Market Analysis: Price of Gold Stabilises Near Its 5-month Highs – Analytics & Forecasts – 30 October 2023

The XAU/USD rate fluctuates around $1,987 – the July high was formed around this price. And having overcome it, the market stabilized, as evidenced by the ADX indicator, which dropped to its minimum for the month.

Gold is up about 9% in three weeks on war fears. Moreover, if we take the year 2023, then gold has become a more profitable investment than the stock market, since according to Dow Jones Market Data, as of Thursday’s close, the S&P 500 SPX index has gained 7.8% since January 1, at that time as front-month gold futures gained 9.2% over the same period.

On Friday, gold traders are focused on the release of US Core PCE Price Index values at 15:30 GMT+3. News about inflation could cause significant turbulence in the gold market…more