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Gold hit a new all-time high (ATH) of $2,774 late in the North American session amid a risk-on mood and a retracement in US Treasury yields. Following the release of mixed US data on Tuesday, investors seem convinced that the Federal Reserve will lower borrowing costs at the November meeting.The XAU/USD trades at $2,773, gains over 1%, within striking distance of cracking the ATH after bouncing off daily lows of $2,739.The US Department of Labor revealed that the September Job Openings and Labor Turnover Survey (JOLTS) fell to its lowest level in three and a half years, missing analysts’ expectations. Meanwhile, October’s Conference Board (CB) Consumer Confidence showed its most impressive gain since March 2021.Gold traded slightly below its opening price at the beginning of the week and is down by 0.15%, weighed down by rising US Treasury yields. Market players prepare for a busy economic docket in the United States (US), as the data will be crucial with investors looking for cues for the Federal Reserve’s (Fed) monetary policy path.Meanwhile, traders are closely watching the upcoming US election on November 5. According to polling site FiveThirtyEight, Trump’s chances of winning have risen to 52% compared to 48% for Vice President Kamala Harris. Despite this, the Democratic nominee still holds a slight lead in most national polls.Gold remains supported by safe-haven flows amid the ongoing conflict in the Middle East and the escalation of the war in Ukraine following reports that North Korea has sent troops to Russia.Traders are also awaiting a busy economic schedule, which will feature a tranche of job data: ADP Employment Change, Initial Jobless Claims, and Nonfarm Payrolls.Other data will be revealed like the Gross Domestic Product (GDP) for the third quarter of 2024, the ISM Manufacturing PMI, and the Fed’s preferred inflation gauge — the Personal Consumption Expenditures (PCE) Price Index.
Daily digest market movers: Gold price boosted amid upbeat mood
XAU/USD technical outlook: Gold price rallies to an all-time peak
Gold price rally resumed on Tuesday, set to test the $2,800 if buyers extend XAU/USD advance past $2,775. A breach of the latter will expose $2,800, followed by the psychological $2,850 mark and the $2,900 figure.On the other hand, if sellers move in and push prices below $2,750, the next support would be $2,700. Up next the September 26 swing high, which turned support at $2,685, followed by the 50-day Simple Moving Average (SMA), which turned support at $2,603.Momentum suggests the non-yielding metal could consolidate as the Relative Strength Index (RSI) remains bullish, aiming higher, breaking the last peak. This means that buyers are gathering steam.More By This Author:Gold Price Retreats As Traders Await For US Data, Heightened US Yields Gold Price Climbed As Traders Sought Safety Due To Geopolitical WoesGold Prices Soared Due To Geopolitical Tensions, Declining US Yields
