Gold ended the week up $26.67 at $1304.13, as a weaker dollar, sagging risk appetite and intensifying worries over the outcome of Tuesday's presidential election helped lure buyers back into the market. The XAU/USD pair initially tested the $1272/0 area but found enough support to reverse and broke through a key resistance at $1286. As a result, the market reached the $1307/4 zone. The latest data from the Commodity Futures Trading Commission (CFTC) showed that speculative traders on the Chicago Mercantile Exchange increased their net-long positions in gold to 215131 contracts, from 196980 a week earlier The Federal Reserve kept interest rates unchanged last week but signaled it could raise borrowing costs in December if the economy remains on track. Although the recent batch of economic data supports expectations for a rate hike next month, the focus remains on an increasingly uncertain race for the White House. Technically speaking, the weekly and 4-hourly charts are bullish while the XAU/USD pair is trading above the Ichimoku clouds. In addition to that, the Tenkan-Sen (nine-period moving average, red line) and the Kijun-Sen (twenty six-period moving average, green line) lines are positively aligned and the Chikou-span.
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