XAUUSD
Updated
Gold price recovers further from one-month low, climbs to $2,620 amid risk-off mood
Gold price attracts some haven flows in the wake of the post-FOMC sell-off in the equity markets. The Fed’s hawkish outlook lifts the US bond yields to a multi-month high and might the XAU/USD. Traders now look to the US Q3 GDP print for some impetus ahead of the US PCE data on FridayFrom a technical perspective, the overnight close below the 100-day Simple Moving Average (SMA), for the first time since October 2023, and the $2,600 mark was seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the Gold price remains to the downside. Meanwhile, Thursday's attempted recovery stalls near the $2,618 region, or the 23.6% Fibonacci retracement level of the latest leg down from over a one-month high touched last week. The said area should now act as a pivotal point, above which a fresh bout of a short-covering could lift the XAU/USD towards the $2,635 area, or the 38.2% Fibo., en route to 50% retracement level, around the $2,655-2,656 supply zoneGold price (XAU/USD) builds on its goodish intraday recovery from a one-month low and climbs to a fresh daily high, around the $2,622 area during the early part of the European session on Thursday. The global risk sentiment took a turn for the worse in reaction to the Federal Reserve's (Fed) hawkish cut on Wednesday. This, along with geopolitical risks and trade war fears, turn out to be key factors driving haven flows towards the precious metal.
Meanwhile, the US Dollar (USD) is seen consolidating the previous day's post-FOMC gains to a two-year top and does little to provide any impetus to the Gold price. That said, the Fed's signal that it would slow the pace of interest rate cuts continues to lift the US Treasury bond yields and acts as a tailwind for the buck. This, in turn, might keep a lid on any further gains for the non-yielding yellow metal and warrants some caution for bullish traders
Gold price attracts some haven flows in the wake of the post-FOMC sell-off in the equity markets. The Fed’s hawkish outlook lifts the US bond yields to a multi-month high and might the XAU/USD. Traders now look to the US Q3 GDP print for some impetus ahead of the US PCE data on FridayFrom a technical perspective, the overnight close below the 100-day Simple Moving Average (SMA), for the first time since October 2023, and the $2,600 mark was seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the Gold price remains to the downside. Meanwhile, Thursday's attempted recovery stalls near the $2,618 region, or the 23.6% Fibonacci retracement level of the latest leg down from over a one-month high touched last week. The said area should now act as a pivotal point, above which a fresh bout of a short-covering could lift the XAU/USD towards the $2,635 area, or the 38.2% Fibo., en route to 50% retracement level, around the $2,655-2,656 supply zoneGold price (XAU/USD) builds on its goodish intraday recovery from a one-month low and climbs to a fresh daily high, around the $2,622 area during the early part of the European session on Thursday. The global risk sentiment took a turn for the worse in reaction to the Federal Reserve's (Fed) hawkish cut on Wednesday. This, along with geopolitical risks and trade war fears, turn out to be key factors driving haven flows towards the precious metal.
Meanwhile, the US Dollar (USD) is seen consolidating the previous day's post-FOMC gains to a two-year top and does little to provide any impetus to the Gold price. That said, the Fed's signal that it would slow the pace of interest rate cuts continues to lift the US Treasury bond yields and acts as a tailwind for the buck. This, in turn, might keep a lid on any further gains for the non-yielding yellow metal and warrants some caution for bullish traders
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