The daily gold analysis from GIC this time still discusses the movement of the gold market in trading on Friday last weekend has made a new range and a new weekly high. In Friday trading last week, Gold touched a high of US$1764.13/troy ounce even at the same time as the release of positive US economic data. The increase in gold prices was supported by a weakening in the US Dollar. Although the condition of the US dollar currency should have strengthened due to the release of positive US economic data. The economic data in question is the Core PCE Price Index data released by 0.3%, which is above the prediction of 0.2% but the same as the previous period at 0.3%. In addition, the release of ISM Manufacturing PMI data was released well at 61.1, above the prediction of only 59.6 and the previous period at 59.9. Many analysts predict that the weakening of the US dollar currency is only temporary, because the US dollar strengthening factor is more dominant. Among them is the tapering plan which will start in November until mid-2022. In addition, the discourse of stimulus cuts and plans to increase the benchmark interest rate. In the Asian session on Friday last week, Gold's movement has touched the level of US$1756.76/troy ounce. Entering the European session, Gold's movement was still in a limited range and had touched the level of US$1750.81/troy ounce. When the US session began to open, the movement of Gold had declined ahead of the release of US economic data and touched the level of US$1749.58/troy ounce which was the lowest daily level, but after the release of good US economic data, the price movement of Gold jumped up and reached its daily high of US$1764.13/troy ounce. In today's market trading in the Asian session, it is predicted that the movement of Gold will still be in a limited range, because this week there will be an important data release that can move the market and become the focus of market participants. These data are employment data (NFP) and monthly unemployment data. The weakening of the greenback at the end of last week was due to the decline in the yield of US government bonds with a tenor of 10 years. This is what makes the US Dollar currency weaken despite the release of positive American economic data. The increase in gold prices is predicted to not be far away because there is still positive sentiment about the Fed's big plan regarding tapering and cutting stimulus as well as the discourse of interest rate hikes. 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 a meeting of oil exporting countries (OPEC Meetings) initiated by Russia, the plan is to increase production by 400,000 barrels/day which will be carried out in November and December.

GOLD Technical Analysis (XUL)

[caption id="attachment_7332" align="alignnone" width="1033"]GOLD 2021-10-04 Photo Source: Nurhakim via GIC[/caption] PIC's daily gold technical analysis on October 4, 2021 predicts that the existing trend will still be bearish/downward.

Pivot poin

The value of the gold pivot point on October 4, 2021, GIC sees will be at the value = 1757.81.

Support

The following are the support values 1, 2, and 3 of the gold commodity on October 4, 2021. Support 1 = 1751.49 Support 2 = 1743.26 Support 3 = 1736.94

Resistance

The following are the resistance values of 1, 2, and 3 of the gold commodity on October 4, 2021. Resistance 1 = 1766.04 Resistance 2 = 1772.36 Resistance 3 = 1780.59 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 the discussion of the article on "Gold Daily Analysis: Strengthening Despite Positive US Data". Don't forget to read other articles, such as "Learn Forex" only in the GIC Journal. For those of you who want to get extra money, then you can join the GIC program, such as affiliates, 100% Deposit Bonus, and Friday Barokah.