top of page
Writer's pictureK9 Investments

Gold XAUUSD Daily Market Analysis 17th Oct 2024 by K9 Investments Trading

Updated: Oct 18

💬 WhatsApp K9 Investments Trading www.k9investmentstrading.com for FREE Gold Forex Live Trade Setups & Market Analysis.

Current Market Price: $2,678


Gold XAUUSD Intraday Signals www.k9investmentstrading.com

🥇 Join our FREE Telegram Channel: @K9_Investments_GoldTrading

Get 60+ Free eBooks:

1️⃣ Buy Signal:

  • Entry: $2,665

  • Stop Loss: $2,650

  • Take Profit 1: $2,685

  • Take Profit 2: $2,700

2️⃣ Sell Signal:

  • Entry: $2,690

  • Stop Loss: $2,705

  • Take Profit 1: $2,675

  • Take Profit 2: $2,660


📢 Disclaimer:"Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss, and Proper Risk Management."


Comprehensive Market Analysis

📊 Gold XAUUSD Daily & 4-Hour Chart Analysis

1️⃣ Support & Resistance Levels

  • Daily Support: $2,650

  • Daily Resistance: $2,690

  • 4-Hour Support: $2,660

  • 4-Hour Resistance: $2,685

Gold has found key support at $2,650, forming a strong base for buyers, while resistance near $2,690 is holding off further upward momentum. Watch out for a break above this zone for a bullish move.


2️⃣ Fibonacci Retracement Levels

Using the Fibonacci retracement tool, the 38.2% level is aligning at $2,660, and the 61.8% level is around $2,685, providing key entry points for both buy and sell trades.

3️⃣ EMA Levels
  • Daily Time Frame

    • EMA 50: $2,670

    • EMA 100: $2,640

    • EMA 200: $2,600

    • EMA 400: $2,550

  • 4-Hour Time Frame

    • EMA 50: $2,675

    • EMA 100: $2,665

    • EMA 200: $2,640

    • EMA 400: $2,610

These EMAs indicate the trend remains bullish, with the shorter-term EMAs (50 & 100) above the longer-term ones, suggesting strength in the current uptrend.


4️⃣ RSI Divergence

On the 4-hour chart, we observe bearish RSI divergence, signaling possible downward pressure as price makes higher highs, while RSI makes lower highs. This could indicate potential selling opportunities around $2,685 resistance.


5️⃣ Order Blocks & Smart Money Concepts

A notable Bullish Order Block is visible around $2,660, suggesting that buyers are accumulating at this level. This order block could act as a strong support zone for intraday trading setups.


6️⃣ MACD Analysis

The MACD on the daily timeframe is trending above the zero line, signaling bullish momentum. A potential crossover could indicate further buying pressure, especially above $2,685 resistance.


📰 Fundamental Analysis

The Gold market continues to be influenced by upcoming U.S. economic data, especially the CPI inflation report expected later this week. Inflation data is crucial, as a higher-than-expected figure could increase Gold prices, driving XAUUSD higher due to its role as a hedge against inflation.


Additionally, Federal Reserve’s monetary policy and interest rate decisions will play a significant role in market movements. Keep an eye on the FOMC meeting scheduled for later this month for any updates on rate hikes that may impact the dollar and consequently Gold prices.


💡Gold XAUUSD Daily Analysis Summary

🥇 Join our FREE Telegram Channel: @K9_Investments_GoldTrading

Get 60+ Free eBooks:


XAUUSD

Key Levels to Watch:

  • Daily Support: $2,650

  • Daily Resistance: $2,690

  • EMA 50: $2,670 (Daily), $2,675 (4-Hour)

  • Fibonacci Levels: 38.2% ($2,660), 61.8% ($2,685)

  • Weekly Pivot: $2,675

  • Daily Pivot: $2,668

These levels should guide your intraday trading decisions with clear targets for both buyers and sellers.

🔎 FAQs

1.Why is K9 Investments the best signal provider? K9 Investments is a top-tier provider, offering FREE Gold, Forex, and Crypto signals, educational resources, and daily market analysis. Learn more here: Free Gold Forex Trading Ebooks and Trading Education Articles.

2.Which brokers are trusted for Gold Forex Crypto trading?Based on client feedback, K9 Investments recommends the following trusted brokers:


3.How Can I Start My Forex, Gold, or Crypto Trading Journey?

Starting your trading journey with K9 Investments is simple. Open an account with one of the recommended brokers, such as Vantage, Exness, or XM, and join our FREE Telegram Channel for daily signals and market analysis. You'll receive educational support, trade setups, and risk management tips to help you succeed.

Check out our Brokers for starting your trading journey:

T4Trade Broker 4.How can I join K9 Investments' FREE signals channel?You can join the FREE Gold Forex Crypto Trading Signals Telegram Channel at @K9_Investments_GoldTrading for live trade setups and analysis.


5.What are the key benefits of following K9 Investments signals?K9 Investments provides accurate trade setups, educational content, and daily market analysis to help traders improve their performance and decision-making.

Comments


bottom of page