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Key Insights
- Gold (XAU/USD): Positioned slightly above the 50-day EMA ($1850.00), gold promises a potentially brighter horizon if it stays above the $1850 mark.
- Silver (XAG/USD): Trading at $21.90, Silver’s recent surge of 1.45% mirrors geopolitical uncertainties.
- Platinum: Despite near bearish behaviour around the $870 territory, Platinum’s RSI of 51 indicates mild bullish sentiment.
Gold (XAU/USD)
As of October 10th, precious metal gold price stands at $1856.73, with analysis based on a 4-hour chart timeframe. The key pivot point for the XAU/USD pair is $1830.39. Looking at significant resistance levels, we see them positioned at $1850.23, $1869.11, and $1888.96. In contrast, support levels are found at $1811.99, $1791.66, and $1773.26.
Diving into technical indicators, the Relative Strength Index (RSI) reads 63, indicating bullish sentiment as it’s above 50. The Moving Average Convergence Divergence (MACD) stands at 3.3000, while its signal line is at 6.8800, suggesting potential downward momentum since the MACD is below the signal line. The price is slightly above the 50-day Exponential Moving Average (EMA), which is at $1850.00, suggesting a short-term bullish trend.
Chart patterns reveal that the XAU/USD has completed a 38.2% Fibonacci retracement. In conclusion, the overall trend for gold is bullish above $1850, with expectations of the asset possibly testing higher resistance levels soon.
Silver (XAG/USD)
The price of silver was trading at $21.90 and experienced a 1.45% increase, which could be attributed to the escalating tensions in world politics. According to the daily chart, Silver’s current position is aligned with its pivot point at $21.90, which is derived from the 38.2% Fibonacci retracement.
In the future, there are resistance zones marked at $22.21 (50% Fibo level), $22.65 (61.8% Fibo retracement), and $23. On the downside, Silver has initial support at $21.45, highlighted by the 23.6% Fibonacci level, with additional support expected around $21.
Due to significant geopolitical events, Silver’s trajectory may experience fluctuations, necessitating that traders remain alert.
Platinum
On October 10th, Platinum was priced at $1856.73. This analysis, based on a 4-hour chart timeframe, revealed Platinum trading slightly bearish near the $870 mark, reflecting a -0.06% decrease on Tuesday.
The asset faces immediate resistance from a downward channel’s trendline at $893. Further resistance is anticipated at $911.02 upon a bullish break and at $924.22. Support levels are identified at $870.23, followed by $860.44 and $850.24.
From a technical perspective, the Relative Strength Index (RSI) reads 51, indicating a slightly bullish sentiment. However, the asset is below the 50-day Exponential Moving Average (EMA) of $882.00, suggesting a short-term bearish trend.
The chart displays a downward channel, implying a selling trend, especially below $893, further accentuated by a bearish crossover at the 50 EMA. In summary, the trend for Platinum remains bearish below $882, with potential reversals above this level.
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This article was originally posted on FX Empire
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