Gold returns to volatile territory.

8 Nov 2023

Many Federal Reserve officials issued hawkish speeches, and gold prices fell to a new low in the past two weeks. Gold remains under pressure due to rising U.S. Treasury yields and mixed signals from Federal Reserve officials. Risk aversion triggered by tensions in the Middle East has gradually lost momentum but the impact remains, and market focus turns to interest rate hints from Federal Reserve officials. From a technical perspective, acceptance below 1,970 may have set the stage for further losses towards the 1,954-1,953 area. This area is close to the previous breakpoint of strong horizontal resistance, around the 1,950-1,948 area, and should serve as a key pivot point.