The daily gold analysis from
GIC will discuss the volatility of gold price movements in the market on the second day of trading (Tuesday, October 06, 2021) in this week dominated by a decline in gold. The pressure on gold prices is caused by the strengthening of the Greenback. The strengthening of the US Dollar currency has occurred since a few days ago. In the
Asian session on Tuesday, gold's movement has touched the level of
US$1756.21/troy ounce, while the highest level was at the level of
US$1769.91/troy ounce which is the highest daily level. Entering the
European session, gold's movement was still in a limited range and had touched a low of
US$1755.16/troy ounce. When the
US session began to open, gold's movement had risen limitedly, but it was again depressed and touched its daily low of
US$1748.52/troy ounce. The movement of the gold market in today's Asian session is expected to continue its decline. This is because market participants still see the condition of the US Dollar currency which remains solid on its strengthening path compared to other major
currencies. The greenback strengthened again after previously weakening to a limited extent due to the decline in US government bond yields with a tenor of 10 years. The value of bond yields had decreased slightly overnight and dragged the US Dollar as well. Not long after, bond yields rose again and recovered the US Dollar. The strengthening of the US Dollar currency is also supported by the good release of US
economic data, namely the ISM Services PMI data which was released at 61.9 above the prediction of only 59.9 and the previous period of 61.7. Positive sentiment about the start of tapering in November will be the dominant factor in the strengthening of the US Dollar. The focus of market participants this week is on the release of employment data, namely
NFP and monthly unemployment data. For high impact data today, there will be the release of
ADP Non-Farm Employment Change data at 19:15 WIB which is predicted to be an increase of around 425,000 from the previous period which was only 374,000.
GOLD Technical Analysis (XUL)
It is predicted that the trend will still be bearish/down for the gold commodity on October 6, 2021.
Pivot Point
The following is the pivot point value for gold commodities on October 6, 2021 of 1759.34.
Support
The following are the support values of 1, 2, and 3 for gold commodities on October 6, 2021.
- Support 1 = 1748,78
- Support 2 = 1737,95
- Support 3 = 1727,39
Resistance
The following are the resistance values of 1.2, and 3 for gold commodities on October 6, 2021.
- Resistance 1 = 1770,17
- Resistance 2 = 1780,73
- Resistance 3 = 1791,56
Stay wise in trading by paying attention to Money Management and Risk Management so that the continuity of your capital and trading account continues. Happy Trading and consistent profit greetings. Thus GIC Indonesia's discussion regarding the Daily Gold Analysis: October 6, 2021. Also read other information about forex and finance such as "
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