untitled design

Gold Price Forecast: XAU/USD Trims Gains After Fed’s Dovish Statements

  • The XAU/USD pair advanced to $1,980, after reaching $1,995 earlier in the session.
  • US real estate data for October was better than expected.
  • The Fed’s hawkish comments and the recovery in US yields slowed the rise in metals.

He XAU/USD It saw a slight rebound in the Friday session and is currently trading at $1,980 after reaching a high of $1,995. The rise in prices was slowed by hawkish words from Federal Reserve (Fed) officials following the report of strong US housing data that drove a slight advance in US bond yields. US Treasury.

According to monthly U.S. Census Bureau data released Friday, housing starts in October rose 1.9% from a revised 3.1% rise in September, while building permits rose 1.1%. % in the same period after experiencing a decrease of 4.5% in its previous review.

Regarding the Federal Reserve (Fed), Susan Collins, president of the Federal Reserve Bank of Boston, stated on Friday that she sees signs that suggest that financial conditions remain favorable for the Fed and welcomed the latest cooling of the Fed. inflation. However, she then stated that she would not rule out further tightening, which appears to have spooked the markets.

On the other hand, US bond yields register slight increases. The 2-year yield stands at 4.91%, and the 5- and 10-year yields at 4.46% and 4.45%, respectively. Regarding expectations, markets continue to value that the Fed will not raise rates in December.

XAU/USD levels to watch

On the daily chart, XAU/USD is showing a bullish bias with indicators that, despite a slight slowdown, remain in positive territory. The Relative Strength Index (RSI) shows a positive slope above the 50 threshold, while the Moving Average Convergence Histogram (MACD) exhibits larger green bars. In a broader context, the pair is above the 20-day, 100-day, and 200-day SMA, suggesting that the bulls are in control in a broader context as well.

Supports: $1,975 (20-day SMA), $1,930 (100- and 200-day SMA), $1,915.
Resistances: $2,000, $2,030, $2,050.

XAU/USD daily chart


Latest price today 1981.81
Today I change daily 0.90
Today’s daily variation 0.05
Today daily opening 1980.91
daily SMA20 1973.82
daily SMA50 1926.15
SMA100 daily 1929.19
SMA200 daily 1936.55
Previous daily high 1988.02
Previous daily low 1956.56
Previous weekly high 1993.18
Previous weekly low 1933.04
Previous Monthly High 2009.49
Previous monthly low 1810.51
Daily Fibonacci 38.2 1976
Fibonacci 61.8% daily 1968.58
Daily Pivot Point S1 1962.31
Daily Pivot Point S2 1943.7
Daily Pivot Point S3 1930.85
Daily Pivot Point R1 1993.77
Daily Pivot Point R2 2006.62
Daily Pivot Point R3 2025.23

Source: Fx Street

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular