- Gold prices (XAU/USD) registered a modest rise of 0.30%, trading at $1,944.95, influenced by the weakening of the US Dollar and the decline in US Treasury bond yields.
- Market attention is focused on the upcoming release of the US Consumer Price Index (CPI), with expectations of a slight cooling in inflation rates.
- Gold traders are also paying attention to upcoming speeches from Federal Reserve officials.
The price of Gold finds some buyers and rises around 0.30% on Monday, in the final hours of the US session amid the general weakness of the Dollar (USD), sponsored by a drop in US Treasury bond yields. USA. Therefore, the XAU/USD pair is trading at $1,944.95 after hitting a daily low of $1,928.10.
XAU/USD advances as market eyes upcoming US inflation data and geopolitical developments
The scant economic agenda in the United States (US), witnessed the majority of operators seeking the publication of the Consumer Price Index (CPI) in the US. Before, a survey by the The New York Fed showed that one-year inflation expectations are cooling, while prices in October are expected to fall from 3.7% to 3.3% year-on-year, according to forecasts. The underlying CPI is estimated at 4.1%, unchanged from previously recorded data.
Meanwhile, geopolitical risks remain muted according to the market reaction, despite the fact that fighting continues in the Gaza Strip between Israel and Hamas. However, an escalation of the conflict remains and could be bullish for the yellow metal.
Meanwhile, Gold traders will get some signals from Federal Reserve speakers throughout the week. On Monday, Governor Lisa Cook did not offer any monetary policy headlines, but Tuesday’s agenda would be led by Fed Vice Chair Philip Jefferson, the New York Fed’s John Williams and Lisa Cook.
On Wednesday, US President Joe Biden and his Chinese counterpart, President Xi Jinping, will meet at the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco. Comments on military cooperation are expected.
XAU/USD Price Analysis: Technical Outlook
XAU/USD has a neutral to bullish bias; It fell to a daily low of $1,928.10 on Monday, although it resumed its uptrend with buyers eyeing the 20-day moving average (DMA) at $1,970.81. On their way to the latter, buyers must reclaim $1,950, followed by the 20-day DMA and the $2,000 signal. On the other hand, Gold could turn bearish if it falls below key support levels such as the 200-DMA, 100-DMA and 50-DMA each at $1935.45, $1927.23 and $1923.11. , respectively.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
