The following is the daily technical analysis for September 5, 2024. The data and analysis in this bulletin can be broadly applied to your trading activities. However, it is important to note that GICTrade and the data providers are not responsible for the results of your trading.

We will also provide forecasts of price movements in Forex and Commodities, along with calculations of Pivot Point levels, Resistance, and Support.

GBPUSD



The GBP/USD on the 1-hour timeframe is above the pivot area at 1.31330, attempting to rise towards the first resistance area at 1.31650 and potentially reaching the second resistance area at 1.32070. Meanwhile, the RSI indicator is above the pivot area, indicating that the pound may have the potential to rise first before correcting.

Suggest: Buy 1.31400 TP1 1.31650 TP2 1.31850 SL 1.31150

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.31078

1.31754

1.31011

1.31480

1.31148

0.00332

0.25%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.32390

1.32070

1.31650

1.31330

1.30910

1.30590

1.30160


XAUUSD
Gold prices on the 1-hour timeframe are above the pivot area at 2490.00, attempting to rise towards the first resistance area at 2508.10 and potentially reaching the second resistance area at 2518.30. Meanwhile, the RSI indicator is above the pivot area, suggesting that gold prices have the potential to move up first before correcting.
Suggest: Sell 2508.00 TP1 2503.00 TP2 2498.00 SL 2513.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2492.95

2500.24

2471.90

2494.72

2491.99

2.73

0.11%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2536.40

2518.30

2508.10

2490.00

2479.80

2461.70

2451.40

 

CLSK (OIL)

Oil prices on the 1-hour timeframe are at the pivot area of 69.69, with a chance to move up towards the first resistance area at 70.58 and potentially reaching the second resistance area at 72.33. Meanwhile, the RSI indicator is below the pivot area, suggesting that oil prices may have the potential to move down first before rebounding.

Suggest: Buy 69.50 TP1 70.00 TP2 70.50 SL 69.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

70.27

71.44

68.80

68.83

70.39

-1.56

-2.22%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

73.22

72.33

70.58

69.69

67.94

67.05

65.30

 

So, that concludes the explanation of the "Daily Technical Analysis: September 5, 2024 – Weak Labor Data, US Dollar Plummets." Also, read our other articles, such as the explanation on how to buy cryptocurrency, only on Jurnal GIC. Don’t forget to sharpen your trading skills by getting the Ebook Scalping guidebook. Make sure to download the GIC Mobile App on Google Play Store.