Gold Price Forecast: XAUUSD probes the 100-day EMA as buyers' eye $1735 – by christianborjon Gold XAUUSD Metals Macroeconomics Bonds
midterm elections grabbed the spotlight, with a tighter-than-expected race weighing on the market mood. At the time of typing, the XAUUSD is trading at $1711.50, fluctuating.are set to open lower, as shown by the futures market. A close race between the Republicans and Democrats turned sentiment sour, as polls suggest that the former might regain control of the US House while the Democrats would keep control of the US Senate.
Additionally, the US 10-year real yield, which is the yield of the 10-year bond minus inflation expectations for the same time horizon, sits at 1.70%, capping the Gold rally on Tuesday. Meanwhile, the US, a gauge of the bucks’ value vs. a basket of peers, is snapping three days of consecutive losses, up by 0.54% at 110.220.
In the last week, the World Gould Council reported that central banks bought 400 tonnes of Gold in the third quarter, which according to last year’s data, was an increase of 300%, and it was the largest quantity of Gold bought since 2000. That said, expectations for Gold resuming the uptrend lie in the hands of the Federal Reserve. Ahead of the week, the United States inflation report for October would keep investors on their toes as they assess the Fed-s next move. A US inflation jump wouldn’t deterSo if inflation moderates, that could be a tailwind for XAUUSD, which could benefit from “parked” US Treasury yields.
Once done, the XAUUSD next resistance would be the August 22 daily low-turned-resistance at $1727.90, followed by the psychological $1750.
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