{"id":22171,"date":"2024-10-24T05:24:05","date_gmt":"2024-10-24T05:24:05","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=22171"},"modified":"2024-10-24T05:24:05","modified_gmt":"2024-10-24T05:24:05","slug":"gold-price-forecast-xau-usd-buyers-stay-hopeful-whilst-above-38-2-fibo-level-at-2700","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-xau-usd-buyers-stay-hopeful-whilst-above-38-2-fibo-level-at-2700-20241024\/","title":{"rendered":"\u0e01\u0e32\u0e23\u0e04\u0e32\u0e14\u0e01\u0e32\u0e23\u0e13\u0e4c\u0e23\u0e32\u0e04\u0e32\u0e17\u0e2d\u0e07\u0e04\u0e33: \u0e1c\u0e39\u0e49\u0e0b\u0e37\u0e49\u0e2d XAU\/USD \u0e22\u0e31\u0e07\u0e04\u0e07\u0e21\u0e35\u0e04\u0e27\u0e32\u0e21\u0e2b\u0e27\u0e31\u0e07\u0e43\u0e19\u0e02\u0e13\u0e30\u0e17\u0e35\u0e48\u0e2d\u0e22\u0e39\u0e48\u0e40\u0e2b\u0e19\u0e37\u0e2d\u0e23\u0e30\u0e14\u0e31\u0e1a Fibo 38.2% \u0e17\u0e35\u0e48 $2,700"},"content":{"rendered":"<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>The US Dollar stalls with Treasury bond yields as Tesla\u2019s earnings report lifts mood.<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>Technically, Gold price appears a \u2018buy-the-dips\u2019 trade, 38.2% Fibo level holds the key.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Gold\u00a0price is reversing a part of Wednesday\u2019s correction from record highs of $2,759 early Thursday. Gold buyers draw support from a pause in the\u00a0US Dollar\u00a0(USD) advance, as the US Treasury bond yields rally takes a breather in the lead-up to the preliminary S&amp;P Global US PMI data.<\/p>\n\n\n\n<p>The minor pullback in the USD alongside the US Treasury bond yields could be attributed to a stabilizing market mood in Asia, following Wall Street\u2019s tech sell-off overnight. US equity futures rebound amid a risk reset after investors breathed a sigh of relief on Tesla Inc.\u2019s encouraging earnings report.<\/p>\n\n\n\n<p>Tesla reported adjusted earnings of 72 cents per share for the quarter, above the average analyst estimate and snapping four consecutive quarters in which the measure missed expectations, per CNBC News.&nbsp;The company said its Cybertruck, which it first delivered late last year, has reached profitability for the first time,<\/p>\n\n\n\n<p>The further upside in Gold price, however, remains at the mercy of the upcoming Euro area and the US preliminary business PMI data. Investors will seek&nbsp;cues on the health of the global economy, impacting risk sentiment and safe-havens such as the USD, Gold price, etc.<\/p>\n\n\n\n<p>The US S&amp;P Global preliminary Manufacturing PMI is seen ticking higher to 47.5 in October from September\u2019s 47.3 while the Services PMI is set to edge a tad lower to 55.0 in the same period from 55.2 in September.<\/p>\n\n\n\n<p>Meanwhile, the market\u2019s nervousness ahead of key US earnings reports and the presidential election will also play its part in driving the sentiment around Gold price. Any potential decline in Gold price is likely to be bought into, as buyers could re-emerge on Gold\u2019s safe-haven demand due to the&nbsp;November 5 US election&nbsp;and&nbsp;the ongoing Middle East&nbsp;conflict.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-red-color has-text-color has-small-font-size\"><strong>\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<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/XAU_USD-638653374425097685.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1592\" height=\"626\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2024\/10\/image-37.png\" alt=\"\" class=\"wp-image-22172\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-37.png 1592w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-37-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-37-1024x403.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-37-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-37-1536x604.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/10\/image-37-18x7.png 18w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/a><\/figure>\n\n\n\n<p>Gold price seems to be facing stiff resistance at $2,723, the 23.6% Fibonacci Retracement (Fibo) level of the latest record rally from the October 10 low of $2,604 to an all-time high of $2,759.<\/p>\n\n\n\n<p>Acceptance above that level could encourage buyers to take on the $2,750 psychological barrier. The record high of $2,759 will be next on buyers\u2019 radars. &nbsp;<\/p>\n\n\n\n<p>The 14-day Relative Strength Index (RSI) is flattish but well above the 50 level, currently trading&nbsp;near 65.60, pointing to more upside momentum.<\/p>\n\n\n\n<p>However, if Gold sellers jump back into the game, the 38.2% Fibo level of the same ascent at $2,700 will come to the rescue of buyers.<\/p>\n\n\n\n<p>A sustained move below the latter will put the 50% Fibo support at $2,682 to the test.<\/p>\n\n\n\n<p>The line in the sand for Gold optimists is aligned at the 21-day Simple Moving Average (SMA) at $2,670.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><br><\/p>","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0price is reversing a part of Wednesday\u2019s correction from record highs of $2,759 early Thursday. Gold buyers draw support from a pause in the\u00a0US Dollar\u00a0(USD) advance, as the US Treasury bond yields rally takes a breather in the lead-up to the preliminary S&amp;P Global US PMI data. The minor pullback in the USD alongside the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-xau-usd-buyers-stay-hopeful-whilst-above-38-2-fibo-level-at-2700-20241024\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: XAU\/USD buyers stay hopeful whilst above 38.2% Fibo level at $2,700&#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-22171","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\/22171","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=22171"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22171\/revisions"}],"predecessor-version":[{"id":22173,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22171\/revisions\/22173"}],"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=22171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=22171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=22171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}