Gold prices moved above the strong resistance level at 1900, after previously failing to break through twice. Yesterday's movement rose to the 1912 level, this increase in Gold was supported by the weakening US dollar due to hopes of reaching a Corona stimulus aid agreement from the US government even though US economic data was released better than expected.

Investors/market players focus on economic data to be released today, October 2, 2020:

  1. The US Dollar recorded a decline yesterday due to market optimism about the potential agreement on the coronavirus stimulus package by the US Congress. However, the failure to reach an agreement helped the US Dollar strengthen again before the close of Thursday's session.
  2. The British Senate has approved a bill that would derail crucial talks on a Brexit deal with the Eurozone.
  3. The bill still requires approval from the House of Lords in the UK Parliament, but the European Union is already preparing to file a legal challenge against the bill, which could lead to a no-deal Brexit.
  4. AUDUSD is likely to move based on the Australian Retail Sales report at 08:30 WIB.
  5. The Japanese Consumer Confidence report at 12:00 WIB is likely to drive USDJPY and the Nikkei index.
  6. At 16:00 WIB, the Eurozone's annual CPI Flash Estimate report is likely to move EURUSD.
  7. The main focus of the market is on the US employment data at 19:30 WIB which can move market sentiment towards the US dollar. Followed by the Revised UoM Consumer Sentiment and US Factory Orders reports at 21:00 WIB. Movements in the US dollar are usually followed by movements in the prices of gold commodities and other major currencies.

Daily Pick

The prediction for today is on the GOLD (XUL.s) pair, and it is expected to maintain its upward movement. The recommended OP is BUY at the level of 1895 with a target profit of 5-10 points and a stop loss of 3-5 points.

  • BUY 1895
  • TP 1 = 1900 ( 5 Point )
  • TP 2 =1905 (10 Point )
  • SL = 1890 ( 3-5 Point )

Always prioritize Money Management and Risk Management.

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