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08.10.202409:43 विदेशी मुद्रा विश्लेषण और समीक्षा: XAU/USD: A Local Decline in Demand for Gold Could Lead to a Correction

The "yellow metal" quotes continue to move within a narrow range of 2631.85-2672.85. A decrease in expectations for a more aggressive easing of the Federal Reserve's monetary policy could lead to a local correction in the gold market.

Gold is currently trading near the lower boundary of the range, and a breakout could trigger stop-loss orders and lead to further price declines. In the current situation, there seems to be a lack of interest—especially among central banks—in buying at these levels. The market's shift in focus from an aggressive Fed rate cut of 0.50% to 0.25% will put pressure on gold prices.

Technical Picture and Trading Idea:

Exchange Rates 08.10.2024 analysis

The price is at the lower line of the Bollinger Bands, below the SMA 5 and SMA 14. The RSI is below the 50% level and is pointing downward. Stochastics are currently uninformative.

A price drop below the support level of 2631.85 could lead to a decline toward 2592.75, corresponding to a 38% Fibonacci retracement.

*यहां पर लिखा गया बाजार विश्लेषण आपकी जागरूकता बढ़ाने के लिए किया है, लेकिन व्यापार करने के लिए निर्देश देने के लिए नहीं |

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