Gold price analysis October 24
Fundamental Analysis
Gold prices fell sharply from an all-time high of $2,758 on Wednesday as US Treasury yields rose, while the greenback hit a two-month high, according to the US Dollar Index (DXY).
Risk appetite has deteriorated, prompting a flight to safe-haven currencies, but not assets such as the yellow metal. The yield on the US 10-year Treasury note has risen more than 65 basis points (bps) since the Federal Reserve cut interest rates by 50 basis points (bps) on September 18, amid concerns that a Trump presidency could spark inflation.
Investors appear to believe that former President Donald Trump could defeat Vice President Kamala Harris, as most betting sites have indicated. As we approach the US election on November 5, investors are looking for shelter from that possibility. Investors are somewhat concerned that Trump's deficit spending, use of tariffs and large illegal immigrant deportation program could cause a new wave of inflation.
Technical analysis
Gold is recovering near the important price reaction zone of 2736-2738. When gold breaks this important zone, it will find the breakout zone of 2750. In case the European session gold fails to break this price zone and falls back, our target is to give a SELL signal around 2724 followed by the bottom zone of 2708 and the most important zone of today is 2700, the critical zone of the EMA. Wish you a successful trading day.
Gold prices fell sharply from an all-time high of $2,758 on Wednesday as US Treasury yields rose, while the greenback hit a two-month high, according to the US Dollar Index (DXY).
Risk appetite has deteriorated, prompting a flight to safe-haven currencies, but not assets such as the yellow metal. The yield on the US 10-year Treasury note has risen more than 65 basis points (bps) since the Federal Reserve cut interest rates by 50 basis points (bps) on September 18, amid concerns that a Trump presidency could spark inflation.
Investors appear to believe that former President Donald Trump could defeat Vice President Kamala Harris, as most betting sites have indicated. As we approach the US election on November 5, investors are looking for shelter from that possibility. Investors are somewhat concerned that Trump's deficit spending, use of tariffs and large illegal immigrant deportation program could cause a new wave of inflation.
Technical analysis
Gold is recovering near the important price reaction zone of 2736-2738. When gold breaks this important zone, it will find the breakout zone of 2750. In case the European session gold fails to break this price zone and falls back, our target is to give a SELL signal around 2724 followed by the bottom zone of 2708 and the most important zone of today is 2700, the critical zone of the EMA. Wish you a successful trading day.
Not
Gold needs acceptance above $2,740 to sustain the uptrend
Gold price is on the back foot early Friday, as sellers return on a failure to find a strong foothold above the $2,740 static resistance yet again. Attention now turns toward a fresh batch of US economic data and speeches from US Federal Reserve policymakers for a fresh direction impetus in Gold price
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