Gold price extends its steady ascent back closer to multi-month top, looks to US GDP

• Gold price attracts some buyers for the second straight day amid geopolitical concerns. 
• Bulls seem rather unaffected by rising US Treasury bond yields and a stronger US Dollar.
• Investors look to the Advance US Q3 GDP growth figures for some meaningful impetus. 

Gold price (XAU/USD) gains some positive traction for the second successive day on Thursday and continues scaling higher through the first half of the European session. The safe-haven precious metal has now moved back closer to its highest level since May 16 touched last Friday and remains well supported by the risk of a potential escalation in the Israel-Hamas war. This, to a larger extent, helps offset a further rise in the US Treasury bond yields, bolstered by hawkish Federal Reserve (Fed) expectations, which pushes the US Dollar (USD) to a three-week high and tends to undermine the non-yielding yellow metal. 

Investors now look forward to important macro releases from the United States for cues on the Fed's future rate-hike path, which will play a key role in determining the near-term trajectory of the Gold price. The US economic docket on Thursday highlights the release of the Advance Q3 GDP print, accompanied by Durable Goods Orders, the usual Weekly Initial Jobless Claims, and followed by Pending Home Sales data. This, along with Fed Governor Christopher Waller's scheduled speech and the US bond yields, might influence the USD price dynamics and allow traders to grab short-term opportunities around the XAU/USD. 

Daily Digest Market Movers: Gold price continues to attract haven flows on Middle East worries 

• Geopolitical concerns continue to support the Gold price, despite rising US Treasury bond yields and some follow-through US Dollar (USD) buying interest. 
• Israel’s military intensified its bombing on Hamas targets in Gaza and is prepared for a ground invasion, increasing the risk of a spillover to the wider Middle East region.
• A slew of international powers have been making diplomatic efforts to de-escalate the raging conflict between Israel and Palestinian militant group Hamas.
• Hawkish Federal Reserve expectations allow the benchmark 10-year US Treasury yield to hold steady near a 16-year top, around the 5% threshold breached earlier this week. 
• The XAU/USD bulls, meanwhile, seem rather unaffected by the recent strong US Dollar recovery move from a one-month low touched on Tuesday. 
• The preliminary estimate of the US GDP print is expected to show that the economy expanded by 4.2% annualized pace during the third quarter as compared to a 2.1% growth in Q2.
• The market attention will then shift to the US PCE Price Index, which will provide some meaningful impetus ahead of the FOMC meeting next week. 

Technical Analysis: Gold price moves well within the striking distance of the $2,000 mark

From a technical perspective, the emergence of fresh buying near the $1,953-1,952 resistance breakpoint, turned support, and the subsequent move up favours bullish traders. That said, the Relative Strength Index (RSI) on the daily chart is on the verge of breaking into overbought territory. This, in turn, suggests that the Gold price might continue to confront stiff barrier near the $2,000 psychological mark. A sustained strength beyond, however, has the potential to lift the XAU/USD further towards the next relevant hurdle near the $2,022 area.

On th flip side, the Asian session low, around the $1,980 level, now seems to protect the immediate downside ahead of the $1,971-1,970 region. Some follow-through selling might expose the weekly trough, around the $1,953-1,952 zone touched on Tuesday. The latter represents a strong horizontal resistance breakpoint and should act as a key pivotal point. A convincing break below will make the Gold price vulnerable to accelerate the fall back towards challenging the 200-day Simple Moving Average (SMA), currently pegged near the $1,932-1,931 region.