Gold price (XAU/USD) gains some positive traction for the second successive day on Thursday and climbs to a fresh weekly top heading into the European session. The precious metal currently trades just below its highest level since May 16 touched last Friday and remains well supported by the global flight to safety, led by fears of a potential escalation in the Israel-Hamas war. This, to a larger extent, offset a further rise in the US Treasury bond yields and sustained US Dollar (USD) buying, bolstered by hawkish Federal Reserve (Fed) expectations, which tends to undermine the non-yielding yellow metal.
Investors now look forward to important macro releases from the United States for cues on the Fed's future rate-hike path, which will play a key role in determining the near-term trajectory for the Gold price. Thursday's US economic docket highlights the Advance Q3 GDP print, Durable Goods Orders, the usual Weekly Initial Jobless Claims, followed by Pending Home Sales data. This, along with Fed Governor Christopher Waller's scheduled speech and the US bond yields, should influence the USD price dynamics and produce short-term trading opportunities around the XAU/USD.
XAUUSD BUY : 1991
TP. : 2000
TP. : 2010
TP. : 2020
SL. : 1981
Investors now look forward to important macro releases from the United States for cues on the Fed's future rate-hike path, which will play a key role in determining the near-term trajectory for the Gold price. Thursday's US economic docket highlights the Advance Q3 GDP print, Durable Goods Orders, the usual Weekly Initial Jobless Claims, followed by Pending Home Sales data. This, along with Fed Governor Christopher Waller's scheduled speech and the US bond yields, should influence the USD price dynamics and produce short-term trading opportunities around the XAU/USD.
XAUUSD BUY : 1991
TP. : 2000
TP. : 2010
TP. : 2020
SL. : 1981
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