{"id":181174,"date":"2023-10-26T05:35:44","date_gmt":"2023-10-26T00:05:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=181174"},"modified":"2023-10-26T05:35:44","modified_gmt":"2023-10-26T00:05:44","slug":"xau-usd-shows-weakness-before-fomc-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xau-usd-shows-weakness-before-fomc-crypto-news\/","title":{"rendered":"XAU\/USD Shows Weakness Before FOMC &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Gold price trades 0.5% under the $1985 resistance level as the surge in treasury yield cools down. The yellow metal showed a positive price action in the Asian session but retraced from $1977. At press time, gold is priced at $1974.65 and is down a few points from its daily high.<\/p>\n<p>This weakness in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investingcube.com\/silver-price-prediction-as-xag-usd-and-xau-usd-take-a-breather\/\">XAU\/USD<\/a> can be attributed to the rising strength of the dollar this week. The DXY, which measures the dollar against 7 global currencies is 1% above its monthly lows as investors await the next week\u2019s FOMC meeting.<\/p>\n<h2 class=\"wp-block-heading\">What Is Going On With Gold?<\/h2>\n<p>The war in the Middle East has acted as a catalyst for the demand for safe-haven assets like Gold as investors explore safer options to store value. This has resulted in a strong surge in precious metals. <\/p>\n<p>Since the start of the conflict, gold prices have surged by 7.4% and silver price has also shown a 7% recovery.<\/p>\n<p>After sliding for three consecutive trading sessions, the US 10-year bond yield is finally showing some recovery. This recovery comes after PMI data showed better than expected results. Currently, the yield stands at 4.882% and is up 1.24% in the daily timeframe.<\/p>\n<h2 class=\"wp-block-heading\">XAU\/USD Chart<\/h2>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"427\" src=\"https:\/\/www.investingcube.com\/wp-content\/uploads\/2023\/10\/image-142-1024x427.png\" alt=\"Gold price technical analysis\" class=\"wp-image-177241\" \/><figcaption class=\"wp-element-caption\">XAU\/USD Daily Chart<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Gold Price Technical Analysis<\/h2>\n<p>Gold bulls are losing momentum after its phenomenal rally from its October lows. The price of the precious metal is also struggling to break above the $1985 level. This level is a key resistance level that I have mentioned multiple times previously. The resulting pullback in gold could be due to the profit-taking after a V-shaped recovery which started after a bounce from the $1810 support.<\/p>\n<p>A clear break above $1,985 will push gold to a new all-time high, flipping the gold price forecast very bullish. However, in case of a pullback the 200 MA may act as a dynamic resistance. <\/p>\n<p>The price action is expected to remain volatile as the Fed\u2019s stance on the rates will be announced in the FOMC statement next week.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold price trades 0.5% under the $1985 resistance level as the surge in treasury yield cools down. The yellow metal showed a positive price action in the Asian session but retraced from $1977. At press time, gold is priced at $1974.65 and is down a few points from its daily high. This weakness in XAU\/USD [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":181175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-181174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=181174"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181174\/revisions"}],"predecessor-version":[{"id":181181,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/181174\/revisions\/181181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/181175"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=181174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=181174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=181174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}