Gold Rises as European Markets Remain Active
Gold strengthened during the European session on Friday (October 10th) as safe-haven sentiment remained strong and expectations of a Fed interest rate cut pushed down real yields. A stable, weakening US dollar provided room for price increases, while central bank buying and hedging interest maintained a floor for demand. This increase was also supported by a technical recovery after the previous correction, with buyers reactivating at key support areas.
Looking ahead, the market is focusing on comments from Fed officials and the release of inflation/employment data (depending on the impact of data delays in the US), as well as geopolitical developments in the Middle East. As long as macroeconomic uncertainty persists and real yields do not rise sharply again, the fundamental bias for gold in Europe remains positive, with the potential for a test of the nearest resistance level.
At the time of writing, the gold price is at $3,996.
- Buy if the price moves within the $4,003 range.
- Sell if the price moves within the $3,989 range.
Resistance 2: $4,018
Resistance 1: $4,011
Support 1: $3,981
Support 2: $3,974
Disclaimer:
This article is analytical in nature and not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
