Gold price is reversing to test the $2,400 threshold early Friday, staging a minor pullback from a new two-month top set at $2,425 on Thursday.
Gold price pulls back to $2,400 early Friday, having hit fresh two-month highs at $2,425 on Thursday. The US Dollar rebounds with Treasury bond yields after softer US CPI data spiked September Fed rate cut bets. The USD/JPY recovery post-FX intervention also supports the Greenback. Gold price remains a ‘buy-the-dips’ trade amid the bullish technical setup on the daily chart.
Adding credence to the bullish potential, the 21-day Simple Moving Average is on the verge of crossing the 50-day SMA from above, which if realized on a daily closing basis will confirm a Bear Cross and revive the Gold price upside. Gold buyers need to yield a decisive break above the two-month high of $2,425 to retake the record highs of $2,450. On the downside, if the pullback gains momentum, Gold price could face immediate support at the previous week’s high near $2,390.
XAUUSD Commodities Fed Inflation
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD comfortable above $2,330 as Fed loomsSpot Gold peaked at $2,341.51 on Wednesday, as the US Dollar fell following the release of the United States (US) Consumer Price Index (CPI).
Read more »
Gold Price Forecast: XAU/USD accelerates south after losing the $2,300 markAfter a volatile Wednesday, the US Dollar recovered the ground lost following United States (US) first-tier events, pushing higher even against the safe-haven Gold in a risk-averse environment.
Read more »
Gold Price Forecast: XAU/USD attracts some sellers below $2,350, eyes on Eurozone political concernsGold price (XAU/USD) trades on a softer note near $2,325 during the early Asian trading hours on Monday.
Read more »
Gold Price Forecast: XAU/USD under pressure, flirting with $2,310XAU/USD came under selling pressure after Wall Street’s opening and trades near an intraday low of $2,309.84.
Read more »
Gold Price Forecast: XAU/USD range-play extends ahead of US Retail Sales data, FedspeakGold price is making a minor recovery attempt early Tuesday after witnessing a negative start to the week on Monday.
Read more »
Gold Price Forecast: XAU/USD hovers around $2,330 as demand for the USD recedesSpot Gold trades near $2,330 a troy ounce, with XAU/USD trimming early early losses.
Read more »