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Gold Price Prediction: XAU/USD extends advances after attracting bids near $1,650; yields target 4%

Alina Haynes

Oct 26, 2022 15:06

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The gold price (XAU/USD) has extended its advances to around $1,657.50 after a more robust recovery from $1,650.00, the key support level. Thursday's announcement of US Gross Domestic Product (GDP) data is anticipated to keep investors on the edge of their seats about the precious metal.

 

The risk profile exhibits conflicting responses as S&P500 futures seek a rebound following a large decline in Tokyo. The failure of the US dollar index (DXY) to sustain above the round-level resistance of 111.00 implies a drop in the appeal of safe-haven assets.

 

As investors have abandoned the risk-aversion thesis, the alpha generated by US Treasuries is seeking greater downside. The yields on 10-year US Treasuries have fallen below 4.10 percent, and the present downward momentum could weigh on future pressure.

 

On Thursday, the announcement of US GDP statistics is anticipated to cause extreme price volatility in gold. According to preliminary estimates, the US growth rate for the third quarter of CY 2022 is 2.4%, up from a previously reported negative rate of 0.6%.

 

After falling below the horizontal support established by Thursday's high of $1,640.55, gold prices have rebounded strongly on an hourly scale. The downward-sloping trendline drawn from the high of October 13 at $1,682.53 will act as significant resistance for gold prices going forward.

 

As the Relative Strength Index (RSI) (14) has moved into the 40.00-60.00 zone, a sideways trend is anticipated for the precious metal in the future. Near $1,651.50, the 20-period Exponential Moving Average (EMA) is providing significant support for the currency.


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