• Gold price extends gains as investors take caution ahead of the skew of US data.
  • China’s industrial profits declined by 7.8% could dampen the positive sentiment arising from the PBoC stimulus measures.
  • Fed officials mentioned closely monitoring incoming data before making policy decisions.

Gold price maintains its position above $2,010 per troy ounce during the European session on Monday. The US Dollar’s (USD) weakness, fueled by increasing speculation that the Federal Reserve (Fed) has concluded its interest rate hikes, has proven advantageous for the yellow metal. Gold price has benefited from this trend, alongside indications of a global economic slowdown.

The price of Gold might experience additional strength, driven by positive sentiment stemming from the news that the People’s Bank of China (PBoC) has issued a notice to boost financial support for private firms.

However, the Year-to-Date (YTD) data on China’s industrial profits, showing a decline of 7.8% compared to the previous drop of 9.0%, may have a dampening effect on the initially positive sentiment arising from the People’s Bank of China’s (PBoC) additional stimulus measures.

US Dollar Index (DXY) extends losses despite improved US Treasury yields. Even though there’s speculation about the possibility of easing, Federal Reserve (Fed) officials emphasized the need for further tightening. Their stance indicated a commitment to closely monitoring incoming data before making decisions.

Market participants seem adopting caution before a string of key economic readings from the United States (US), including the Gross Domestic Product (GDP) Annualized for the third quarter, and the Core Personal Consumption Expenditures (PCE) Price Index, a key inflation indicator. These data may offer a comprehensive view of the country’s economic performance and price trends excluding volatile food and energy components.


Today last price2012.37
Today Daily Change10.02
Today Daily Change %0.50
Today daily open2002.35
Daily SMA201976.13
Daily SMA501935.04
Daily SMA1001933.44
Daily SMA2001940.71
Previous Daily High2003.64
Previous Daily Low1991.53
Previous Weekly High2007.63
Previous Weekly Low1965.51
Previous Monthly High2009.49
Previous Monthly Low1810.51
Daily Fibonacci 38.2%1999.01
Daily Fibonacci 61.8%1996.16
Daily Pivot Point S11994.71
Daily Pivot Point S21987.06
Daily Pivot Point S31982.6
Daily Pivot Point R12006.82
Daily Pivot Point R22011.28
Daily Pivot Point R32018.93