The price of gold has paused above $1,929, its highest level since April 2022, as investors mull their next move in the midst of a US holiday.

In celebration of Martin Luther King Jr. Day, the US stock and bond markets are closed on Monday.

The market will likely remain thin over the next weeks due to the holidays, which will keep the price of gold volatile and increase the possibility of irrational swings. A number of speeches from US Federal Reserve policymakers will also be closely watched for clues about the direction the world’s most powerful central bank will take with its future monetary policy.

Investors may also decide to reposition their positions ahead of the release of China’s Gross Domestic Product (GDP) and US Retail Sales data later this week.

 The price of gold has fallen dramatically from a nine-month high.

according to an overbought 14-day Relative Strength Index, the peak is $1,929 (RSI). The daily RSI is presently above the key 70.00 barrier, at 75.21.

Strong support is present around the $1,920 round level, below which it may resume trading at the intraday low of $1,917. A persistent decline below the latter may start a further fall in the direction of $1,900.

On the other hand, if gold bulls are able to retake control and break through the multi-month high, a new upsurge in the direction of the $1,940-$1,941 supply zone may be imminent.

The psychological level of $1,950 is considered to be the next halt for gold purchasers.

This Friday, as the dust settles after Thursday’s dramatic trading in the American session, gold bulls take a break as the US Dollar attempts a modest rebound along with the rates on US Treasury bonds.

Technically, the price of gold currently appears to establish a firm base above the $1,900 level.

To start the continued uptrend into the May 2022 high of $1,910, daily closure above that level is essential.

If Gold purchasers recover total control, a further rise toward the psychological threshold of $1,950 cannot be ruled out.

There may still be space to the upside before a substantial correction begins, according to the 14-day Relative Strength Index (RSI), which is teetering on the edge of overbought territory.

The 200DMA Golden Cross and the 50-Daily Moving Average (DMA) lend support to the gold price’s bullish potential.

On the other hand, failing to produce a weekly close above the $1,900 mark would threaten Thursday’s low of $1,872. Recent declines in the price of gold might lead sellers to focus on the Moving forward, $1,850 psychological level.

In a calm market environment, the price of gold (XAU/USD) is trying to find direction.

This Wednesday’s calm trading is characterized by the gold price’s aimless trading and consolidation below the eight-month high of $1,881.

Technically speaking, the price of gold has remained unchanged as bulls continue to search for acceptance above the multi-month top at $1,881.

Gold buyers will then have their sights set on the $1,900 mark, above which doors will open toward the May 2022 high of $1,910. Bulls are encouraged since the 14-day Relative Strength Index (RSI) is shown lurking beneath the overbought region.

The upward-sloping 50-Daily Moving Average (DMA) was able to close above the somewhat bearish 200-Daily Moving Average (DMA) on Tuesday, validating a Golden Cross and supporting the bullish potential.

 However, failing to produce a daily closing price over the $1,880 mark would provide much-needed relief to Gold sellers. the low on Friday of $1,865 will be the urgent assistance with that.

The psychological threshold of $1,850 will be difficult for Gold bears to breach as prices decline further.

Gold Technical Analysis;

This Friday, the gold market has been making modest attempts to recover as bulls try to retake control before the important US Nonfarm Payrolls announcement.

The price of gold is exhibiting indications of life while moving through a collapsing wedge formation on the four-hour chart.

At the rising trendline support near $1,825 where the brilliant metal was strongly bid, a rebound toward the bullish 21-Simple Moving Average (SMA) at $1,843 was possible.

Bulls are aiming for the upper boundary of the falling wedge, which is positioned above $1,850, and acceptance above the latter is essential for releasing fresh rebound gains.

The recent rally may continue, according to the Relative Strength Index (RSI), which is trending north above the midline.

If the US NFP surprises markets positively, the latter might intensify bearish sentiment, fueling a decline in the price of gold that would send it back toward the $1,825 demand region where the wedge support and bullish 50SMA meet.

The bullish reversal will be invalidated by a violation of the aforementioned crucial cushion, which would reopen the downside momentum toward the 100SMA’s upward slope at $1,811.

Gold Technical analysis

After passing the $1,840.00 barrier, the price of gold (XAU/USD) has been moving sideways at $1,844.00 in the early European session.

The precious metal is still trying to overcome the important $1,850.00 barrier.

Following a breakout of the horizontal barrier, which has now turned into a support region for bulls near $1,824, the price of gold is showing a sideways auction profile.

There is still more upside potential, as shown by the upward rising 20- and 50-period Exponential Moving Averages (EMAs) at $1,841.14 and $1,833.50, respectively.

The bullish momentum has been initiated, as indicated by the Relative Strength Index (RSI) (14) shifting into the bullish range of 60.00-80.00.

Technically, risks are still in favor of an increase in the price of gold as it continues to wave within an ascending triangular formation after briefly capturing the resistance of the horizontal trendline at $1,825.

To confirm an upside, break for the ascending triangle and open the door for a retest of the multi-month high at $1,833, gold bulls require a daily closing price above the latter.

The psychological $1,850 mark will be visible farther up. A bull cross confirmation and the bullish 14-day Relative Strength Index (RSI) continue to point to an increase in the price of gold.

If the decline from higher levels persists, gold’s price might return to its day’s high of $1,800. At $1,794, which is the intersection of the rising trendline (triangle support line) and the bullish 21-Daily, the next significant support is waiting.

Average Movement (DMA). Daily closing below the latter will signal the triangle’s downside break, refuting the bullish argument.

VOT Research Desk

The price of gold is continuing its recent slide on Thursday after failing to hold above the $1,800 level as the US dollar (USD) and US Treasury bond rates both stall their sell-offs.

Investors evaluate the US Federal Reserve’s (Fed) policy decision from December as well as Chairman Jerome Powell’s remarks.

As the price approaches the important 200-Daily Moving Average (DMA) at $1,788, the bearish wedge formation is still in place, maintaining control over Gold prices in the sellers’ favor.

To verify a drop from the five-month highs of $1,825 set earlier this week, a daily closing below the latter is required.

The modestly bullish 21DMA at $1,772 serves as the next downward protective level. A break of the last will start a new sell-off in the direction of the psychological $1,750 level.

However, the strong 14-day Relative Strength Index (RSI) might give buyers of gold a brief reprieve.

On the plus side, a retest of the day’s high at $1,814 is necessary to retake the $1,810 barrier.

Gold bulls will aim for the wedge resistance at $1,825, where the multi-month high aligns, as they move higher.

VOT Research Desk

The price of gold is declining from close to $1,790, halting a two-day recovery momentum and a general resurgence in demand for the United States Dollar (USD).

Rising recessionary concerns increase demand for safe haven assets like the US Dollar, which restrains attempts to increase the price of gold.

On the daily chart, bulls have retaken the slightly bearish 200-Daily Moving Average (DMA) at $1,792, and the renewed upward movement in gold prices is likely to gain momentum.

With the 14-day Relative Strength Index (RSI) pointing north above the midline, gold prices are still on track to test the five-month highs at $1,810. The upper boundary of the month-long rising wedge pattern, currently at $1,816;

if the gold price closes on a weekly basis below the 200DMA under new selling pressure; and if the correction resumes toward the lower boundary of the wedge, at $1,777.

Daily closing below the aforementioned rising trendline support could confirm a reversal to the current uptrend, as it will validate a bearish wedge.

Gold buyers may find relief from the horizontal trendline at $1,725 if they can first overcome the bullish 21DMA at $1,767.

VOT Research Desk

The daily chart of XAU/USD demonstrates that it is still neutrally upward inclined. However, it should be noted that Gold’s failure to overcome the $1770 resistance in the previous week worsened a decline towards the week’s low of $1725.71.

A packed economic calendar may have an impact on the price of the yellow metal in the second half of the week.

The daily high of $1761.18 would be the first resistance level for the XAU/USD moving upward, followed by $1750. In a different scenario, the 100-day Exponential.

Moving Average (EMA) at $1711.74 would be the initial support level for XAU/USD, followed by $1700.

VOT Research Desk

In the Asian session, the price of gold (XAUUSD) is vacillating above the crucial threshold of $1,770.00.

In the gloom of the markets before the US midterm elections, the precious metal has taken a sideways shift.

The general consensus, however, is that Republicans will easily take the House of Representatives. The 200-period Exponential Moving Average (EMA) for gold prices has been breached on a daily basis at $1,760.00.

The asset has developed a Dragonfly Doji candlestick pattern in an uptrend, which shows that market participants have been looking to purchase on dips.

Additionally, the Relative Strength Index (RSI) (14) positive range trading suggests further upward movement.

Oct 21, 2022

VOT Research Desk

In the Tokyo session, the price of gold (XAU/USD) is fluctuating back and forth within a constrained range of $1,625.00-1,628.55. The precious metal is expecting the US dollar index’s price movement (DXY).

