Regarding gold trading, I need to remind you!

för 18 timmar sedan

In the US trading session on Thursday (October 3), affected by the comments of US President Joe Biden, gold prices rebounded sharply from a low near $2637, once touching $2662.

In early trading Thursday, the Institute for Supply Management (ISM) unexpectedly stronger-than-expected services PMI showed that the U.S. economy remained on solid footing at the end of the third quarter.

The data showed that the ISM services purchasing Managers' Index (PMI) recorded 54.9 in September, the highest level since February 2023 and well above market expectations of 51.7.

Spot gold fell as low as $2,637.13 as the dollar strengthened following the stronger-than-expected U.S. ISM data. But it later rebounded sharply, hitting as high as $2,662.15. As of Thursday's close, spot gold closed at $2,655.79.

Gold prices rebounded during Thursday's North American trading session after hitting a session low of $2,638. Gold prices rose on growing fears of conflict between Israel and Iran.

On Friday, we will have the non-farm payrolls report. The U.S. is expected to have added 140,000 jobs in September, slightly less than the 142,000 created in August, and the unemployment rate is expected to remain unchanged.

Separately, U.S. President Joe Biden said publicly that he has discussed with Israeli officials the issue of an attack on Iranian oil facilities. Gold rose above $2,650 after the comments.
Asked whether the United States would support strikes on Iranian oil facilities, President Joe Biden told reporters outside the White House: "We're talking about that."

The statement hinted at the possibility of Israeli action against energy infrastructure. Mr. Biden's comments fueled risk aversion in the market, sending oil prices soaring and gold prices recovering sharply from their lows.

So how do you trade gold?

Overall, the upward trend in gold prices remains intact. Despite flattening over the past two sessions, the Relative Strength Index (RSI) shows momentum remains bullish.

If gold strengthens further and breaks above the all-time high of $2,685, it could extend gains to $2,700.
On the other hand, if gold falls below $2,650, this will pave the way for further downside, with the target looking toward a September 30 low of $2,624, followed by a September 18 peak of $2,600. If the above level is broken, the next target for gold prices is the 50-day simple Moving average (SMA) of $2,519.

för 8 timmar sedan

Handel aktiv

The gold market has shown a steady upward trend this week on the back of geopolitical tensions and non-farm data. It indicates that the market sentiment fluctuates significantly, and it is expected that the non-farm data will be the decisive factor in the short-term trend of gold prices.

för 5 minuter sedan

Handel aktiv

I want to understand whether you come to the market to make money or to gamble? If you want to make money then come with me. Do as I say and your profits will double. Let your profits grow. As long as you stick to it, your weekly stable profits will be at least between 150% and 300%. Don't wait until your account balance reaches 0 to realize there is something wrong with your trading methods.