Markets Analysis

Gold surges upon opening, employment data records double the market expectations.【October 9, 2023】

October 09, 2023

Markets Analysis

Fundamental Analysis

  • US employment data showed about twice the market’s expectation, with 336,000 compared to the anticipated 170,000.
  • Amid escalating conflicts near Israel, was gold purchased as a safe-haven asset?
  • Gold surged upon opening, starting at $1,948.

XAUUSD Technical Analysis

Analysis of the USD/JPY daily chart. After approaching the lower limit of the downtrend channel, there’s a rebound. Behind this, there’s an intensifying conflict between Israel and Palestine, and the possibility of a ground invasion has emerged. In light of this situation, gold, considered a safe-haven asset, was bought, and a price gap up was observed.

Although US employment data greatly exceeded market expectations, there are views that this might be the peak employment number, and some voices argue that no further interest rate hikes can be expected. This could have potentially bolstered gold buying. Technically, movements exceeding the Ichimoku Kinko Hyo’s turning line are seen, and future trends are attracting attention.


Day Trading Strategy (Hourly)

Analysis of the USD/JPY 1-hour chart. The market opened with a significant price gap up and rose to $1,848, breaking through the range. The daily Ichimoku Kinko Hyo’s turning line at $1,857 will likely be the next focal point. A move to close the price gap might be anticipated.

Today, I want to anticipate a movement to fill the gap. The strategy is to sell. Entry point set at $1,848, profit target at $1,839, and stop loss at $1,855.

Support and Resistance Lines

The resistance line to be considered in the future is as follows

$1,857 – The turning line of Ichimoku Kinko Hyo.


Market Sentiment

XAUUSD Sell: 29% Buy: 71%

Today’s Important Economic Indicators

Economic Indicators and EventsJST (Japan Standard Time)
Canada & JapanPublic Holiday

*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.

Enter your email address

You can receive deals such as Milton Markets campaigns and bonuses just by registering your email address.

Technology vendor

This site or page is operated by Milton Markets.

Milton Markets is a trading name of Milton Markets Ltd. Milton Markets Ltd. is registered in Saint Lucia with registration number 2023-00166.

Risk Warning: Trading FX and CFD products involves a high risk of loss to your capital. Please read and fully understand the Milton Markets risk disclosure.

Milton Markets does not provide services to residents of the following countries,including but not limited to: Afghanistan, American Samoa, Belarus, Burundi, Canada, Central African Republic, Congo-Brazzaville, Cuba, Côte d'Ivoire, Eritrea, European Union countries, Guinea, Iran, Iraq,

Lebanon, Liberia, Libya, Mali, Myanmar, North Korea, Puerto Rico, Russia, Rwanda, Saint Vincent and the Grenadines, Somalia, Sudan, Syria, U.S. Virgin Islands, United States, Venezuela, Yemen, Zimbabwe.

Customers must be at least 18 years old or the age of legal majority in their own country.

Furthermore, opening an account is considered as registering on your own initiative without any solicitation by Milton Markets.

© MILTONMARKETS, All Right Reserved.