Gold price recovers from a one-month low, driven by a global flight to safety as equity markets decline following the Federal Reserve's hawkish shift. Despite the rebound, elevated US bond yields and a strong US Dollar may limit further gains.
Gold price benefits from the global flight to safety amid a sea of red across the equity markets . The Fed ’s hawkish stance remains supportive of elevated US bond yields and should cap gains. Traders now look to the US Q3 GDP for some impetus ahead of the US PCE Price Index on Friday. Gold price stages a goodish recovery from a one-month trough, around the $2,584-$2,583 region touched during the Asian session on Thursday and for now, seems to have snapped a two-day losing streak.
Moreover, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the Gold price remains to the downside. Meanwhile, Thursday's attempted recovery stalls near the $2,618 region, or the 23.6% Fibonacci retracement level of the latest leg down from over a one-month high touched last week.
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