Gold Price Maintains Gains on Lower US Treasury Yields
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Gold Price Maintains Gains on Lower US Treasury Yields
Gold price (XAU/USD) has managed to sustain its positive trajectory for the third consecutive day in early Asian trading on Friday. This stability can be attributed to the impact of lower US Treasury bond yields, which are providing support to the precious metal. At the time of reporting, gold price is up by 0.15%, trading at $1,987.
A recent release from the US Bureau of Economic Analysis unveiled the preliminary US Gross Domestic Product (GDP) Annualized figures for the third quarter (Q3). The data indicated a growth rate of 4.9%, a significant increase from the 2.1% recorded in the previous reading. This figure surpassed market expectations, which had anticipated a growth rate of 4.2%.
Additionally, the US Durable Goods Orders for September revealed a 4.7% month-on-month (MoM) increase, rebounding from a 0.1% decline in August. This exceeded the market consensus, which had projected a 1.5% rise. In the labor market, the US Initial Jobless Claims for the week ending October 21 witnessed a rise to 210K, up from the previous week's data of 200K. This figure beat market expectations. Concurrently, continuing claims increased by 63,000, marking the highest reading since May.
From a technical perspective, our analysis suggests that the price of gold is set to continue its growth, with the next target projected at $2,020. The influence of lower US Treasury yields appears to be supporting this upward trend in the precious metal's price.
Our preference
Long positions above 1940.00 with targets at 2020.000 & 2070.00 in extension.
Gold price (XAU/USD) has managed to sustain its positive trajectory for the third consecutive day in early Asian trading on Friday. This stability can be attributed to the impact of lower US Treasury bond yields, which are providing support to the precious metal. At the time of reporting, gold price is up by 0.15%, trading at $1,987.
A recent release from the US Bureau of Economic Analysis unveiled the preliminary US Gross Domestic Product (GDP) Annualized figures for the third quarter (Q3). The data indicated a growth rate of 4.9%, a significant increase from the 2.1% recorded in the previous reading. This figure surpassed market expectations, which had anticipated a growth rate of 4.2%.
Additionally, the US Durable Goods Orders for September revealed a 4.7% month-on-month (MoM) increase, rebounding from a 0.1% decline in August. This exceeded the market consensus, which had projected a 1.5% rise. In the labor market, the US Initial Jobless Claims for the week ending October 21 witnessed a rise to 210K, up from the previous week's data of 200K. This figure beat market expectations. Concurrently, continuing claims increased by 63,000, marking the highest reading since May.
From a technical perspective, our analysis suggests that the price of gold is set to continue its growth, with the next target projected at $2,020. The influence of lower US Treasury yields appears to be supporting this upward trend in the precious metal's price.
Our preference
Long positions above 1940.00 with targets at 2020.000 & 2070.00 in extension.
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