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Gold (XAUUSD) is currently trading at $2,642
📊 Intraday Trading Signals for XAUUSD
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1️⃣ Buy Signal
Market Price: $2,642
Entry: Buy at $2,640
Stop Loss: $2,628
Take Profit 1: $2,655
Take Profit 2: $2,670
2️⃣ Sell Signal
Market Price: $2,642
Entry: Sell at $2,660
Stop Loss: $2,673
Take Profit 1: $2,645
Take Profit 2: $2,630
🔹 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital, and you should only trade with money you can afford to lose. Please ensure that you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Use strict stop loss and proper risk management.
🔍 Gold XAUUSD Market Analysis: Daily and 4-Hour Time Frames
Gold (XAUUSD) has remained in a volatile range, with $2,642 as the current market price. Let's explore the market conditions using technical indicators like Fibonacci Retracement Levels, EMAs, RSI divergence, and more on the daily and 4-hour charts.
🔸 Key Support & Resistance Levels
Daily Resistance: $2,660
Daily Support: $2,628
4-Hour Resistance: $2,650
4-Hour Support: $2,630
🔹 Fibonacci Retracement Levels
Key Swing Low: $2,570
Key Swing High: $2,690
50% Retracement Level: $2,630
61.8% Retracement Level: $2,615
These levels provide important zones to watch for potential reversals and breakout points on both daily and intraday trades.
🔸 EMA Analysis
Daily EMAs:
50 EMA: $2,632
100 EMA: $2,610
200 EMA: $2,580
400 EMA: $2,550
4-Hour EMAs:
50 EMA: $2,640
100 EMA: $2,625
200 EMA: $2,590
400 EMA: $2,560
The current EMA levels indicate a possible pullback near the 50 EMA at $2,632 on the daily time frame, signaling a bullish outlook if the price holds above this level.
🔹 RSI Divergence & MACD
RSI (Daily): Currently at 55, showing mild bullish divergence.
MACD: The MACD line has crossed above the signal line on the 4-hour chart, supporting a potential upward move.
🔸 Order Blocks & Smart Money Concepts (SMC)
Order Block (Daily): A significant buy order block is observed at $2,620, suggesting institutional interest around this level.
Smart Money Concepts (SMC): The price is showing signs of accumulation around $2,630, hinting at a potential bullish breakout in the coming sessions.
📆 Pivot Points for Gold XAUUSD
Weekly Pivots:
Pivot Level: $2,645
Resistance 1: $2,662
Support 1: $2,620
Daily Pivots:
Pivot Level: $2,640
Resistance 1: $2,650
Support 1: $2,625
🌐 Fundamental Analysis and USD News Impact on Gold
This week, we are keeping a close eye on the US PPI (Producer Price Index) data release on 10th October 2024, which could lead to increased volatility in the Gold market. A stronger-than-expected PPI report would support the USD, potentially exerting downward pressure on XAUUSD prices. Traders should also watch for upcoming Fed statements on inflation.
Gold XAUUSD Daily Analysis Summary
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Key Levels
Daily Support: $2,628
Daily Resistance: $2,660
4-Hour Support: $2,630
4-Hour Resistance: $2,650
50 EMA (Daily): $2,632
Fibonacci Levels: $2,630 (50%), $2,615 (61.8%)
Pivot Points: $2,640 (Daily Pivot), $2,645 (Weekly Pivot)
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4. What are the best strategies for intraday Gold trading?
Utilize a combination of Fibonacci retracement, EMA, and RSI divergence for high-accuracy intraday setups.
5. How does Gold price correlate with USD news?
Gold is inversely correlated with the USD; when USD strengthens, Gold tends to fall and vice versa.
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8. How does Fibonacci retracement work in Gold trading?
Fibonacci levels help identify key support and resistance zones in Gold price action. Hashtags:
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