In the daily analysis of the GIC team, gold shone again to $1764.07/troy ounce in market trading last Thursday. The increase in Gold prices is due to the limited support of the weakening US Dollar currency. The impact of the release of the US Unemployment Claims economic data which was released was 362,000 which was greater than the forecast of 333,000 and the previous week's data of 351,000. With this data, the movement of the US Dollar currency managed to weaken the American market slightly. This daily analysis focused on market trading on Thursday, where Gold in the Asian session had touched the level of US$1743.11/troy ounce. Furthermore, when entering the European session market, the movement of Gold decreased and had moved to touch the level of US$1725.38/troy ounce. As soon as the American market session opened and the release of American economic data began, Gold's movement was very active and had touched its daily low at the level of US$1722.10/troy ounce. In the next move, Gold moved up and touched the day's high of US$1764.07/troy ounce. In market trading on Thursday, September 30, 2021, in the Asian session, it is predicted that the price of Gold will try to fall again. This is because yesterday's increase in Gold was only temporary. In addition, for market participants, the characteristics of Gold will be profit taking when entering the weekend. The greenback had weakened after the release of weekly unemployment data, which turned out to be released above expectations. Although the labor data weakened due to disappointing weekly unemployment data, the weakening of the US dollar currency was only temporary, as the Central Bank's tapering plan will still be implemented in November 2021. At the meeting between the chairman of the Federal Reserve "Jerome Powell" and the US Treasury Secretary "Janet Yellen" who successfully negotiated a potential "shutdown", the government discussed the impact of defaulting on government debt payments due on October 31, 2021. The House of Representatives has approved the U.S. debt ceiling and has succeeded in preventing a potential "shutdown" of the U.S. government. The focus of market participants today is on the release of the Core PCE Price Index (USD) economic data which will be released at 19:30 WIB. In addition, there will also be the release of ISM Manufacturing PMI (USD) data which will be released at 21:00 WIB. These two US economic data are predicted to weaken the US Dollar currency.

Gold Daily Technical Analysis (XUL)

The following is a technical analysis of Gold on October 1, 2021 which is predicted to be Bearish/downward.

Pivot Point

Pivot point = 1747,75

Support

Data related to Supports 1, 2, 3, from Gold
  1. Support 1 = 1731,44
  2. Support 2 = 1705,80
  3. Support 3 = 1689,49

Resistance

Data related to Resistance 1,2, and 3 of Gold
  1. Resistance 1 = 1773,39
  2. Resistance 2 = 1789,70
  3. Resistance 3 = 1815,34
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