- Gold price is back on the bids amid a subdued US dollar alongside yields.
- Investors assess mixed US data and the Fed rate hike bets amid a better mood.
- XAU/USD bulls keep their sight on the $1,735 barrier ahead of US NFP.
Gold price is finding fresh demand in Thursday’s trading so far, reverting towards three-week highs amid a broadly subdued US dollar and lackluster performance in the Treasury yields. Markets are in a risk-on mood, implying that they are ignoring the impact of surging oil prices while cheering hopes for not-so-aggressive Fed, especially after the US ISM Services Price Paid component softened more than expected in September. However, the US ADP employment data outpaced expectations of 200K, arriving at 208K in the reported month. All eyes now remain focused on Friday’s US Nonfarm Payrolls release for a fresh direction in the dollar, as well as, in the yellow metal.
Also read: Gold Price Forecast: Bulls not ready to give up
Gold Price: Key levels to watch
The Technical Confluence Detector shows that the gold price is yearning for acceptance above the convergence of the SMA50 one-day and pivot point one-month R1 at $1,724.
The previous day’s high of $1,728 will test bulls’ immediate upside, above which the pivot point one-day R1 at $1,730 needs to be cleared to kickstart a fresh rally towards the previous month’s high of $1,735.
On the flip side, bulls will draw support from the Fibonacci 61.8% one-day at $1,718, below which sellers will target the previous low four-hour at $1,715.
The confluence of the Fibonacci 38.2% one-day and pivot point one-week R2 at $1,712 will be a tough nut to crack for XAU bears.
Here is how it looks on the tool
About Technical Confluences Detector
The TCD (Technical Confluences Detector) is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. If you are a short-term trader, you will find entry points for counter-trend strategies and hunt a few points at a time. If you are a medium-to-long-term trader, this tool will allow you to know in advance the price levels where a medium-to-long-term trend may stop and rest, where to unwind positions, or where to increase your position size.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD consolidates its recent substantial gains to over one-week high
AUD/USD holds steady above the 0.6300 mark during the Asian session on Tuesday and remains close to a one-and-half-week top touched the previous day. The USD finds some support following the recent sell-off and caps the pair near the 100-day SMA amid the escalating US-China trade war.
USD/JPY trades with positive bias above 143.00; upside potential seems limited
USD/JPY gains some positive traction on Tuesday and now seems to have snapped a three day losing streak to a multi-month low touched last week. The upbeat market mood undermines the safe-haven JPY and lends support amid a modest USD uptick.
Gold price holds steady above $3,200; remains close to all-time peak
Gold price trades above the $3,200 mark following the previous day's modest pullback from a fresh record high as the escalating US-China trade war continues to underpin the safe-haven bullion. Moreover, the Fed rate cut bets lend support to the XAU/USD.
Solana ETF to debut in Canada after approval from regulators
Solana ETF will go live in Canada this week after the Ontario Securities Commission greenlighted applications from Purpose, Evolve, CI and 3iQ. The products will allow staking, enabling investors to earn yield on their holdings.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.