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Gold plunges below $2,000 after hot US CPI The selling pressure around prices of the yellow metal gathers extra steam after Wall Street's opening, with XAU/USD trading below the critical $2,000 mark as resurgent inflationary pressures in the US economy further weigh on rate cut odds. >Technical Overview From a technical perspective, the case for an XAU/USD continued decline has become stronger. The pair met sellers around a bearish 20 Simple Moving Average (SMA) in the daily chart, bottoming at around a bullish 100 SMA, with the latter providing dynamic support at $1,990. 0. Technical indicators, in the meantime, offer firmly bearish slopes within negative levels, reflecting the strong selling interest. The 4-hour chart shows technical indicators keep heading south despite developing in oversold territory, warning of potential downward exhaustion. Still, it could mean some consolidation before the next directional move as there are no other signs of a possible recovery. Finally, XAU/USD develops far below all its moving averages, with the 20 SMA accelerating its slide below the longer ones, at around $2,022. -Support levels: 1,989.90 1,976.50 1,962.70 -Resistance levels: 2,005.90 2,018.50 2,032.10 >Fundamental Overview Spot gold collapsed on Wednesday following the release of United States (US) inflation figures. XAU/USD traded as low as $1,989.97, its lowest in two months, and currently changes hands at around $1,993 a troy ounce. The US Dollar traded with a weak tone throughout the first half of the day but drastically changed course following the release of the US Consumer Price Index (CPI). The US Bureau of Labor Statistics (BLS) reported that the CPI rose 0.3% MoM in January, while the core reading in the same period printed 0.4%, surpassing the market’s expectations. Compared to a year earlier, inflation rose 3.1%, better than the previous 3.4% but above the 2.9% expected. Finally, the core annual CPI rose 3.9%, matching December’s reading but surpassing the market’s forecast of 3.7%. Stronger than anticipated inflation figures confirmed the Federal Reserve´s (Fed) stance of extending the waiting period before shifting to tighten the monetary policy through rate cuts. As a result, financial markets turned risk-averse, with stocks plummeting, government bond yields soaring and the US Dollar making the most out of it, strengthening against all major rivals. *Source: fxstreet

Gold remains confined above $2,030 ahead of Chinese data Gold price remains confined in a narrow trading band above the $2030 mark per troy ounce during the early Asian trading hours on Thursday. The ongoing Middle East geopolitical tension might boost traditional safe-haven assets like gold. >Technical Overview XAU/USD trades around $2,040, posting gains for a second consecutive day. Technical readings offer a neutral stance. In the daily chart, technical indicators hover around their midlines without directional strength. At the same time, the pair barely holds above a directionless 20 Simple Moving Average (SMA), although the longer ones maintain their upward slopes well below the current level. In the near term, and according to the 4-hour chart, the risk skews to the upside. XAU/USD surged above its 20 and 100 Simple Moving Averages (SMAs), with the shorter one maintaining its bearish slope. At the same time, technical indicators crossed their midlines into positive territory, with moderated upward strength. Gold would need to run past the aforementioned intraday high to maintain the positive bias in the upcoming sessions. -Support levels: 2,022.75 2,009.10 1,988.90 -Resistance levels: 2,044.60 2,053.10 2.065.60 >Fundamental Overview Spot Gold spent the first half of the day trading lifeless in the $2,030 price zone, picking up some steam after Wall Street’s opening. XAU/USD jumped to $2,044.64 as the positive tone of Wall Street undermined demand for the US Dollar. The Greenback stayed on the back foot for most of the day, although it posted limited losses against most major rivals amid the absence of first-tier events. Market players are repositioning after major central banks’ monetary policy announcements, most of which included pouring cold water on rate cut hopes. Federal Reserve (Fed) speakers are flooding the wires this week, and despite a generalized optimism regarding inflation moving in the right direction, policymakers also warned about the dangers of moving too early or too fast. Meanwhile, US Treasury yields shed early gains, also weighing on the USD. The 10-year Treasury note offered as much as 4.13% ahead of the opening, now down to 4.09%, unchanged on the day. *Source: fxstreet

Gold glistens amidst geopolitical tensions to test 20-DMA Gold price hit a weekly high of $1857.69, with the financial markets being hit by geopolitical unrest due to the conflict between Israel and Palestinian Islamist group Hamas during the weekend and bolstering the appetite for Gold’s safe-haven status. >Technical Overview XAU/USD daily chart shows that it hovers around $1,850 a troy ounce after closing on Friday at $1,831.90. Technical indicators began correcting extreme oversold conditions but, despite advancing, remain well into negative territory, falling short of suggesting another leg north. At the same time, the pair keeps developing far below bearish moving averages, with the 20 Simple Moving Average (SMA) currently providing dynamic resistance at around $1,884. In the near term, the chances of an upward extension are firmer. Technical indicators maintain their bullish slopes near overbought levels, while XAU/USD develops well above a bullish 20 SMA. Gold would need to break through the aforementioned daily high to extend its positive momentum in the near term, while a slide through $1,844.15 will likely anticipate a decline towards the $1,830 price zone. -Support levels: 1,844.10 1,831.90 1,824.10 -Resistance levels: 1,855.30 1,867.20 1,879.90 >Fundamental Overview Gold prices gapped higher at the weekly opening, with XAU/USD peaking at $1,855.28 during Asian trading hours. The bright metal soared on the back of tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu declared the country was at war on Sunday, following a massive attack from the Palestinian Hamas group on Saturday. The unexpected situation spurred risk aversion and spurred demand for safe-haven assets on Monday, benefiting Gold the most. The US Dollar also had its share of attention, appreciating against most major rivals throughout the first half of the day, although demand for the Greenback receded after London’s close. However, the United States (US) and Canadian markets are closed due to the celebration of Columbus Day, and it is yet to be seen how American markets will react to weekend news. Data-wise, the macroeconomic calendar did not have much to offer at the beginning of the week, but it will include some interesting clues from the US. The Federal Open Market Committee (FOMC) will release the Minutes of the September Federal Reserve (Fed) meeting on Wednesday, while the country will publish the September Consumer Price Index (CPI). Inflation is seen up by 0.3% MoM and 3.6% YoY, while the core annual CPI is expected at 4.1%, easing from the previous 4.3%. *Source: fxstreet