Gold prices rose for the third day in a row on Friday and were headed to post their second consecutive weekly gain as the yellow metal benefits from the risk-off mood and the U.S. yields drop.
The spot price, XAU/USD, extended the advance and printed a 23-day high of $1768 as U.S. yields – which could be considered gold’s opportunity cost – fell to multi-month lows. At the time of writing, the metal was trading at $1762, up 0.35% on the day and posting a 2% weekly gain.
U.S. yields accelerated lower after the FOMC meeting, fueling the XAU/USD rally. The US 10-year yield fell to 2.618%, and the 30-year rate hit a low of 2.95%.
On Friday, data showed the U.S. PCE price index – the Fed’s preferred inflation gauge – rose by 6.8% over the 12 months to June, while core inflation jumped by 4.8% in the same period. Rising inflation and negative growth – as shown by GDP figures this week – continue to fuel fears of stagflation, putting the Fed in a tough spot, although Powell & Co. downplayed recession prospects after hiking rates on Wednesday.
From a technical perspective, the XAU/USD short-technical outlook has turned bullish, according to indicators on the daily chart, while the price has continued to post higher highs after breaking above the 20-day SMA.
Still, the longer-term bias remains tilted to the downside according to the weekly chart, with crucial support at the 200-week SMA at the $1660 area.
On the upside, immediate resistance is seen at the $1770-80 area, followed by the $1800 psychological level and then the early July highs at the $1815 area.
The spot price, XAU/USD, extended the advance and printed a 23-day high of $1768 as U.S. yields – which could be considered gold’s opportunity cost – fell to multi-month lows. At the time of writing, the metal was trading at $1762, up 0.35% on the day and posting a 2% weekly gain.
U.S. yields accelerated lower after the FOMC meeting, fueling the XAU/USD rally. The US 10-year yield fell to 2.618%, and the 30-year rate hit a low of 2.95%.
On Friday, data showed the U.S. PCE price index – the Fed’s preferred inflation gauge – rose by 6.8% over the 12 months to June, while core inflation jumped by 4.8% in the same period. Rising inflation and negative growth – as shown by GDP figures this week – continue to fuel fears of stagflation, putting the Fed in a tough spot, although Powell & Co. downplayed recession prospects after hiking rates on Wednesday.
From a technical perspective, the XAU/USD short-technical outlook has turned bullish, according to indicators on the daily chart, while the price has continued to post higher highs after breaking above the 20-day SMA.
Still, the longer-term bias remains tilted to the downside according to the weekly chart, with crucial support at the 200-week SMA at the $1660 area.
On the upside, immediate resistance is seen at the $1770-80 area, followed by the $1800 psychological level and then the early July highs at the $1815 area.
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