Pressure From The Dollar – Can XAUUSD Hold Support?
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XAUUSD is experiencing a sharp decline, reaching new lows around the 2600 level, pressured by the strong rebound of the USD. The U.S. Dollar Index has surged to a four-month high, making gold more expensive for investors holding other currencies.
In terms of trend, any attempt to push gold prices up may be limited, as the dollar is benefiting from market conditions while expectations for a Fed rate cut are fading. This adds further pressure on gold, making it difficult to sustain upward momentum.
This week, investors will closely watch the October CPI data, PPI, weekly jobless claims, retail sales, and key speeches from Fed officials, including Chair Jerome Powell, to gain more insight into the Fed's future rate path.
On the technical side, gold is currently trying to break the major support level at 2555. However, a short-term pullback to test resistance levels is possible before the decline resumes. Overall, both technical and fundamental factors are favoring the sellers.
Share your views and questions! Let’s discuss the current intriguing moves in the gold market!
In terms of trend, any attempt to push gold prices up may be limited, as the dollar is benefiting from market conditions while expectations for a Fed rate cut are fading. This adds further pressure on gold, making it difficult to sustain upward momentum.
This week, investors will closely watch the October CPI data, PPI, weekly jobless claims, retail sales, and key speeches from Fed officials, including Chair Jerome Powell, to gain more insight into the Fed's future rate path.
On the technical side, gold is currently trying to break the major support level at 2555. However, a short-term pullback to test resistance levels is possible before the decline resumes. Overall, both technical and fundamental factors are favoring the sellers.
Share your views and questions! Let’s discuss the current intriguing moves in the gold market!
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