Gold Price Analysis: XAU/USD flirts with immediate support line around $1,885 amid Pence-Harris faceoff

Gold prints mild losses following a U-turn from $1,887.56.
Sustained trading below 200-HMA directs the bullion to an ascending trend line from September 28.

Anil Panchal FXStreet

Gold prices drop to $1,886.46, down 0.06% intraday, amid the early Thursday’s trading. The bullion recently gained momentum as the US Vice Presidential Debate helped the US dollar while also defending the market’s risk-tone.

Follow updates here: VP debate could raise chances of a contested election and weigh on markets – Live coverage

In doing so, the yellow metal attacks an upward sloping trend line from Wednesday while staying below 200-HMA. As a result, sellers are likely to eye an eight-day-old support line, at $1,876 now, during the further declines.

In a case where the sellers dominate past-$1,876, the monthly bottom close to $1,873 will be a halt before challenging the late-September low near $1,848/49.

On the flip side, gold buyers need to cross the 200-HMA level of $1,892 with eyes on the $1,900 threshold.

Also acting as the key upside barrier is the monthly peak surrounding $1,921 that holds the gate for the metal’s run-up towards the mid-September high of $1,973.64.

Gold hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1884.76
Today Daily Change	-2.80
Today Daily Change %	-0.15%
Today daily open	1887.56

Trends
Daily SMA20	1910.14
Daily SMA50	1941.67
Daily SMA100	1858.72
Daily SMA200	1740.49

Levels
Previous Daily High	1898.05
Previous Daily Low	1873.01
Previous Weekly High	1917.16
Previous Weekly Low	1848.82
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1888.48
Daily Fibonacci 61.8%	1882.58
Daily Pivot Point S1	1874.36
Daily Pivot Point S2	1861.17
Daily Pivot Point S3	1849.32
Daily Pivot Point R1	1899.4
Daily Pivot Point R2	1911.25
Daily Pivot Point R3	1924.44

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD softens as risk-off mood meets FOMC countdown

The Aussie Dollar loses 0.11% against the Greenback on Tuesday as risk appetite remains negative amid calls from AI company CEOs to slow development, while the FOMC monetary policy meeting looms. Expectations for a Fed rate hike undermine the AUD/USD, which trades at 0.7130.

USD/JPY extends gains toward 155.00 amid USD resurgence

USD/JPY keeps pushing higher toward 155.00 early Tuesday, looking for more upside, as traders await the FOMC and BoJ meetings this week. Meanwhile, Fed rate-hike bets and oil-driven inflation risks keep US bond yields near multi-year highs, supporting the US Dollar and the pair. That said, a more hawkish repricing of the BoJ normalization path might continue to underpin the Japanese Yen and could limit USD/JPY's upside. .

Gold set to fall toward $4,000 as Warsh faces a Fed rate-hike dilemma

As the Federal Reserve monetary policy announcement approaches and the Middle East war intensifies, the US Dollar resumes its advance. Gold price posted a tepid attempt to recover its shine in early August, but with renewed USD demand, the bright metal faltered miserably and is now closer to the $4,000 mark than the encouraging $4,700 peak from a month ago.

Ethereum continues to attract capital despite impending rate hike and Clarity Act failure

Ethereum declined to $2,400 on Tuesday after the Clarity Act failed to progress in the Senate. Despite that and the market's near certainty of an interest rate hike at the next Federal Reserve (Fed) meeting, the top altcoin has continued to attract fresh capital. Ethereum buyers have been dominating sellers over the past few days.

How Japan became the World's Banker and why that era may be ending

Japan's ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen one of the world’s cheapest sources of funding. With the Bank of Japan expected to tighten policy again this week, that advantage may be entering a new phase. While most major economies raised interest rates, Japan remained the world's outlier.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.