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Gold Attempting To Break Big Resistance Level

9/30/2021

Gold is up 1.50% today after the USD takes a breather and the Fed chairman called inflation a frustrating issue facing their monetary policy measures. US jobless claims missed expectations once again sending the equities market to the downside while gold looks to break ahead.

Our outlook

Gold is having a great day today off the worse than expected number of unemployment claims in the US. However, based on gold's performance the past couple months, these runs to the upside usually end up in a state of consolidation and then a return to lows. I think that jobless claim fears will likely subside going into the weekend and next week as this might be a signal for the Fed to keep doing their $120 billion in asset purchases every month.

Trade setups

XAUUSD

Gold broke out above heavy resistance on the 1D chart, but it will have to sustain itself above this level for it to be bullish otherwise we could be looking at a false breakout. There is also a month long falling trend line in the way that could reject the metal's momentum if it hits. To see whether gold looks promising or not would probably be to watch for price to break above this trend line and stay above it for the day.

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