Gold hit a new all-time high yesterday at $2469. Gold price rallied long drawing a long body bullish candlestick with almost no shadow.
Even though the price of gold fell because US retail sales data was higher than expectations, it seemed only temporary and became a stepping stone for gold to jump higher.
As eagerly awaited retail sales data shows the actual value of 0.4% from the expected 0.1%, this reflects an increase in purchasing power so that market confidence in the Fed cutting interest rates increases. According to CME's FedWatch Tool, the chance of a 25 basis point (bp) rate cut is 93.3%.
Apart from that, the political situation in the US ahead of the election became a matter of public concern after Trump's shooting, if the situation worsens it might have a good impact on gold because investors are concerned that they prefer gold as a safe-haven asset.
According to the TDI indicator, VB high shows a value of 64, and VB Low shows a value of 40 indicating higher market volatility.
The Market Base Line points to level 51 giving bullish weight higher than bearish. RSI Price Line points to a value of 70, indicating the uptrend is already in the overbought zone. The Trend Signal Line is pointing at the value 63 drawing an ascending channel indicating bullish sentiment.
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Even though the price of gold fell because US retail sales data was higher than expectations, it seemed only temporary and became a stepping stone for gold to jump higher.
As eagerly awaited retail sales data shows the actual value of 0.4% from the expected 0.1%, this reflects an increase in purchasing power so that market confidence in the Fed cutting interest rates increases. According to CME's FedWatch Tool, the chance of a 25 basis point (bp) rate cut is 93.3%.
Apart from that, the political situation in the US ahead of the election became a matter of public concern after Trump's shooting, if the situation worsens it might have a good impact on gold because investors are concerned that they prefer gold as a safe-haven asset.
According to the TDI indicator, VB high shows a value of 64, and VB Low shows a value of 40 indicating higher market volatility.
The Market Base Line points to level 51 giving bullish weight higher than bearish. RSI Price Line points to a value of 70, indicating the uptrend is already in the overbought zone. The Trend Signal Line is pointing at the value 63 drawing an ascending channel indicating bullish sentiment.
View attachment 7205
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