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Gold Investor Looking Next month US election (Gold Rally)XAUUSD Technical Overview: Pivot: 1186.50 Key Resistance: 1191.20 - 1194.56 - 1198.45 - 1202.29 Key Support: 1186.49 - 1184.58 - 1181.78 - 1178.20 Day Trading Range: 1178 - 1200 Technical Indicator: RSI: The RSI having mixed bullish divergence. Moving Average: SMA 100(1197.45) & SMA 200(1194.50) strong resistance for Gold today.. Technical Trade Idea: Most Likely Scenario: long positions above 1186.50 with targets at 1194.50 & 1202.20 in extension. Alternative scenario: below 1186.50 look for further downside with 1182.45 & 1179.30 as targets. Overall, The trading week kicked off with a panicked sell-off in Chinese equities which simply expresses growing fears in financial markets. Rising U.S. and global interest rates, a stronger U.S. dollar, slowing economic activity, and of course, tense U.S.-China relations have all attributed to the nervous market environment. The cut of the Reserve Ratio Requirement from PBOC to boost credit did little to help appetite, in a sign that more action needs to be taken to avoid a hard landing. While we think that China still has a lot of monetary and fiscal tools to cushion a slowdown to its economy, investors need to see the domestic picture improving before seeing a significant rally in its equity markets. There are quite a few variables influencing the price action which leads me to believe we’re more likely to remain in a range over the near-term. One event that nobody seems to be talking about is the U.S. November elections. Traders are saying that today’s early session strength is being fueled by safe-haven bids from risk-averse investors. The buying could be coming from Asia where stocks are under pressure again. Furthermore, renewed concerns over a potential slowdown in China’s economic growth as well as an easing U.S. Dollar could be underpinning the market. If it’s being viewed as an investment then investors will have a difficult time generating enough upside momentum to trigger a breakout through the resistance because of the rising interest rate environment in the United States. This helps support the U.S. Dollar which leads to lower foreign demand for dollar-denominated gold. If gold starts to take on the identity of a safe-haven asset then demand will have to increase enough to drive out the net short hedge and commodity funds. Only then can we see a bona fide breakout to the upside. There are quite a few variables influencing the price action which leads me to believe we’re more likely to remain in a range over the near-term. One event that nobody seems to be talking about is the U.S. November elections. Thanks YoCryptoManic

Gold targeting $1192 today China cut the RRR XAUUSD Technical Overview: Pivot: 1202.10 Day Trading Range: 1186 - 1204 Key Resistance: 1200.20 - 1202.10 - 1205.45 - 1207.89 Key Support: 1196.28 - 1194.23 - 1191.56 - 1189.88 Technical Indicator: RSI: RSI broke rising trend line and moving downward. Moving Average: SMA 200(1195.55) strong support & SMA 100 (1200.45) strong resistance for Gold today. Technical Trade View: Most Likely Scenario: short positions below 1202.20 with targets at 1194.23 & 1189.88 in extension. Alternative scenario: above 1202.20 look for further upside with 1206.89 & 1208.55 as targets. Overall, Gold futures are under pressure early Monday in reaction to a stronger U.S. Dollar. The dollar is being underpinned by a move by the People’s Bank of China designed to prop up its economy. U.S. banks and the Treasury are closed so the focus will be on geopolitical events today rather than government reports and Treasury yields.Over the week-end, the European Commission told Italy it is concerned at its budget deficit plans for the next three years since they breach what the EU asked the country to do in July, but Rome insisted on Saturday it would “not retreat” from its spending plans. This news is weighing on the Euro which is helping underpin the dollar, leading to renewed pressure on gold prices. However, the major news helping the dollar and pushing gold lower is from China. On Sunday, the People’s Bank of China announced a steep cut in the level of cash that banks must hold as reserves, stepping up moves to lower financing costs and spur growth amid concerns over the economic drag from an escalating trade dispute with the United States. The People's Bank of China (PBOC) said on Sunday that would cut the amount of cash that banks must hold as the reserve to lower financing costs and spur growth in the world's second-biggest economy. The 100 basis point cut in the reserve requirement ratio (RRR) will come into effect from Oct. 15 and will inject a net USD 109.2 billion in cash into the banking system. Interest rate cuts usually put a bid under gold, however, the PBOC's decision to cut rates for the fourth time in 2018 isn't boding well for the safe-haven yellow metal. Thanks YoCryptoManic

Gold Investor fearing from today's NFP Data XAUUSD Technical Overview: Pivot: 1205.45 (1198.40) Key Resistance: 1200.20 - 1202.55 - 1205.45 - 1207.23 Key Support: 1197.75 - 1195.25 - 1191.86 - 1188.44 Technical Indicator: RSI: Indicator shows mixed bearish trend. Moving Average: SMA 55 (1200.35) strong resistance & SMA 100(1197.28), SMA 200(1195.45) strong support for Gold today. Technical Trade Idea: Most Likely Scenario: short positions below 1205.45 with targets at 1195.25 & 1188.44 in extension. Alternative scenario: Long above 1205.50 look for further upside with 1207.23 & 1210.55 as targets. Overall, In the absence of any convincing, clear-cut catalyst the markets have been in consolidation mode. Cleary the markets are attaching a whole lot of significance to tonight’s NFP print as the markets have remained range bound as trader know the outcome of tonight’s data can significantly shape the market’s rate hike expectations and the near-term outlook for the USD. So indeed, there a lot riding on tonight employment data. Failing any USD surprises, expect current tight ranges to persist ahead of tonight’s data. Volume and volatility are light after three days of heightened activity earlier this week. The market has held up considerably well this week in the wake of a stronger U.S. Dollar and rapidly rising U.S. Treasury yields. Perhaps the market is being underpinned by speculators betting the Fed will lose control of inflation.The direction of the market today is likely to be determined by trader reaction to the U.S. Non-Farm Payrolls report, due to be released at 1230 GMT. Thanks YoCryptoManic

