Following Wednesday's impressive upsurge, gold preserved its bullish momentum in the first half of the day Thursday and touched $1,800 for the first time since mid-September.

At the time of press, the XAU/USD pair was up 0.4% on the day at $1,800.15.

Falling US Treasury bond yields seem to be fueling gold's rally in the second half of the week. After bond markets returned to action on Tuesday, the benchmark 10-year US Treasury bond yield lost nearly 6% and was last seen falling 0.9% on the day at 1.525%. 

Moreover, the poor performance of US Treasury yields continues to weigh on the greenback with the US Dollar Index dropping to fresh 10-day lows near 93.80.

Later in the session, the weekly Initial Jobless Claims and September Producer Price Index data will be featured in the US economic docket. 

Gold Price Forecast: XAU/USD to see further gains on a daily close above 200-DMA.

Gold 15-min chart

Technical levels to watch for

XAU/USD

Overview
Today last price 1800.01
Today Daily Change 7.05
Today Daily Change % 0.39
Today daily open 1792.96
 
Trends
Daily SMA20 1757.5
Daily SMA50 1776.98
Daily SMA100 1800.3
Daily SMA200 1796.79
 
Levels
Previous Daily High 1796.17
Previous Daily Low 1757.97
Previous Weekly High 1781.38
Previous Weekly Low 1746.07
Previous Monthly High 1834.02
Previous Monthly Low 1721.71
Daily Fibonacci 38.2% 1781.58
Daily Fibonacci 61.8% 1772.56
Daily Pivot Point S1 1768.56
Daily Pivot Point S2 1744.17
Daily Pivot Point S3 1730.36
Daily Pivot Point R1 1806.76
Daily Pivot Point R2 1820.57
Daily Pivot Point R3 1844.96

 

 

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