Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Gold Price Outlook: Gold Facing First Topside Hurdle – XAU Levels

Gold Price Outlook: Gold Facing First Topside Hurdle – XAU Levels

Justin McQueen, Strategist

Gold Analysis and News:

  • Gold Recovery Facing First Hurdle at 1750-60
  • Moving From Peak Hawkishness Bodes Well for Gold
Gold Forecast
Gold Forecast
Recommended by Justin McQueen
Download our fresh Q3 Gold Forecast
Get My Guide

Gold Recovery Facing First Hurdle

A lack of guidance from Fed Chair Powell overnight provided the impetus for Gold to extend recent gains, hitting a two-week high. Alongside this, while the Federal Reserve will continue to raise interest rates, there is a sense that maybe we have moved from peak hawkishness. In turn, this bodes well for gold, particularly on the back of increased recession risks. Gold has been an unloved asset for much of the year and for good reason as real yields have increased notably. However, with the US 10Y real yield now down 50bps from the June peak, funds now net short, the outlook is much more encouraging for gold bugs.

From a technical perspective, the recent recovery in the precious metal is facing its first key test on the topside with resistance situated at $1750-60. While this may cap on its first approach, a break and close above $1760 would be very encouraging, opening the doors towards a move to $1800.

Gold Chart: Weekly Time Frame

Source: IG

Elsewhere, gold traders will be placing a very close eye on the US 10YR Yield which appears to be showing a head and shoulders pattern, projecting a move to 1.9% should a firm break below 2.7% be realised.

US 10Y Yield Chart: Daily Time Frame

Source: Refinitiv

How to Trade Gold
How to Trade Gold
Recommended by Justin McQueen
How to Trade Gold
Get My Guide

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES