Home > Daily Update: Gold Price Gets Ready For Another Leg Higher

Daily Update: Gold Price Gets Ready For Another Leg Higher

Gold price holds above $1,800 and prepares for another leg higher. The market remains bid while above $1,800 and builds energy to break the lower highs series. DocuSign stock price broke out of a bullish flag pattern ahead of the quarterly earnings; Okta bullish bias persists.

Gold price recovered from the August lows, and the bias remains bullish while above $1,800. Commodities were well bid lately, fueled by a weaker U.S. dollar and buoyant equities.

Equities started the new trading month with a mixed tone. The main U.S. indices corrected yesterday but remain close to their all-time highs. This is normal behaviour during the Non-Farm Payrolls week, as investors await the jobs data.

In Europe, the Spanish index managed to regain the 9,000 level while the Dax index in Germany failed at the 16,000. FTSE 100 in the United Kingdom trades close to its recent highs, holding above 7,150.

Oil and natural gas are slightly down today. OPEC meetings started yesterday, and, so far, no important decision has reached the wires.

Economic Events to Consider Today

Today is a relatively quiet day from an economic calendar perspective. Investors get ready for the all-important NFP report due tomorrow, worried about the private payrolls data missing expectations yesterday.

Today’s Markets to Watch

Today’s markets to watch are gold, DocuSign, and Okta.

Gold Price

Technical traders saw how the gold price bounced from $1,680 resistance once again. Now that a triple bottom is in place, the focus shifts to the market’s ability to break the series of lower highs. If it does so, the reversal is complete, and the bearish sentiment turns bullish. A daily close above $1,840 would trigger more strength as investors’ attention will turn to $1,920.


DocuSign investors await the quarterly results scheduled for release today after the market closes. The market expects EPS of $0.40 on the quarter, higher by 133.40% compared to the same period last year. From a technical perspective, the price action is as bullish as it can be. 

The market recently broke out of a possible bullish flag pattern and now consolidates above its upper edge. This is a continuation pattern, and the measured move equals the distance prior to the flag’s formation, projected from its upper edge. As the chart above shows, the measured move points to much higher levels.


Okta formed a contracting triangle in 2021, and the price action recently broke above the upper trendline. This looks like a bullish break, although a daily close above $300 would be the one to confirm the bullish breakout. On such a move, further strength is likely because technical traders will interpret the triangle as part of a pennant formation.

Winners and Losers

U.S. and European equity markets keep their bullish bias; the U.S. dollar remains weak. 

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