{"id":22104,"date":"2024-10-18T05:05:35","date_gmt":"2024-10-18T05:05:35","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=22104"},"modified":"2024-10-18T05:05:35","modified_gmt":"2024-10-18T05:05:35","slug":"daily-commentary-118","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/daily-commentary-118-20241018\/","title":{"rendered":"Gold Price Forecast: XAU\/USD captures $2,700 for first time ever, what\u2019s next?"},"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><strong>Gold price sits at record highs above $2,700, awaits Fedspeak for fresh impetus.<\/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><strong><strong>The US Dollar consolidates weekly gains after riding on a likely Trump victory optimism.<\/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><\/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 daily RSI prods overbought territory but Gold buyers are not ready to give up yet.<\/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<p class=\"has-medium-font-size\">Gold price is sitting at the highest level on record above $2,70o early Friday, with the latest uptick led by China\u2019s stimulus optimism and a broad-based US Dollar (USD) pullback. The focus now shifts to the Middle East geopolitical updates and Fedspeak for further trading impetus.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Gold price eyes Mideast tensions, Fedspeak<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The USD retreats from over two-month highs against its six major rivals in Asian trades on Friday, as buyers take a breather after the recent rally back by the market\u2019s optimism that Republican nominee Donald Trump is set to win the 2024 US presidential elections. 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\">Besides, markets witness a positive shift in risk sentiment, as the mixed Chinese growth and activity data combined with the People\u2019s Bank of China\u2019s statement have rekindled stimulus hopes. The renewed market optimism also diminishes the Greenback\u2019s appeal as a safe-haven currency.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Therefore, Gold price receives a double booster shot, first from a broad USD retracement and then from expectations of further interest-rate cuts from China. Chinese central bank Governor Pan Gongsheng said that \u201cdepending on market liquidity, reserve requirement ratio (RRR) could be further reduced by 0.25 to 0.5 percentage points before the end of the year.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\">He noted that \u201cthe interest rate of 7-day reverse repo operation in the open market will be lowered by 0.2 percentage points,\u201d adding, \u201cIt is expected that the loan market prime rate (LPR) could also fall by 0.2-0.25 percentage points.\u201d<\/p>\n\n\n\n<p class=\"has-medium-font-size\">A period of low-interest-rate regime tends to benefit the non-interest-rate bearing Gold price.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">That said, the European Central Bank (ECB) lowered key policy rates for the third time this year on Thursday but did not provide any forward guidance on the rates outlook. However, four sources close to the matter told Reuters a fourth cut in December is likely unless economic or inflation data turns around in the coming weeks.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Meanwhile, US Retail Sales rose 0.4% in September after an unrevised 0.1% gain in August, the Commerce Department&#8217;s Census Bureau said on Thursday. Strong US data indicated robust economic prospects but that failed to alter the odds of a 25 basis points (bps) rate cut by the US Federal Reserve (Fed) in November. Markets are currently pricing in a 93% probability of such a move by the Fed next month.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Additionally, Gold price found fresh haven demand amidst escalating geopolitical tensions between Iran and Israel. Iran-backed militant group, Hezbollah, said it will escalate war with Israel after Israel\u2019s Foreign Minister confirmed the killing of Hamas leader Yahya Sinwar on Thursday.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Looking ahead, all eyes remain on the speeches from several Fed policymakers and the rife tensions in the Middle East for further upside in Gold price. The end-of-the-week flows could also play its part in driving the volatility around Gold price.<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-14-1024x402.png\" alt=\"\" class=\"wp-image-22105\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-14-1024x402.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-14-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-14-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-14-1536x603.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-14-18x7.png 18w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-14.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 tested $2,700 on Thursday and conquered the latter early Friday, extending the upside break of the key resistance at $2,670.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">The 14-day Relative Strength Index (RSI), battles the overbougtht region near 70, at the moment, suggesting that there remains some more room to the upside before a correction could set in.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">If Gold buyers manage to defend the $2,700 round level, a test of the $2,750 psychological barrier will be inevitable.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">On the downside, the immediate support is seen at the intraday low of $2,692, below which a drop toward the previous resistance now turned support at $2,670 cannot be ruled out.<\/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 $2,653.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br><\/p>","protected":false},"excerpt":{"rendered":"<p>Gold price is sitting at the highest level on record above $2,70o early Friday, with the latest uptick led by China\u2019s stimulus optimism and a broad-based US Dollar (USD) pullback. The focus now shifts to the Middle East geopolitical updates and Fedspeak for further trading impetus. Gold price eyes Mideast tensions, Fedspeak The USD retreats &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/daily-commentary-118-20241018\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: XAU\/USD captures $2,700 for first time ever, what\u2019s next?&#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-22104","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\/22104","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=22104"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22104\/revisions"}],"predecessor-version":[{"id":22106,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22104\/revisions\/22106"}],"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=22104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=22104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=22104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}