The DXY is having difficulty maintaining above the 113.00 immediate barriers. Due to the S&P500 futures’ decline from approximately 3,645.00, the asset tried to persist above the 113.00 barrier but was unable.

The gold price has experienced a sharp decline on an hourly basis after testing the highest auction region, which was set in the $1,642.58-1,671.83 range.

The price of the precious metal is falling near the two-year low set on September 8, 2022, at $1,614.85.

The downside filters are supplemented by declining 20- and 50-period Exponential Moving Averages (EMAs) at $1,629.86 and $1,634.46, respectively.

The Relative Strength Index (RSI) (14) is now fluctuating between 40.00 and 60.00, and a move into the negative zone of 20.00 to 40.00 would start the downside momentum.

Oct 20, 2022

VOT Research Desk

During Thursday’s mid-Asian session, gold prices retest the monthly bottom at $1,626. The yellow metal lost the most in a fortnight the day before, snapping a two-day comeback as sour mood and stronger Treasury rates supported the US dollar’s recovery.

With market participants hoping to test the year low at $1,614.81, the XAUUSD pair presses the aforementioned daily low without any indications of bearish fatigue.

The shiny metal failed to rise over a crucial Fibonacci resistance level at $1,658.50, the 61.8% retracement of the $1,614.81/$1,729.54 surge, which led to the sudden collapse.

At the start of the week, a bearish 20 SMA restrained the upside; at the moment, it is moving bearishly toward $1,667.

Then, technical indicators turn decisively south while remaining inside negative levels, supporting a downward  extension.

The slide appears to be far from done in the near future, at least based on the 4-hour chart. Despite achieving oversold readings, technical indicators continue to trend lower. Additionally, after frequently acting as intraday resistance, the 20 SMA exacerbated its decline below the lengthier ones.

The pair has immediate support in the region of $1,621, where its low point from late September was followed by a two-year low at $1,614.81.

Oct 19, 2022

VOT Research Desk

On Wednesday, XAU/USD dropped to $1,628.35 per troy ounce, its lowest level in three weeks, as speculators started purchasing the US dollar once more. As market sentiment declined as a result of fresh fears about growth, the value of the US dollar increased.

Despite its reputation as a safe haven asset, gold is now unable to compete with the US’s rising interest rates and tends to decline in risk-averse situations. With market participants hoping to test the year low at $1,614.81, the XAUUSD pair presses the aforementioned daily low without any indications of bearish fatigue.

The shiny metal failed to rise over a crucial Fibonacci resistance level at $1,658.50, the 61.8% retracement of the $1,614.81/$1,729.54 surge, which led to the sudden collapse. At the start of the week, a bearish 20 SMA restrained the upside; at the moment, it is moving bearishly toward $1,667.

In conjunction with a downward continuation, technical indicators finally turn decisively south while remaining inside negative levels.

The 4-hour chart indicates that the slide appears to be far from done in the immediate future. Even while technical indicators attain oversold values, they continue to trend lower. Additionally, the 20 SMA, which had previously provided intraday resistance, exacerbated its decline below the longer ones. The pair has a strong level of support just around $1,621, where its recent low from late September occurred. This was followed by a two-year low at $1,614.81.

Support levels:          1,621.00 1,614.81 1,600.00

Levels of resistance:  1,637.70 1,645.20 1,658.50

Oct 19, 2022

VOT Research Desk

The announcement of the US Housing Starts will be the primary topic of discussion on Wednesday. Nuclear families are building 1.475 million new houses, which is fewer than the previous estimate of 1.575 million. This can be the result of skyrocketing borrowing prices that have compelled people to delay their desire for real estate.

While trying to maintain above the crucial threshold of $1,650.00, the gold price (XAU/USD) has encountered selling pressure.

The price of gold is staying within reason as stronger yields are limiting the upside while the positive market mood is safeguarding the downside. Gold prices are bidding in a symmetrical triangle on an hourly basis, which suggests that volatility has decreased.

The above-mentioned chart pattern’s downward-sloping trend line is drawn from Thursday’s high of $1,682.53, and its upward-sloping trend line is drawn from Friday’s low of $1,640.23.

At $1,652.25, the precious gold is crossing above the 20-period Exponential Moving Average (EMA), which suggests that consolidation is imminent.

Additionally, the Relative Strength Index (RSI) (14) is fluctuating between 40.00 and 60.00, indicating the absence of a possible trigger

Oct 18, 2022

VOT Research Desk

The price of gold is maintaining its upward trend as persistent risk flows and a temporary US dollar rally fade.

