Gold (XAUUSD) continues to correct, falling to the area near 2,600 USD

The XAUUSD price continues to correct downwards following Friday’s positive US labour market data release. Today’s market focus is on the Fed meeting minutes. Our XAUUSD analysis for today, 9 October 2024, provides further details and insights.

XAUUSD forecast: key trading points

• Market focus: market participants await the release of the Federal Reserve September meeting minutes today
• Current trend: correcting as part of the uptrend
• XAUUSD forecast for 9 October 2024: 2,600 and 2,630

Fundamental analysis

XAUUSD quotes continue to decline moderately following last week’s robust US labour market statistics release. The US dollar strengthens against major currencies, with gold also undergoing a local correction after rising significantly in September. The trend in gold remains upward, with growth likely to continue at any moment.

The Federal Reserve’s September meeting minutes will be released today, and market participants will focus on comments regarding the regulator’s future actions. Depending on the Fed’s Committee sentiment about the future pace of rate cuts, the XAUUSD pair may have a reason for either a reversal and an upward movement or a further downward correction.

XAUUSD technical analysis

Gold prices continue to correct moderately as part of the uptrend. A triangle technical pattern has formed on the H4 chart, and the quotes fell below its lower boundary at 2,630 USD yesterday. Subsequently, they declined to the target support area near 2,600 USD, where the quotes encountered demand from buyers.

The short-term XAUUSD price forecast suggests that the price could decline further to 2,550 USD if bears confidently push the price below the 2,600-2,590 USD support area. Conversely, if bulls drive the quotes above 2,630 USD (the triangle’s lower boundary) again, the price will likely rise further and hit an all-time high of 2,685 USD. The growth scenario is the more likely one.

Summary

Gold prices are moderately correcting downwards, edging down to the support area near 2,600 USD. Today’s release of the US Fed September meeting minutes may impact further gold price movements.