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Gold XAUUSD Daily Market Analysis - 2nd Oct 2024 by Kohinoor Free VIP Signals

Kohinoor Free VIP Trading Signals

Updated: Oct 7, 2024

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Intraday Signals(XAUUSD)

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🚨 Signal 1 (Buy):

  • Entry: $2,652

  • Stop Loss: $2,645

  • Take Profit 1: $2,660

  • Take Profit 2: $2,670

🚨 Signal 2 (Sell):

  • Entry: $2,670

  • Stop Loss: $2,678

  • Take Profit 1: $2,660

  • Take Profit 2: $2,652

Disclaimer: Not Financial Advice. Trade at your own Risk. Take Partial Profits, Strictly Use Stop Loss, and Use Proper Risk Management.


🔍 Daily & 4-Hour Gold Market Overview

The current price of Gold (XAUUSD) is trading at $2,654, showing mixed signals as it fluctuates near key resistance and support levels. The market is in consolidation, awaiting a strong breakout influenced by upcoming USD news.


📊 Support & Resistance Levels

  • Daily Resistance: $2,670

  • Daily Support: $2,645

  • 4-Hour Resistance: $2,665

  • 4-Hour Support: $2,650


📉 Fibonacci Retracement Levels (Daily)

The retracement levels based on the recent high of $2,670 and low of $2,645 are as follows:

  • 38.2%: $2,660

  • 50.0%: $2,658

  • 61.8%: $2,655

These levels indicate strong areas for potential price reversals, especially near $2,660 and $2,655.


📈 Exponential Moving Averages (EMA)

Daily & 4-Hour Timeframes

Daily EMA Levels:

  • 50 EMA: $2,650

  • 100 EMA: $2,640

  • 200 EMA: $2,620

  • 400 EMA: $2,590


4-Hour EMA Levels:

  • 50 EMA: $2,655

  • 100 EMA: $2,665

  • 200 EMA: $2,675

  • 400 EMA: $2,700

These EMAs suggest that Gold is trading above the 50 EMA, showing a short-term bullish bias, while the 200 and 400 EMAs on both timeframes indicate significant long-term resistance at $2,675–$2,700.


🔮 RSI Divergence and MACD Analysis

  • RSI (Relative Strength Index): The RSI shows slight bearish divergence on the 4-hour chart as it approaches the overbought zone (70). This could lead to short-term selling pressure around $2,670.


  • MACD (Moving Average Convergence Divergence): The MACD on both the daily and 4-hour charts is positive, confirming upward momentum, but the histogram shows a potential weakening of buying pressure, signaling caution.


📌 Smart Money Concepts (SMC) & Order Blocks

  • Bullish Order Block: $2,645

  • Bearish Order Block: $2,670

These levels will be critical for intraday traders. A break above $2,670 could push Gold towards the next resistance, while a break below $2,645 may result in a deeper retracement.


💡 Weekly & Daily Pivot Points

Weekly Pivots:

  • Resistance 1: $2,675

  • Pivot Point: $2,660

  • Support 1: $2,645


Daily Pivots:

  • Resistance 1: $2,665

  • Pivot Point: $2,655

  • Support 1: $2,645

These pivots offer excellent entries for both buy and sell trades, with clear stop losses below or above these points.


📅 Fundamental Analysis and USD News

Keep an eye on the upcoming U.S. Non-Farm Payrolls report and the Federal Reserve's meeting minutes later this week. Any strong USD news could drive Gold prices higher or lower, depending on the market reaction to interest rate expectations.


💡 Gold XAUUSD Daily Analysis Summary

  • Daily Support: $2,645

  • Daily Resistance: $2,670

  • 4-Hour Support: $2,650

  • 4-Hour Resistance: $2,665

  • EMA 50 (Daily): $2,650

  • EMA 200 (4-Hour): $2,675

  • Weekly Pivot: $2,660

  • Fibonacci 61.8%: $2,655


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📝 Frequently Asked Questions


1. Why is Kohinoor Free VIP Signals the best signal provider? Kohinoor Free VIP Signals provides not just FREE signals but also educational content, daily market analysis, and ebooks for traders at all levels.

💎 Free Gold Forex Trading Ebooks: Learn More


2. Which brokers are trusted for Gold Forex Crypto trading?

Kohinoor recommends top brokers trusted by clients for their transparency and reliable services:


3. What is Gold trading (XAUUSD)? Gold trading refers to the buying and selling of Gold contracts in the Forex market. It's an essential part of Forex trading strategies for both hedging and speculation.


4. How can I get FREE Gold Forex signals?

Sign up for FREE signals at Kohinoor Free VIP Signals.


5. Is Forex trading legal in Dubai, Singapore, India, Australia, and Germany? Forex trading is legal in most of these countries, but traders should always verify the regulations before starting.


6. What is the best timeframe to trade Gold?

The 4-hour and daily timeframes are preferred for analyzing long-term trends and intraday strategies.


7. How does news impact Gold prices?

USD news, such as interest rates or employment data, greatly affects Gold prices as it's a safe-haven asset during economic uncertainty.


8. Can I use multiple brokers for Forex trading?

Yes, diversifying your trading across different brokers helps manage risk better. Learn more about broker options here.


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