Gold Price News and Forecast: XAU/USD peaked at $1817/oz and pulled back to $1810
|Gold Price Analysis: XAU/USD rises modestly on Wednesday, remains vulnerable near $1800
Gold prices are rising modestly after losing around $70 during the previous two trading days on the back of risk appetite. Equity markets are pulling back on Wednesday with the Dow Jones retreating after hitting levels above 30,000 for the first time on Tuesday.
A considerable amount of economic reports were released in the US. Initial jobless claims unexpectedly rose to 778K, the highest level in five weeks. A new reading of Q3 GDP confirmed the 33.1% annualized reading. New home sales dropped 0.3% in October. Personal income surprised with a 0.7% decline and personal spending rose 0.5% in October.
Further clues reveal gold’s weakness
It might have been tempting to think that the recent move lower in the U.S. Dollar Index would serve to push gold higher, as it usually does according to the traditional pattern. But these are extraordinary times and there are too many external factors weighing negatively on the price of the yellow metal.
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