Gold price is building on the previous upswing early Thursday, capitalizing on broad risk-aversion, as Middle East tensions grab attention once again.
Gold price challenges key resistance at $1,988 on its way to $2,000. US Dollar extends recovery with the US Treasury bond yields amid risk-aversion. Gold price confirmed a Bull Flag on the daily chart, with RSI still pointing to more gains. Gold price is paying little heed to the recent upbeat momentum in the US Dollar alongside the US Treasury bond yields.
Investors also remain wary of high-beta assets heading into the preliminary release of the US Q3 Gross Domestic Product report, which could have a significant influence on the Fed’s policy outlook. Looking ahead, Middle East tensions will help Gold price stay afloat. However, the US economic data releases could put the market’s focus back on the Fed’s path forward on interest rates.
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