Spot Gold initially surged to $1,993.44 an ounce before receding, influenced by key developments in global economics. The European Central Bank opted to keep rates unchanged due to the Euro Zone's economic struggles, while the US Dollar strengthened following a robust Q3 GDP report. The uncertain economic outlook drove investors to seek safety in Gold, contributing to its rebound as stock markets faced headwinds.
According to technical analysis, XAU/USD is consolidating on Thursday and has the potential to reach the upper band of the Bollinger Bands, which is currently squeezing. Presently, the price of gold is consolidating near the upper band, implying a possible downward consolidation. The Relative Strength Index (RSI) is currently at 57, indicating a neutral bias for the XAU/USD pair.
Resistance: $1,985, $2,002
Support: $1,970, $1,959
According to technical analysis, XAU/USD is consolidating on Thursday and has the potential to reach the upper band of the Bollinger Bands, which is currently squeezing. Presently, the price of gold is consolidating near the upper band, implying a possible downward consolidation. The Relative Strength Index (RSI) is currently at 57, indicating a neutral bias for the XAU/USD pair.
Resistance: $1,985, $2,002
Support: $1,970, $1,959