{"id":22424,"date":"2024-11-15T03:47:52","date_gmt":"2024-11-15T03:47:52","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=22424"},"modified":"2024-11-15T03:47:52","modified_gmt":"2024-11-15T03:47:52","slug":"gold-price-forecast-xau-usd-defends-key-2545-support-whats-next","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-xau-usd-defends-key-2545-support-whats-next-20241115\/","title":{"rendered":"Gold Price Forecast: XAU\/USD defends key $2,545 support; what\u2019s next?"},"content":{"rendered":"<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong>Gold sellers take a breather on Friday, bracing for more US data and Fedspeak.<\/strong>\u00a0\u00a0<\/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>The US Dollar and Treasury yields consolidate Fed Chair Powell speech-led upside.<\/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>Gold price rebounds from critical $2,545 support but the daily RSI remains bearish.<\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<p>Gold\u00a0price is looking to build on the previous rebound early Friday in search of a fresh impetus amid persistent US Dollar (USD) buying and mixed activity data from China.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Gold price struggles as US data looms<\/h2>\n\n\n\n<p>Even though China\u2019s Retail Sales data jumped by 4.8% in October, Industrial Production disappointed markets with a 5.3% growth in the same period. The Fixed Asset Investment stayed unchanged at 3.4% in the year through October.<\/p>\n\n\n\n<p>The mixed Chinese data dump amplified economic concerns as markets remain wary over the country\u2019s stimulus efforts to ramp up growth. Asian stocks are a mixed bag so far this Friday, with the sentiment undermined by the decline in Chinese indices.<\/p>\n\n\n\n<p>The uncertainty around the future interest rate cuts by the US Federal Reserve (Fed) also remains a drag on the markets, especially after Fed Chair\u00a0Jerome Powell\u00a0said late Thursday that there was no need to rush rate cuts with the economy still growing, the job market solid and inflation still above the 2% target, tempering expectations for a rate cut next month, per Reuters.<\/p>\n\n\n\n<p>The\u00a0US Dollar\u00a0saw a fresh leg higher as the short-end US Treasury bond yields rallied hard on Powell\u2019s hawkish shit, sending non-yielding Gold price as low as $2,537. However, bargain hunting crept in and allowed Gold price to recover some ground.<\/p>\n\n\n\n<p>The focus now shifts toward a fresh batch of US economic data releases, including the top-tier Retail Sales report, for a fresh direction impetus. Meanwhile, more speeches from Fed policymakers will also entertain traders as they guage whether the Fed will continue its easing trajectory beyond December.<\/p>\n\n\n\n<p>According to Reuters, \u201cFed fund futures for next year slumped with December off seven ticks and imply just 71 basis points of rate cuts by end-2025. A rate cut next month is no longer a high-probability event, with just 61% priced in, down from 82.5% in the prior session.\u201d<\/p>\n\n\n\n<p>The hawkish turn in the Fed\u2019s policy stance was also backed by the US\u00a0Producer Price Index\u00a0(PPI) data for October, which was released on Thursday. The annual headline PPI increased 2.4% in October after rising 1.9% in September, adding signs of the economy losing disinflationary momentum.<\/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-638672385288223502.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1592\" height=\"626\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2024\/11\/image-59.png\" alt=\"\" class=\"wp-image-22425\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-59.png 1592w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-59-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-59-1024x403.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-59-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-59-1536x604.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-59-18x7.png 18w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/a><\/figure>\n\n\n\n<p>The short-term technical\u00a0outlook\u00a0for Gold price remains more or less the same, with any recovery attempts likely to be short-lived as long as the 14-day Relative Strength Index (RSI) stays bearish.<\/p>\n\n\n\n<p>As of writing, the leading indicator rebounds slightly to near 34 after prodding the oversold threshold a day ago.<\/p>\n\n\n\n<p>This RSI movement correlates to the Gold price recovery from the critical support of $2,545, the confluence of the 100-day Simple Moving Average (SMA) and the September 18 low.<\/p>\n\n\n\n<p>Gold buyers need to recapture the $2,580 demand area on a daily closing basis to extend the turnaround above $2,600.<\/p>\n\n\n\n<p>Further up, the November 13 high of $2,619 will test the bearish commitments.<\/p>\n\n\n\n<p>On the flip side, the immediate support is seen at the abovementioned strong support of $2,545.<\/p>\n\n\n\n<p>A sustained break below the last will initiate a fresh downtrend toward the $2,500 threshold, with the next bearish target seen at the September 4 low of $2,472.<\/p>","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0price is looking to build on the previous rebound early Friday in search of a fresh impetus amid persistent US Dollar (USD) buying and mixed activity data from China.\u00a0 Gold price struggles as US data looms Even though China\u2019s Retail Sales data jumped by 4.8% in October, Industrial Production disappointed markets with a 5.3% growth &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-xau-usd-defends-key-2545-support-whats-next-20241115\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: XAU\/USD defends key $2,545 support; 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-22424","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\/22424","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=22424"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22424\/revisions"}],"predecessor-version":[{"id":22426,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22424\/revisions\/22426"}],"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=22424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=22424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=22424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}