Spot gold surged throughout the first half of the day but turned south in the American session, following dismal United States (US data) spurring US Dollar demand.
XAU/USD Current price: $1,989.96 United States Consumer Confidence fell by less than anticipated in October, according to CB. The US Federal Reserve will announce its monetary policy decision on Wednesday. XAU/USD is in a bearish corrective phase, not everything is lost for bulls. XAU/USD peaked at $2,007.91 a troy ounce as financial markets remained optimistic during European trading hours, aided by softer-than-anticipated Euro Zone inflation figures.
The BoJ left rates untouched, as widely expected, but also decided to increase the flexibility in the YCC, allowing the 10-year Japanese government bond yield to rise above 1%. The central bank will anyway maintain yields limited, giving a first timid step into a policy change. Market players are now gearing up for the US Federal Reserve monetary policy announcement.
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