The price of gold returns from the monthly low ($1654) as US Treasury yields pulls back from a fresh yearly high. As the RSI holds above 30, gold may show another attempt to test the 50-Day SMA ($1732).
The effect of the Us Treasury Yields action is that bullion may fall back towards the yearly low ($1654) as it seems to be tracking the negative slope in the moving average, but the price of gold may keep retracing the decline from the monthly high of $1735.
Gold may face headwinds over the rest of the year as the Federal Open Market Committee (FOMC) reflects a steeper path for US interest rates.
The increase in the interest rate dot-plot proposes that the FOMC will maintain its present way of tackling inflation and continue to strike hawkish forward guidance for monetary policy. This is to restore price stability as the central bank insists that “ongoing increases in the target range for the federal funds rate will be appropriate.”
Gold might experience value reduction due to the US interest rate expectations because the FOMC contends against “prematurely loosening policy.” The situation might remain the same for a while if the Fed delivers another 75bp rate hike at the coming interest rate decision on November 2 as Chairman Jerome Powell and Co. pledge to “keep at it until we are confident the job is done.”
Meanwhile, developments from the US might influence the price of gold, and it may keep defending the September range as the RSI holds above-oversold territory. Still, bullion may continue to threaten the monthly low ($1654) as it appears to be tracking the negative slope in the moving average.
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