Gold Price Forecast: XAUUSD hits 2.5-month highs above $1,760

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  • Gold continues with the rally, accumulating a weekly rise of almost $100.
  • The dollar remains under pressure after the inflation data.
  • The positive tone in the markets continues and boosts raw materials.

Gold extended the bull run and reached as high as $1,766, the highest level since mid-August. The rise in the yellow metal is fueled by lower yields on Treasury bonds and the dollar.

best week in months

On Thursday it was learned that the United States Consumer Price Index it rose 7.7% in October from a year ago, down from 8.2% in September and less than the 8% expected. The data represented a relief in inflation and generated optimism, in addition to reducing expectations of the continuity of a very aggressive Federal Reserve.

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After the report, the decline in dollar, and treasuries soared, all of which are positive for gold. In addition, equity markets reacted positively. The whole context is ideal for gold bulls. The University of Michigan consumer confidence report will be released on Friday.

Short-term technical indicators show XAUUSD overbought but no signs of correction and attempts to confirm above $1760. The next resistance is seen at $1780/82. On the downside now $1,750 looms as relevant support followed by $1,730.

Technical levels

XAU/USD

Overview
Today last price 1763.84
Today Daily Change 8.00
Today Daily Change % 0.46
Today daily open 1755.84
trends
Daily SMA20 1660.6
Daily SMA50 1674.68
Daily SMA100 1715.62
Daily SMA200 1803.67
levels
Previous Daily High 1756.15
Previous Daily Low 1703.95
Previous Weekly High 1682.49
Previous Weekly Low 1616.69
Previous Monthly High 1729.58
Previous Monthly Low 1617.35
Daily Fibonacci 38.2% 1736.21
Daily Fibonacci 61.8% 1723.89
Daily Pivot Point S1 1721.14
Daily Pivot Point S2 1686.45
Daily Pivot Point S3 1668.94
Daily Pivot Point R1 1773.34
Daily Pivot Point R2 1790.85
Daily Pivot Point R3 1825.54
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Source: Fx Street

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