Gold level to watch 1955
The price of gold (XAU/USD) recently reached a three-week high, hovering around the $1,932-1,933 range. This surge was attributed to the escalating conflict between Israel and Hamas, which led investors to seek refuge in safe-haven assets like gold. Additionally, the belief that the Federal Reserve (Fed) is nearing the end of its cycle of interest rate hikes provided further support to gold.
However, the rally in gold faced resistance at a crucial technical level - the 200-day Simple Moving Average (SMA). Elevated US Treasury bond yields also contributed to some profit-taking in gold at the beginning of the week.
Despite these factors, gold managed to remain above the $1,900 mark as the US Dollar weakened. A weaker US Dollar typically benefits commodities priced in dollars, including gold.
Traders appear cautious and are waiting for fresh cues regarding the Fed's future rate hikes and important economic releases from China before making significant moves in the gold market. In the short term, the release of the Empire State Manufacturing Index from the United States, along with statements from Federal Reserve officials and US bond yields, will influence the dynamics of the US Dollar. Additionally, broader market sentiment will impact the safe-haven appeal of gold.
Some key points from the article:
Gold prices surged due to the Israel-Hamas conflict and expectations of the Fed slowing down rate hikes.
The rally was capped at the 200-day SMA and faced pressure from rising US bond yields.
Traders are waiting for more information on the Fed's plans and economic data from China.
The US Dollar's performance is a critical factor influencing gold prices.
The article also mentions the deteriorating US consumer sentiment in October and the potential impact on the Fed's interest rate decisions. Inflation expectations have risen, and US bond yields remain elevated, suggesting that the Fed may not be done with its policy-tightening cycle.
From a technical perspective, gold is expected to find support around the $1,900 mark, which aligns with the 100-day SMA. If it breaks below this level, it could test support at around $1,868 before reaching the $1,860-1,855 range. On the other hand, a break above the $1,932-1,933 zone may pave the way for a move toward the $1,945-1,947 supply zone.
Please note that this information is based on the text you provided, and the situation may have evolved since then.
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The price of gold (XAU/USD) recently reached a three-week high, hovering around the $1,932-1,933 range. This surge was attributed to the escalating conflict between Israel and Hamas, which led investors to seek refuge in safe-haven assets like gold. Additionally, the belief that the Federal Reserve (Fed) is nearing the end of its cycle of interest rate hikes provided further support to gold.
However, the rally in gold faced resistance at a crucial technical level - the 200-day Simple Moving Average (SMA). Elevated US Treasury bond yields also contributed to some profit-taking in gold at the beginning of the week.
Despite these factors, gold managed to remain above the $1,900 mark as the US Dollar weakened. A weaker US Dollar typically benefits commodities priced in dollars, including gold.
Traders appear cautious and are waiting for fresh cues regarding the Fed's future rate hikes and important economic releases from China before making significant moves in the gold market. In the short term, the release of the Empire State Manufacturing Index from the United States, along with statements from Federal Reserve officials and US bond yields, will influence the dynamics of the US Dollar. Additionally, broader market sentiment will impact the safe-haven appeal of gold.
Some key points from the article:
Gold prices surged due to the Israel-Hamas conflict and expectations of the Fed slowing down rate hikes.
The rally was capped at the 200-day SMA and faced pressure from rising US bond yields.
Traders are waiting for more information on the Fed's plans and economic data from China.
The US Dollar's performance is a critical factor influencing gold prices.
The article also mentions the deteriorating US consumer sentiment in October and the potential impact on the Fed's interest rate decisions. Inflation expectations have risen, and US bond yields remain elevated, suggesting that the Fed may not be done with its policy-tightening cycle.
From a technical perspective, gold is expected to find support around the $1,900 mark, which aligns with the 100-day SMA. If it breaks below this level, it could test support at around $1,868 before reaching the $1,860-1,855 range. On the other hand, a break above the $1,932-1,933 zone may pave the way for a move toward the $1,945-1,947 supply zone.
Please note that this information is based on the text you provided, and the situation may have evolved since then.
#dubai #expo #forex #expo2023 #year2023 #forexexpo #wtc #ifx #ifxexpo #education #crypto #btc #bitcoin #forex #bitcoin #forextrader #trading #forextrading #money #forexsignals #cryptocurrency #trader #investment #crypto #forexlifestyle #investing #business #entrepreneur #invest #binaryoptions #blockchain #forexmarket #forexlife #stocks #success #daytrader #btc #bitcoinmining #investor #stockmarket #binary #fx #finance
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