Gold price analysis October 30
Fundamental Analysis
Gold prices rose to a fresh record high in Asian trade on Wednesday as uncertainties surrounding the US presidential election and Middle East conflicts continued to boost demand for traditional safe-haven assets. Additionally, a slight decline in US Treasury yields and weak US Dollar (USD) price action benefited the precious metal. The supportive factors, to a large extent, overshadowed the bullish market sentiment, which tends to weaken the commodity.
Even expectations of fewer rate cuts by the Federal Reserve (Fed) and higher US Treasury yields could not mask the underlying bullish sentiment surrounding non-yielding Gold. However, it remains to be seen whether buyers can build on the upside momentum amid mildly overbought conditions on the daily chart and ahead of key US macro releases. The data could provide signals on the Fed's interest rate outlook and determine the next step in the directional move for XAU/USD.
Technical Analysis
Gold is at an all-time high with expectations of retests to continue buying in line with the trend. The first areas of interest are the breakout zone at 2770, the next around 2761 and the last area of interest around 2745. These are the 3 important support areas with the aim of reaching the 2800 round port. Only consider scalping in the psychological price zones of 2785 -2790-2800.
Gold prices rose to a fresh record high in Asian trade on Wednesday as uncertainties surrounding the US presidential election and Middle East conflicts continued to boost demand for traditional safe-haven assets. Additionally, a slight decline in US Treasury yields and weak US Dollar (USD) price action benefited the precious metal. The supportive factors, to a large extent, overshadowed the bullish market sentiment, which tends to weaken the commodity.
Even expectations of fewer rate cuts by the Federal Reserve (Fed) and higher US Treasury yields could not mask the underlying bullish sentiment surrounding non-yielding Gold. However, it remains to be seen whether buyers can build on the upside momentum amid mildly overbought conditions on the daily chart and ahead of key US macro releases. The data could provide signals on the Fed's interest rate outlook and determine the next step in the directional move for XAU/USD.
Technical Analysis
Gold is at an all-time high with expectations of retests to continue buying in line with the trend. The first areas of interest are the breakout zone at 2770, the next around 2761 and the last area of interest around 2745. These are the 3 important support areas with the aim of reaching the 2800 round port. Only consider scalping in the psychological price zones of 2785 -2790-2800.
Note
Gold price pulls back from all-time peak, $2,800 remains in sight ahead of US macro data
Gold price (XAU/USD) retreats after touching a fresh record high during the early part of the European session on Wednesday and currently trades around the $2,780 region, still up 0.25% for the day.
Note
Hit FULL TP for BUY signalsNote
Gold price holds steady near all-time peak, below $2,800 ahead of US PCE Price Index
Gold price continues to attract haven flows amid US political jitters and Middle East woes. A further rise in the US bond yields revives the USD demand and caps the precious metal. Traders now look to the release of the US PCE Price Index for some meaningful impetus.
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