Gold price (XAU/USD) gained strong positive traction on Wednesday and shot to its highest level since early August, around the $1,962-1,963 area in the wake of the risk of an escalation in the Middle East conflict. That said, a further rise in the US Treasury bond yields, bolstered by expectations that the Federal Reserve (Fed) will keep rates higher for longer, capped gains for the non-yielding yellow metal. Apart from this, a pickup in the US Dollar (USD) demand prompted some profit-taking at higher levels and led to a modest pullback.
The retracement slide, however, lacked follow-through and stalled near the $1,938 region. Geopolitical tensions continue to drive some haven flows, allowing the Gold price to attract some buying for the third successive day on Thursday. The precious metal maintains its bid tone through the first half of the European session, though lacks follow-through. Bulls seem reluctant to place aggressive bets ahead of Fed Chair Jerome Powell's speech. Investors will look for cues about the Fed’s policy outlook, which, in turn, will influence the buck and the XAU/USD.
GOLD BUY : 1948
TP. : 1960
TP. : 1970
TP. : 1980
SL. : 1934
The retracement slide, however, lacked follow-through and stalled near the $1,938 region. Geopolitical tensions continue to drive some haven flows, allowing the Gold price to attract some buying for the third successive day on Thursday. The precious metal maintains its bid tone through the first half of the European session, though lacks follow-through. Bulls seem reluctant to place aggressive bets ahead of Fed Chair Jerome Powell's speech. Investors will look for cues about the Fed’s policy outlook, which, in turn, will influence the buck and the XAU/USD.
GOLD BUY : 1948
TP. : 1960
TP. : 1970
TP. : 1980
SL. : 1934
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