{"id":22095,"date":"2024-10-17T03:36:16","date_gmt":"2024-10-17T03:36:16","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=22095"},"modified":"2024-10-17T03:36:16","modified_gmt":"2024-10-17T03:36:16","slug":"daily-commentary-117","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/daily-commentary-117-20241017\/","title":{"rendered":"Gold Price Forecast: XAU\/USD looks to $2,700 after Wednesday\u2019s close above $2,670"},"content":{"rendered":"<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Gold price flirts with record highs, awaiting US Retail Sales data for next push higher. \u00a0\u00a0\u00a0<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>The US Dollar retreats after rallying on a Trump victory optimism, as China worries linger.<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Gold price\u2019s daily technical setup points to more upside, with $2,700 in sight.<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size\">Gold price is consolidating gains near record highs in Asian trading on Thursday, trading in the green for the third day in a row. Gold buyers now look to the US Retail Sales data for the next push higher.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Gold price awaits US data, as China stimulus disappoints<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Gold price is capitalizing on a renewed pullback in the US Dollar (USD) across the board even as risk sentiment takes a hit on disappointing China\u2019s property market support measures. China\u2019s Housing Minister announced that Beijing will &#8220;increase the credit scale of white-list projects to four trillion&#8221; yuan by the end of the year and and help renovate a million homes.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">However, these latest measures by China to shore up the struggling sector failed to impress local equities, as the major Chinese benchmark indices trim early gains. Further, China\u2019s economic woes could continue to act as a headwind to Gold price, as the dragon nation is the world\u2019s top yellow metal consumer.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Additionally, a modest uptick in the US Treasury bond yields also check the Gold price upside. Meanwhile, markets are resorting to profit-taking on their USD longs heading into the high-impact economic data release of this week \u2013 the US Retail Sales report.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The US Dollar extended its recovery rally into Wednesday on increased expectations that the Republican nominee Donald Trump will likely win the US presidential race, as we remain a few weeks away from the November 5 elections.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The focus has recently shifted toward the US elections, which has largely contributed to the ongoing US Dollar advance, as Trump\u2019s fiscal and trade policies are seen as inflationary and positive for the Greenback.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Meanwhile, a 25 basis points (bps) interest-rate cut by the US Federal Reserve (Fed) in November is a done deal. Therefore, the US Retail Sales data are unlikely to alter these expectations. However, it could impact the market\u2019s pricing of another rate cut in December.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">That said, risk trends will continue to play their part in driving the Gold price action alongside US macro news, Fedspeak and Trump optimism.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br><br><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\u0e4c\u0e17\u0e32\u0e07\u0e40\u0e17\u0e04\u0e19\u0e34\u0e04\u0e23\u0e32\u0e04\u0e32\u0e17\u0e2d\u0e07\u0e04\u0e33: \u0e01\u0e23\u0e32\u0e1f\u0e23\u0e32\u0e22\u0e27\u0e31\u0e19<\/mark><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"402\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2024\/10\/image-13-1024x402.png\" alt=\"\" class=\"wp-image-22096\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-13-1024x402.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-13-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-13-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-13-1536x603.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-13-18x7.png 18w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-13.png 1592w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">Gold price closed Wednesday\u2019s trading above the key $2,670 resistance and flirted with the record high at $2,686.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The 14-day Relative Strength Index (RSI), points north above the midline, suggesting that there is more room to the upside.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">A sustained break above the all-time high of $2,686 will trigger a fresh advance to the $2,700 round level.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Further up, buyers could challenge the $2,750 psychological barrier.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">On the downside, the immediate support aligns at $2,670, the previous resistance now turned support.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Acceptance below that level will expose sellers to the key 21-day Simple Moving Average (SMA) support at $2,646.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Ahead of that the previous day\u2019s low of $2,659 could test bullish commitments.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br><\/p>","protected":false},"excerpt":{"rendered":"<p>Gold price is consolidating gains near record highs in Asian trading on Thursday, trading in the green for the third day in a row. Gold buyers now look to the US Retail Sales data for the next push higher. Gold price awaits US data, as China stimulus disappoints Gold price is capitalizing on a renewed &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/daily-commentary-117-20241017\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: XAU\/USD looks to $2,700 after Wednesday\u2019s close above $2,670&#8221;<\/span><\/a><\/p>","protected":false},"author":5,"featured_media":17233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-22095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-commentary"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/comments?post=22095"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22095\/revisions"}],"predecessor-version":[{"id":22097,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22095\/revisions\/22097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media\/17233"}],"wp:attachment":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media?parent=22095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=22095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=22095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}