Gold move under $1205.90 will signal the presence of sellers XAUUSD Technical Overview: Pivot: 1201.20 Key Support: 1200.10 - 1198.45 - 1194.89 - 1191.23 Key Resistance: 1205.45 - 1207.55 - 1210.85 - 1214.75 Technical Indicator: RSI: The indicator having bearish divergence. Moving Average: SMA 55(1194.55) SMA 100(1191.75) & SMA 200(1195.78) strong support for Gold today. Technical Trade View: Most Likely Scenario: long @ 1206.10 with targets @ 1211.00 & 1217.00 in extension. Alternative scenario: below 1201.30 look for further downside with 1197.50 & 1194.00 as targets. Overall, Gold prices have been aggressively rallying overnight. Rather odd that the USD is not leading this move that has triggered a significant and very convincing short squeeze. Remember that according to CFTC data GOLD speculative net positioning increased to its highest since December 2001 as prices declined for a sixth straight month in September. Accounts sold an additional 6,804 contracts in the week to September 25, according to the latest CFTC data published last Friday, bringing total net short positions to 17,648, the most since the week of December 11 2001. Gold has moved higher overnight primarily driven by the return of safe-haven appeal, keeping Italy risks in mind. Interesting I was discussing that fact yesterday, that in the past when we were not dealing with a strong USD narrative, Gold would pop $15-20 higher in a heartbeat on EU contagion fears. Sometimes, it’s easy to be blind to the facts, especially when getting so accustomed to positioning gold off the US dollar moves. But with l tightness in Copper markets influencing the base metal complex higher. There’s likely some knock-on effect from that correlation as well; indeed, shorts are being caught out on this one, and weaker near-term stops above $1200 level are probably contributing the flow. But for a specific technical trigger, commodity traders were focusing a Gold cross currency relationship, and it was the break of Gold vs EUR 1030 that triggered the short position carnage. Thanks YoCryptoManic

Gold should continue to ride the Fed-driven roller coaster lower XAUUSD Technical Overview: Pivot: 1187.55 Key Resistance: 1196.45 - 1198.20 - 1200.0 - 1205.23 Key Support: 1191.73 - 1189.66 - 1185.00 - 1181.53 Technical Indicator: Moving Average: SMA 200 (1196.20) strong resistance & SMA 55 (1188.26) strong support for Gold today. RSI: The RSI moving into overbought condition soon, now moving around 68 level in 1H chart. Technical Trade Idea: Most Likely Scenario: long positions above 1187.55 with targets at 1197.75 & 1200.00 in extension. Alternative scenario: below 1187.55 look for further downside with 1184.89 & 1181.53 as targets. Bullish Scenario A sustained move over $1193.90 will indicate the presence of buyers. If this generates enough upside momentum then look for a possible surge into $1200.00 to $1205.90. The market could begin to really take-off if buyers can overcome $1205.90 with conviction. Bearish Scenario A sustained move under $1193.90 will signal the presence of sellers. If the move is accompanied by strong volume then look for the selling to extend into $1187.50, followed by $1184.30. US ISM Manufacturing: Slowdown in September - Wells Fargo Gold should continue to ride the Fed-driven roller coaster lower "Gold should continue to ride the Fed-driven roller coaster lower, after the FOMC raise," rates as expected at the September meeting and kept the dot plots trajectory largely unaltered. Mr. Powell and friends lifted the long-run dot and went to great lengths to say that dropping any reference to "accommodative" in the communique did not mean that they will be straying from their previously announced plan for no," analysts at TD Securities explained. Thanks YoCryptoManic

Yellow Metal Struggling After US Job Data XAUUSD Pivot: 1198.00 Day Trading Range : $1186.45 - $ 1198.89 Key Resistance: $1196.45 - $1198.89 - $1204.00 Key Support: $1189.56 - $1186.45 - $1182.27 Technical Indicator: Moving Avg: SMA1100($1196.60) & SMA200($1204.16) both are strong resistance for yellow metal for the day. MACD: MacD having negative volume for Gold. Most Likely Scenario: short positions below 1198.00 with targets at 1193.25 & 1190.00 in extension. Alternative scenario: above 1198.00 look for further upside with 1203.00 & 1207.00 as targets. Fundamental: Gold futures closed lower last week with the selling pressure attributed to safe-haven buying of the U.S. Dollar and a jump in Treasury yields fueled by stronger-than-expected U.S. Non-Farm Payrolls data. The selling could have been worse, however. Bullish speculators seem to believe that the Fed is moving closer to neutrality, which means the dollar is not likely to strengthen very much. Additionally, safe haven buyers are also taking positions in the Japanese Yen and Swiss Franc. If you trade the relationship between gold and the Dollar Index and your bullish gold, all you’re hoping for is a rally in the Euro. Thanks YoCryptoManic