Gold prices edged up as U.S. yields fell and the dollar weakened

2024年10月24日

The slight decline of the USD and U.S. Treasury yields may reflect stable market sentiment in Asia following a technology sell-off on Wall Street. U.S. stock futures rebounded as risk was re-established, thanks to strong earnings reports from Tesla Inc.

Tesla reported adjusted earnings of 72 cents per share for the quarter, surpassing analysts' average estimates and ending a streak of four consecutive quarters of missed expectations. The company noted that the Cybertruck, delivered for the first time late last year, has started to turn a profit.

Personal opinion:

The price of gold is currently facing strong resistance at $2,723. This is the 23.6% Fibonacci retracement level from the recent record price increase, where the price rose from $2,604 on October 10 to an all-time high of $2,759. If it breaks above this level, buyers may find it easier to surpass the psychological barrier of $2,750. The next target will be the record high of $2,759.

Pay attention to the price range:

Buy Zone: 2712 - 2710
SL: 2705

Sell Zone: 2759 - 2761
SL: 2766

Sell Scalp: 2736 - 2738
SL: 2743

2024年10月24日

註釋

The price is following the trend and analysis I've provided.
Sell Scalp: 2736 - 2738
+40pips