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GOLD Price Resilient as Safe-Haven Demand Persists

Gold Price Resilient as Safe-Haven Demand Persists

Gold price (XAU/USD) encountered resistance around the $1,980 mark, driven by the unwavering demand for safe-haven assets. As investors anxiously await the release of US Q3 GDP data, which will provide insights into the Federal Reserve's interest rate outlook, gold strives to recapture a five-week high.

The precious metal had experienced a brief pullback amid rising long-term US Treasury yields, but it is now staging a comeback. Geopolitical tensions in the Middle East, particularly the Israel-Palestine conflict, continue to fuel concerns about a broader regional confrontation. Concurrently, the 10-year US Treasury yields have surged to multi-year highs, reaching the 5% threshold, on the back of expectations for robust US economic data set to be unveiled this week.

Investor Focus on Q3 GDP Growth
Market participants are closely monitoring the growth rate for the July-September quarter, as it will set the tone for year-end interest rate expectations. An upbeat GDP growth rate would signal strong labor market conditions, robust consumer spending, and a recovery in economic activities, even in the face of the Federal Reserve's tight monetary policy.

Outlook for Gold
The prevailing sentiment suggests a positive outlook for gold, with the potential for an ascent to the $2,000 threshold or even exceeding $2,012 before encountering a retracement following the robust rally. Traders eyeing strategic entry points may find the 78.6% Fibonacci level as an attractive zone to establish limit orders, poised to capture a pullback.

In conclusion, gold remains a beacon of safety in times of uncertainty, as geopolitical tensions and expectations of sturdy economic data converge to support the precious metal's value. As investors keep a close watch on critical developments, the path ahead for gold appears promising, offering opportunities for those who navigate the market judiciously.