In response to the UK’s change in fiscal policy, Asian traders applaud the euphoria on Wall Street.

The rising trend line around $1,644, which connects the 2022 lows and Friday’s low, has provided additional support for the gold market. The efforts to go above the $1,670 slightly bearish 21-Daily Moving Average (DMA) continue to be constrained.

Although it has risen somewhat, the 14-day Relative Strength Index (RSI) is still below the 50.00 mark, giving bears reason for optimism.

The main resistance at $1,670 will be retested above the recent intermittent lows around $1,660, which are the immediate upward barrier.

Any efforts at a recovery in the bright metal would be readily sold-off until bulls are able to establish a firm footing above the latter.

To start a new downturn into the $1,615 lows of 2022, however, sellers require a daily candlestick closing below the $1,640 demand region.

Bulls are expected to reach their final line of defense at the $1,600 level.

Oct 17, 2022

VOT Research Desk

There is increased demand for gold. However, at $1,670, XAU/USD seems to be a sell the rebound play. Any attempts to rebound in the shining metal from two-week lows of $1,640 look to be a dead cat bounce until bulls are able to establish a solid footing above the slightly bearish 21-Daily Moving Average (DMA) at $1,670.

The $1,650 level is where the immediate upward hurdle is seen, and above that, the prior intermittent lows around $1,660 can play as strong resistance.

A further decline towards the $1,600 level requires a daily candlestick closing below the $1,640 demand region. Prior to that, the $1,615 low from September will put the bearish pledges to the test.

Sellers have maintained total control from last week’s breach below the rising trend line support, which was at the time at $1,670. The 21-Daily Moving Average, which is now somewhat bearish, is at that level (DMA).

Any attempts to rebound in the shining metal from two-week lows of $1,640 seem to be a dead cat bounce until bulls are able to establish a firm foothold above the latter.

The $1,650 level is where the immediate upward hurdle is seen, and above that, the prior intermittent lows around $1,660 can play as strong resistance.

The bearish potential is maintained since the 14-day Relative Strength Index (RSI) is trading flat lined below the 50.00 mark. Therefore, a fresh downswing towards the $1,600 level requires daily candlestick closure below the $1,640 demand region.

Prior to that, the $1,615 low from September will put the bearish pledges to the test.

Oct 14, 2022

VOT Research Desk

As the US dollar tracks stronger Treasury rates to rally ahead of the crucial consumer-focused data from the US, the gold price (XAU/USD) remained under pressure around $1,662 during Friday’s Asian session, erasing the previous day’s bounce off a fortnight low.

US 10-year Treasury rates have stabilized at 3.96% after breaking a two-day slump to approach levels seen in October 2008.

The market’s recession worries and flight to safety are reflected in the stronger bond coupons, which the previous day failed to use to boost the US currency.

Taking into account the several attempts to breach the 100-EMA, as well as the lethargic and RSI retreat, gold prices are expected to stay negative.

That said, the brilliant metal has immediate support around the $1,651 level of the 23.6% Fibonacci retracement of the negative from August to September.

However, the XAU/USD bears might be stopped before they reach the $1,614 annual low by a three-week-old horizontal support level centered around $1,640-42.In the meanwhile, in order to persuade buyers, recovery moves must not only surpass the 200-EMA resistance of $1,692 but also the 100-EMA barrier of $1,680.

The $1,700 and the monthly high close to $1,730 will thereafter be the main targets.

Oct, 12 2022

VOT Research Desk

Spot gold is trading at $1,668 per troy ounce, steady for the second day in a row. Despite tremors from several fronts, market participants remain on pause as the US Federal Reserve releases the FOMC Meeting Minutes mid-US afternoon.

For the second day in a row, the XAUUSD pair has recovered from near the 61.8% Fibonacci retracement of its most recent daily rise at $1,658.45.

The brilliant metal is meeting sellers near a mildly bearish 20 SMA, while technical indicators remain directionless around their midlines, according to daily chart technical readings.

The pair is also retreating from the 50% retracement of the aforementioned rise, which is currently at $1,672.40.

The 100 SMA is flat on the 4-hour chart, converging with the latter, but the 20 SMA is solidly south above it. In the meanwhile, technical indications remain bearish and lack directional strength.

Oct, 12 2022

VOT Research Desk

Early on Wednesday, the price of gold is exhibiting a fair amount of volatility as bulls try their luck amid resumed selling of the US dollar along with the yields. A recent Financial Times report (FT).

According to the analysis, the gold price is eager to fall below the crucial support level at roughly $1,660, which is the convergence of the lows from the previous week, the previous day, and the Fibonacci 38.2% one-month.

The pivot point one-day S1 at $1,657 is where the immediate cushion is located. Below this level, a new downswing will begin and head toward the psychological $1,650 level.

Bullish commitments will subsequently be tested by the pivot point one-day S2 at $1,648. The Fibonacci 38.2% one-day at $1,671 is the next big upward barrier, and if it is broken, the Fibonacci 61.8% one-day at $1,675 will be tested.

For XAU bulls, breaking over the $1,677 low from the prior year will be difficult.

Technically, as long as the XAU/USD price maintains below the now at $1,674 slightly bearish 21-Daily Moving Average (DMA), the negative bias is still there.

Bears are expected to maintain control as the 14-day Relative Strength Index (RSI) markets flat lined below the 50.00 level

.

In order for sellers to reach the psychological threshold of $1,650, a daily close below the sporadic support of $1,660 is required. The next target on sellers’ radars will be the $1,642 low on September 29.

In contrast, regaining the 21DMA on a basis of daily closing prices is essential to counteracting the negative trend.

Before the $1,700 barrier enters the picture, the day’s high of $1,684 will be tried higher.

Oct, 11 2022

VOT Research Desk

As the yellow metal trades back below its 20 Simple Moving Average (SMA), which has turned downward, the daily chart for XAUUSD points to additional drops in the near future.

The longer moving averages, which represent the predominately negative trend, continue to slope downward significantly more than the shorter one. Technical indicators are also strongly pointing lower; the RSI is now at approximately 43, which is also supportive of a bearish continuation, while the Momentum is close to its midline.

On the 4-hour chart, it can be seen that XAUUSD has continued to fall below both the 100 SMA and an immediate resistance level at $1,672.10, which is the 38.2% retracement of its $1,765.47/$1,614.81 dip. The 20 SMA gains negative momentum but remains above the longer ones, still attempting to catch up with the most recent near-term U-turn.

Technical indicators are moving steadily lower approaching oversold levels.

Levels of support:      1,659.70 1,646.70 1,633.05

Levels of resistance: 1,672.10, 1,684.90, 1,692.90

Oct, 10 2022

VOT Research Desk

The US Dollar Index (DXY), which is up 0.35% at 113.142 and reflects a risk-off trend, indicates that the dollar is still in charge. The dollar has increased by 2.75% since October 5, when the DXY touched 110.05, although it still behind the YTD high of about 114.778. With oil down by 0.28% and the price of precious metals continuing high, most commodity prices in US dollars are under pressure.

As seen by US stocks trading in the red and the greenback advancing quickly over the Columbus Day vacation, which keeps the US bond market closed, the gold price has fallen below the 20-day EMA as a result of a risk-off impulse.

The XAU/USD is now trading at $1668.60, down more than 1.50% from its initial price.

Since then, the price of yellow metal has dropped precipitously, quickening its descent, to challenge again the $1650 mark. Once cleared, it may open the road to $1600 and the YTD low at $1614.92.

It is noteworthy that the RSI has some room to go into negative area before oversold conditions are reached.

Oct 10, 2022

VOT Research Desk

During early Monday morning in Europe, the price of gold (XAU/USD) dropped for the fourth straight day to roughly $1,690, maintaining its downward trend around a one-week low. The bullion examines the two-week recovery from the annual low while doing so during a day that was slow owing to the holidays in the US, Japan, and Canada. However, the XAU/USD bears remain optimistic due to hawkish Fed bets and risk aversion.

Nevertheless, the FedWatch tool from the CME indicates a 78% likelihood of a 75 basis point rate increase by the US central bank in November.

The price of gold continues to retreat from the 50-DMA from the previous week toward the 20-DMA support at $1,680. Additionally strengthening the XAU/USD downfall is the RSI decline. However, a persistent breach of the $1,655–50 support zone is necessary for the metal to continue falling past $1,680. After that, attention will turn to the lower line of a four-month-old bearish channel at the $1,600 mark.

Alternatively, to entice gold buyers back, a clear upside breach of the 50-DMA barrier must cross the indicated channel’s top line, which is needed to be close to $1,735 by press time. Overall, metal prices are probably going to stay down till they close over $1,735 on a daily basis.