🌀 *XAU/USD Gold Market Outlook for October 8, 2024*
📍 *Market Overview*
▪️ Gold is trading near $2,645, showing slight bearish tendencies. Breakout range: $2,674 - $2,624.
📊 *Technical Analysis*
▪️ Breakout possible above $2,650 resistance.
▪️ Oscillators on daily charts remain positive.
▪️ Immediate resistance at $2,673.
▪️ Next resistance at $2,685.
▪️ Immediate support at $2,652.
▪️ Next support at $2,638.
▪️ Final support at $2,613.
🔍 *Fundamental Analysis*
▪️ Gold’s price influenced by interest rates and inflation outlook.
▪️ Geopolitical tensions boosting demand for safe-haven assets.
🤔 *Market Sentiment*
▪️ Optimism for further price increases.
▪️ Some traders see resistance levels as selling opportunities.
📅 *Key Event*
▪️ FOMC Meeting tomorrow at 11:30 PM IST.
📊 *Support Levels*
▪️ $2,636
▪️ $2,624
▪️ $2,613
📈 *Resistance Levels*
▪️ $2,666
▪️ $2,674
▪️ $2,685
💡 *Key Insights*
▪️ Gold remains highly volatile; stay updated for any shifts.
📊 *Conclusion*
▪️ A bullish trend may follow if prices break above only $2,650.Or else Sell on Rise could be the strategy. Focus on buying near key supports and selling at key resistances.
⚠️ *Disclaimer*
▪️ Educational content only, not financial advice. Trading involves risk.
📱 Contact ▪️ WApp: +91 9500930700 for inquiries.
Edited 08 Oct 2024, 09:19
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