Gold XAUUSD Daily Market Analysis - Oct 1, 2024 by K9 Investments Trading

Updated: 4 days ago

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Intraday Signals for Gold (XAUUSD)

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1. Buy Signal:

Entry: 2625 USD
Take Profit (TP): 2645 USD
Stop Loss (SL): 2615 USD
Analysis: With Gold currently trading near 2635 USD, there is bullish sentiment due to a strong support zone around 2620 USD. Fibonacci retracement shows the 61.8% level acting as a key level of interest, coupled with positive divergence on the RSI. The 50-period EMA is also aligned with this range on the 4-hour chart, suggesting potential for upward movement.

2. Sell Signal:

Entry: 2650 USD
Take Profit (TP): 2620 USD
Stop Loss (SL): 2660 USD
Analysis: If Gold breaks above 2645 USD but faces rejection, it may encounter resistance around 2650 USD. The 100-period EMA on the daily chart and the weekly pivot point suggest this level could serve as a strong barrier. Traders could look for a potential pullback towards support near 2620 USD if the upside fails to hold.

Gold (XAUUSD) Market Analysis:

As of October 1, 2024, Gold (XAUUSD) is trading around the 2635 USD level, which sits in a key price zone influenced by various technical indicators. Traders are focusing on the confluence of support and resistance levels as well as the performance of trend-following indicators such as Fibonacci levels, Exponential Moving Averages (EMAs), RSI divergence, and Smart Money Concepts (SMC).

Fibonacci retracement:

From an Fibonacci retracement perspective, the 50% retracement level at 2630 USD aligns closely with today's live price. This provides a solid support zone for intraday traders looking to initiate long positions. If prices break below this level, the next significant support would be the 61.8% Fibonacci level, around 2615 USD.

RSI divergence:

The RSI divergence is also showing a bullish sign on the 4-hour chart, indicating that the market could be due for a reversal upwards. Meanwhile, the weekly pivot point is placed near 2645 USD, a potential resistance zone that traders need to watch carefully. This is reinforced by the 100-period EMA on the daily chart, which could act as a dynamic resistance level.

EMA levels:

Moving on to EMA levels, the 50-period EMA on the daily timeframe is positioned near 2625 USD, offering a strong dynamic support level. The 100-period EMA at 2645 USD may act as resistance, while the 200-period EMA is further away at 2660 USD, marking a significant hurdle for bulls. On the 4-hour chart, the 50 EMA is around 2630 USD, and the 100 EMA sits near 2640 USD, reinforcing the short-term resistance and support zones.

Smart Money Concepts:

Smart Money Concepts (SMC) highlight that institutions are likely accumulating positions near the current market price. The liquidity pockets around 2620 USD and 2650 USD are key zones where significant market moves can occur.

In summary, Gold (XAUUSD) is trading within a narrow range, with immediate support seen at 2620 USD and resistance at 2650 USD. Traders are advised to closely monitor these levels and utilize indicators such as EMAs, Fibonacci, and RSI divergence to refine their strategies.

Key Levels:

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Daily Support Levels: 2620 USD, 2615 USD
Daily Resistance Levels: 2645 USD, 2650 USD
Fibonacci Levels: 50% - 2630 USD, 61.8% - 2615 USD
Daily Pivots: 2645 USD (weekly), 2635 USD (daily)
EMA (Daily): 50 EMA - 2625 USD, 100 EMA - 2645 USD, 200 EMA - 2660 USD
EMA (4H): 50 EMA - 2630 USD, 100 EMA - 2640 USD

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