Spot gold eased from a fresh weekly high of $1,885.01 a troy ounce following the release of American data, currently trading at around $1,872. The US
XAU/USD Current price: $1,871.98 The US Consumer Price Index was higher than anticipated in September. US Treasury yields surged, pushing the US Dollar higher across the board. XAU/USD eases from fresh weekly highs, aims to extend the intraday slide. Dollar remained under pressure throughout the first half of the day as the better performance of high-yielding equities limited demand for the safe-haven currency.
Ironically, Fed officials noted that higher yields could offset the need for additional rate hikes, with market fears doing policymakers’ job. XAU/USD short-term technical outlook XAU/USD trimmed early gains and trades with modest intraday losses. The daily chart shows that it briefly traded above a bearish 20 Simple Moving Average , which currently converges with the 50% retracement of the latest daily slump at $1,878.60.
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