Gold failed to break the 1815-1818 zone and a reversal by closing around 1832-1833 after a strong U.S NFP report on Oct 6, 2023.
The daily gold chart formed a reversal pattern after the U.S NFP and the Hamas Gaza event caused gold to make a big gap from 1833 to 1848. It then closed above the 1851-1853 to confirm a safe heaven flow.
On H1 chart, gold tested the 1853-1854 on Oct 10, 2023 and it is expected to go to 1873-1879 today to wait for FOMC Meeting Minutes on Oct 11.
Several Fed officials have said that the Fed has reached the limit of rate hikes, this is causing the U.S Dollar sold off and support gold to go up to 1873-1879.
The 1863-1865 is the key zone for today gold trend, gold up trend is strong if gold is able to trade above the 1863-1865 after today’s FOMC Meeting Minutes.
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