Gold prices hold session rises as US bond rates fall and the US greenback weakens. Falling US bond rates keep USD supporters on the defense.
Gold Key Points & Considerations
Gold finds fresh investors on Friday, halting a nighttime drop from a 2-week top.
Falling US government bond rates put dollar supporters on the evasive, lending assistance to the gold.
The expectation of more Fed tightening in policy may serve as an obstacle to the XAUUSD rate.
The downside, nevertheless, lacking momentum, amid a little decrease in US government bond rates and a weaker dollar. Aiding the price of gold to surge back above $1,875/oz over the Asian trading. Many Fed members’ latest dovish statements hinted suggest the US Fed is approaching the final stage of its rate-raising run. This dampens American bond rates, reducing part of the impetus for the upbeat US dollars. Aside from that, international tensions are still driving modest shelter inflows towards the gold.
XAUUSD +0.45% Gold +0.36% US10Y–1.10% – DXY -0.19%
By 0343 GMT, spot gold traded higher 0.3 percent to $1,873.25 /oz Gold futures in the United States rose 0.2 percent to $1,885.80.
LIVE DAILY GOLD PRICE CHART
| BID | ASK | +/- | |
|---|---|---|---|
| GOLD USD/OZ | 1877.10 | 1877.27 | 6.55 |
| GOLD EUR/OZ | 1779.51 | 1779.73 | 4.12 |
| GOLD GBP/OZ | 1537.92 | 1538.09 | 2.54 |
| GOLD USD/1G | 60.35 | 60.35 | 0.21 |
| GOLD USD/10G | 603.49 | 603.55 | 2.10 |
| GOLD USD/100G | 6034.92 | 6035.47 | 20.96 |
| GOLD USD/1KG | 60349.20 | 60354.67 | 209.62 |
American Treasury rates as well as the dollar’s value switched trend in Asia early on Friday. Following climbing in the previous day. Following figures showing that consumer pricing in the United States climbed in Sept.
Gold Technical Analysis
Technically, the advent of new purchasing inside towards the $1,865 support area benefits optimistic investors. Nonetheless, technical indications on a daily basis have yet to show a bullish tendency. Which in consequently, calls for considerable prudence prior to making any more buying moves. As a result, any extra momentum is more probable to meet barriers at the evening swings top, near $1,885. This is followed closely by the $1,900 level, and it if broken, could open the way for more rises.
However, the $1,868 to1,865 range may still buffer the near-term fall advance of a $1,853 to1,850 range. A decisive breach under might push the metal’s price back to the $1,835 to1,833 level. Which represents a several-day operating band barrier threshold. Such execution selling may make the XAU versus USD susceptible to a possible revisit of many-month bottom. Which was reached this past week at $1,810.
Source: TradingView.com
Support and Resistance Levels
S3 1810.28 S2 1810.28 S1 1810.28 R1 1947.33 R2 1952.81 R3 2080.07
