💡 XAUUSD: Gold reversed and dropped sharply

According to Heraeus analysts, one of the key factors supporting the current strength of gold is the consistent and robust buying power of central banks. This remarkable level of central bank acquisitions may account for why gold prices have shown resilience, even in the face of downward pressure from a strong dollar and rising bond yields so far this year.

Experts point out that central banks have increased their gold reserves by 800 tons, representing a 14% rise compared to the same period in 2022.

Furthermore, experts anticipate that central banks will continue to show a strong inclination towards gold purchases this year, although it is unlikely to match the purchasing power seen in the previous year. Nevertheless, if the fourth quarter performs as well as the previous one, global central banks' net gold acquisitions are poised to surpass the record set last year, which stood at 1,082 tons.

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Concerns about conflict have pushed gold prices up sharply throughout October, however, the current context shows that it is unlikely that the conflict will spread to other parts of the Middle East, which makes investors traders lock their profits into the yellow metal

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Gold is plummeting. There are still no signs of recovery

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XAUUSD BUY LIMIT 1964 - 1966
Take Profit: 1974
Stop Loss: 1960

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Hit Entry . Running +20pips

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According to Kitco Metals senior analyst Jim Wyckoff, risk appetite is improving and no major unexpected developments from the Israel-Hammas conflict are taking away from gold's safe-haven appeal.

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