growing expectations that global central banks will "follow" the Fed in easing policy and cutting interest rates. Lower interest rates are positive for gold, as they reduce the opportunity cost of holding non-yielding assets, making gold more attractive to investors.

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