Gold Stalls The Overnight Pullback From The All-Time Peak
Gold Stalls The Overnight Pullback From The All-Time Peak
Gold price (XAU/USD) witnessed an intraday turnaround on Wednesday and tumbled around $50 after hitting a fresh record high, around the $2,760 region. Against the backdrop of slightly overbought conditions on the daily chart, a further rise in the US Treasury bond yields and a stronger US Dollar (USD) prompted some profit-taking around the non-yielding yellow metal. That said, the US political uncertainty ahead of the November 5 Presidential election and Middle East tensions assisted the safe-haven commodity to stall the corrective slide ahead of the $2,700 mark.
This, along with a modest USD pullback from its highest level since July 30 and retreating US bond yields, attracts some dip-buyers around the Gold price during the Asian session on Thursday. That said, the prospects for smaller interest rate cuts by the Federal Reserve (Fed) should act as a tailwind for the buck and the US bond yields amid deficit-spending concerns after the US election. Moreover, signs of stability in the equity markets might cap the XAU/USD. Traders now look to the flash PMIs for fresh insight into the global economy and short-term impetus.
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