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
|Today last price||1800.01|
|Today Daily Change||7.05|
|Today Daily Change %||0.39|
|Today daily open||1792.96|
|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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