Gold Price Analysis — October 28

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RESULTS

Gold (XAU/USD) continued on its consolidation bias in the early European session on Wednesday and was last spotted trading at a fresh daily low of $1893.

The yellow metal experienced a renewed bearishness and erased the previous day’s gains, although it remained well within a four-day-old trading range. A healthy bounce in the US dollar (DXY) was the major factor sponsoring the weakness in the dollar-denominated commodity.

Meanwhile, the ever-increasing number of global Coronavirus infections and the boiling political tension in the US extended additional weakness to the precious metal.

In other news, the political stalemate over an additional round of stimulus measures in the US has dampened the risk appetite across markets, which could extend some reprieve and prevent heavy declines for gold in the meantime. That said, it is prudent to wait for additional directional confirmation before placing any aggressive bets.

Moving on, it appears that there are no significant market-moving data releases today. Investors will be focused on developments surrounding the global Coronavirus saga and the US political atmosphere for clues ahead of November 3 (US Presidential election).

Gold (XAU) Value Forecast — October 28

XAU/USD Major Bias: Bearish

Supply Levels: $1900, $1912 and $1923

Demand Levels: $1883, $1876, and $1849

Gold appears to have given in to the recent bearish pressure weighing on the commodity. After several days of consolidation, gold has finally broken below the $1900 support and is now racing towards the $1880s region.

However, there is hope for bulls only if the commodity can hold the fort above $1876. A break below that line could open the way for heavy selling in the coming days.

That said, the precious metal will only regain its bullish momentum if it breaks above the $1912 level. Failure to clear that level in the coming days could cause bullish exhaustion and precipitate a fall below $1876.

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