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Gold has surged by around 33% since the start of the year, hitting multiple record highs in recent months.
Gold initially rallied during the trading session on Friday as the jobs numbers came out at adding just 12,000 for the previous month in the United States.
In my daily analysis of the gold market, the first thing I see is that we are in fact starting a pullback. This does make a certain amount of sense, considering that we had gotten a little bit ahead of ourselves over the last week or so.
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Oct 31, 2024. Gold Forecast and Analysis of the price of gold XAU/USD today
During the trading session on Wednesday, I noticed that in my analysis of commodities, the gold market is starting to get back some of the gains.
Gold prices have risen sharply ahead of the US presidential election on November 5 and a series of key economic data releases due later this week.
In my daily analysis of the gold market, the first thing that I notice is that we have in fact broke above the resistance barrier in the last several days.
Gold prices were under pressure on Monday as the US dollar and US Treasury yields rose, eroding demand for the precious metal.
Gold initially pulled back just a bit during the early hours on Monday only to turn around and show signs of life again.
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At the start of this important trading week, the price of gold fell below $2,730 per ounce, pressured by a decline in the appeal of safe-haven assets after military strikes over the weekend were less severe than anticipated.
The gold market continues to plow higher during the trading session on Thursday, but it's probably worth noting that we are giving back some of the early gains.
Gold prices extended their gains and hovered near record highs as safe-haven demand for the precious metal increased.
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Despite the strong gains of the US dollar, the price of gold rose to around $2753 per ounce, trading at record levels, the highest in the history of the gold market.
In my daily analysis of the gold market, it’s quite easy to say that we are in a bullish trend, and I think that will continue to be the case.
At the beginning of this week, the price of gold rose to around $2740 per ounce, setting new record levels, driven by increased demand for safe-haven assets.