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Gold Price Forecast: Key Levels and Upcoming Data

Tina Collins

Oct 7, 2024

Gold prices are consolidating around $2,660, holding gains below the record high.

Traders are considering geopolitical risks related to Israel and Iran.

The U.S. dollar is pausing its recovery amid changing market risks.

The daily technical indicators suggest a favorable outlook for gold buyers, with the RSI in the bullish zone.

Acceptance above $2,670 is seen as crucial for the XAU/USD outlook.

Dollar Strength Pressures Gold Prices Below $2,650 per Ounce

Price Decline: Gold prices fell over $12, trading below $2,650 per ounce on Thursday. The decline coincides with the U.S. dollar index's strength, marking its fourth consecutive day of gains. Gold futures decreased by 0.10%, around $2,667 per ounce. Spot Market: Spot gold contracts

Global Chip Stocks Decline After ASML’s Disappointing Outlook

Global chip stocks fell on Wednesday following ASML's disappointing sales forecasts. ASML shares dropped 5% in early European trading, adding to a 16% decline the previous day. ASML lost approximately 49.2 billion euros ($53.6 billion) in market capitalization in just one day.

Gold Prices Rise Towards New Record High Amid Geopolitical Tensions

Gold prices rose sharply for the second consecutive session on Wednesday. Escalating tensions in regions like Korea and the Middle East have increased gold's appeal as a safe haven. South Korea and the U.S. are monitoring North Korea's violations of UN sanctions, with recent border

Gold Price Forecast: XAU/USD Holds Gains Around $2,660

XAU/USD is trading at $2,659.07. Weak performance in global stocks is boosting demand for gold. Federal Reserve officials are maintaining a neutral tone ahead of the November meeting. There is potential for XAU/USD to extend gains, with bulls targeting new record highs.

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Dollar Strength Pressures Gold Prices Below $2,650 per Ounce

Global Chip Stocks Decline After ASML’s Disappointing Outlook

Gold Prices Rise Towards New Record High Amid Geopolitical Tensions

Gold Price Forecast: XAU/USD Holds Gains Around $2,660