fxs_header_sponsor_anchor

Gold Price Forecast: XAU/USD resumes record rally, trades around $2,770.00

Get 50% off on Premium CLAIM OFFER

You have reached your limit of 5 free articles for this month.

BLACK FRIDAY SALE! 75% OFF!

Grab this special offer, it's a 1 year for FREE deal! And access ALL our articles and analysis.

coupon

Your coupon code

CLAIM OFFER

XAU/USD Current price: $2,770.49

  • Upbeat US Consumer Confidence and tepid job creation boosted Gold’s demand.
  • Focus on US data ahead of the Presidential election and the Federal Reserve decision.
  • XAU/USD bullish case remains firm in place, buyers looking now to test $2,800.

Spot Gold surpassed the $2,770 mark on Wednesday as market participants keep seeking safety ahead of multiple first-tier data and looming US elections. The bright metal gained upward traction ahead of Wall Street’s opening, accelerating its advance following the release of United States (US) data.

The Conference Board Consumer Confidence Index increased in October to 108.7, up from 99.2 in September. The Present Situation Index rose to 138.0, while the Expectations Index soared to 89.1, well above the threshold of 80 that usually signals a recession ahead.

The encouraging figures were partially overshadowed by an employment-related report. The number of job openings on the last business day of September stood at 7.44 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS). The cooling labor market is more good news than bad news, as the Federal Reserve (Fed) welcomes easing wage pressures.

Caution reigns as investors focus on the preliminary estimate of the Q3 Gross Domestic Product (GDP) and the Nonfarm Payrolls (NFP) report on Friday. In the middle, the US will also release the Personal Consumption Expenditure (PCE) Price Index, the Federal Reserve's (Fed) favorite inflation gauge. The combo could set the tone for the upcoming Fed monetary policy decision, scheduled to meet next week and announce its decision on Thursday, November 7. The decision will come 24 hours after the country heads into the polls to choose the next president.

XAU/USD short-term technical outlook  

XAU/USD retreated from its fresh high but retains most of its intraday gains and trades at around $2,766. Technical readings in the daily chart favor another leg north. The 20 Simple Moving Average (SMA) accelerated higher, well below the current level, currently at around $2,685.00. The longer moving averages, in the meantime, also gained bullish traction, standing over $300 below the current level.

In the 4-hour chart, technical readings support a bullish continuation. Indicators head firmly north within positive territory, nearing overbought readings but still with room to run. Also, the 20  SMA turned higher below the current level, providing dynamic support at around $2,740.60. The 100 and 200 SMAs, in the meantime, maintain their firmly bullish slopes far below the shorter one.

Support levels: 2,751.90 2,739.70 2,721.20

Resistance levels: 2,775.00 2,790.00 2,810.00

XAU/USD Current price: $2,770.49

  • Upbeat US Consumer Confidence and tepid job creation boosted Gold’s demand.
  • Focus on US data ahead of the Presidential election and the Federal Reserve decision.
  • XAU/USD bullish case remains firm in place, buyers looking now to test $2,800.

Spot Gold surpassed the $2,770 mark on Wednesday as market participants keep seeking safety ahead of multiple first-tier data and looming US elections. The bright metal gained upward traction ahead of Wall Street’s opening, accelerating its advance following the release of United States (US) data.

The Conference Board Consumer Confidence Index increased in October to 108.7, up from 99.2 in September. The Present Situation Index rose to 138.0, while the Expectations Index soared to 89.1, well above the threshold of 80 that usually signals a recession ahead.

The encouraging figures were partially overshadowed by an employment-related report. The number of job openings on the last business day of September stood at 7.44 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS). The cooling labor market is more good news than bad news, as the Federal Reserve (Fed) welcomes easing wage pressures.

Caution reigns as investors focus on the preliminary estimate of the Q3 Gross Domestic Product (GDP) and the Nonfarm Payrolls (NFP) report on Friday. In the middle, the US will also release the Personal Consumption Expenditure (PCE) Price Index, the Federal Reserve's (Fed) favorite inflation gauge. The combo could set the tone for the upcoming Fed monetary policy decision, scheduled to meet next week and announce its decision on Thursday, November 7. The decision will come 24 hours after the country heads into the polls to choose the next president.

XAU/USD short-term technical outlook  

XAU/USD retreated from its fresh high but retains most of its intraday gains and trades at around $2,766. Technical readings in the daily chart favor another leg north. The 20 Simple Moving Average (SMA) accelerated higher, well below the current level, currently at around $2,685.00. The longer moving averages, in the meantime, also gained bullish traction, standing over $300 below the current level.

In the 4-hour chart, technical readings support a bullish continuation. Indicators head firmly north within positive territory, nearing overbought readings but still with room to run. Also, the 20  SMA turned higher below the current level, providing dynamic support at around $2,740.60. The 100 and 200 SMAs, in the meantime, maintain their firmly bullish slopes far below the shorter one.

Support levels: 2,751.90 2,739.70 2,721.20

Resistance levels: 2,775.00 2,790.00 2,810.00

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.