Gold prices fell below record highs, but buyers remain firm.
- Gold prices are not benefiting from the decline of the US dollar, as risk sentiment spreads across Asia. Despite falling Treasury yields, the People's Bank of China’s lack of gold purchases in September has put pressure on gold prices. Expectations for the Fed to cut rates are also gradually fading following strong employment data, with the market currently pricing in a 25 basis point cut at the next meeting.
- However, gold prices have managed to limit their decline due to ongoing geopolitical risks, particularly from the conflict between Israel and Iran. Traders are awaiting further information from the Fed and US consumer inflation data for September to find trading momentum.
Personal opinion:
Gold prices need a daily candle close above the strong resistance level of around $2,670 to recover the upward trend. The next resistance level is the record high of $2,686, and if surpassed, buyers will aim for the round number of $2,700. On the other hand, accepting a low below $2,630 could trigger a deeper decline towards the $2,600 level.
Pay attention to price range:
SELL ZONE: 2668 - 2670
SL: 2675
SELL SCALP ZONE: 2658 - 2660
SL: 2665
BUY ZONE: 2632 - 2630
SL: 2625
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