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Daily market movers: Gold tumbles despite recent threats by Washington
- Reuters revealed: “The Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, from laptops to jet engines, to retaliate against Beijing’s latest round of rare earth export restrictions”.
- The article mentioned that some officials iof the administration, could be used to pressure China, but fell short of implementing it, one of the sources said. The move could disrupt global trade with China, especially technology goods and services.
- The US 10-year Treasury note yield is down one and a half basis points at 3.951%. US real yields — which correlate inversely to Gold prices — fell to 1.671%, sliding over two basis points.
- Alongside the release of US inflation, investors await the release of S&P Global Purchasing Managers Indices (PMI) prints for October on Friday.
- Market participants have priced in a 98% chance of the US central bank cutting rates by 50 bps this year. It’s worth noting that traders have also priced in close to 100 bps of cuts for 2026.
- Gold Price Alert: $4,000 Support Under Threat as Market Pressure Mounts
- Precious Metals Slip: The Real Reason Behind Gold and Silver’s Price Drop
- Gold Rate Today: अमेरिका में मचा हड़कंप! 100 साल में पहली बार ऐसा उछाल, लोगों के उड़े होश
- Stocks Bounce Back as Gold Loses Shine Amid Renewed Investor Confidence
- Euro Struggles: EUR/USD Slides as Dollar Strengthens Again
Technical outlook: Gold price remains bullish, despite retreating
Gold price retreated below the 20-day Simple Moving Average at $4,017, reached $4,004 before reclaiming the 20-day SMA, so far testing the October 8 high of $4,059. The Relative Strength Index (RSI) exited overbought conditions, but it remains above the 50-level, an indication that buyers remain in control.
If XAU/USD climbs back above $4,100, the next resistance would be the day’s high of $4,161, followed by the $4,200 milestone. On further strength, $4,300 is up next, ahead of the record high of $4,380.
Conversely, if XAU/USD stays below $4,059, this clears the path to test $4,000. A breach of the latter could accelerate Gold’s losses, clearing the path to test $3,900 and the 50-day SMA at $3,722.