Gold traded slightly below its opening price at the beginning of the week and is down by 0.15%, weighed down by rising US Treasury yields.
Gold holds just below its opening price, constrained by US 10-year Treasury yield rising to 4.272%. Traders await US Nonfarm Payrolls, Q3 GDP, and the PCE Price Index, which could influence the Fed's policy outlook. Political and geopolitical tensions linger as election polls narrow; though Israel’s conflict with Iran woes begin to fade.
XAU/USD technical outlook: Gold price drops below $2,750 Gold price uptrend remains intact with no reversal pattern around record highs, though it has consolidated within the $2,700-$2,750 area. A breach of the top of the range will immediately expose the all-time high at $2,758. Once surpassed, the next stop would be the $2,775 area before challenging $2,800.
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