Technical analysis by PSD_Trading about Symbol PAXG: Sell recommendation (10/30/2023)

XAUUSD | Jumps Hurdles Ahead of Fed and Despite a USD Rally XAUUSD , US Dollar, Fed, FOMC, Treasury Yields, Real Yields, GVZ Index - Talking Points - The gold price leapt to new highs as haven demand continues - The psychological US$ 2,000 mark has been eclipsed with volatility ticking up - The FOMC meeting lies ahead. Will it provide price swings for XAUUSD? The spot gold price surpassed $2,000 last Friday ahead of the Federal Open Market Committee (FOMC) meeting this week. Treasury yields have eased but remain high, impacting the US Dollar and gold prices. Geopolitical tensions in the Middle East are also affecting asset values. When the US Dollar and Treasury yields rise, gold tends to face selling pressure. Similarly, when US real yields increase, gold often declines as it lacks interest-bearing qualities. US real yields have reached a 15-year high at the 10-year mark, trading above 2.60%. Real yield is calculated by subtracting the market-priced inflation rate from the nominal yield. The surge in real yields is due to higher nominal yields and lower inflation expectations. Despite this, there has been no impact on the price of gold yet. It is worth monitoring these markets for any sudden changes. The interest rate market predicts no change in the Fed funds target rate, but Fed Chair Jerome Powell's post-decision discussion could influence the price of gold. To understand the influence of central banks on markets, click on the banner. GOLD - WEEKLY ANALYSIS ➡️In terms of fundamental analysis: Gold is being strongly influenced by information about the Middle East war. The global supply chain disruption is becoming increasingly serious. Prices of oil and other commodities increased. Putting pressure on global inflation in a context where the FED seems to have no more room to raise interest rates. This contributes to supporting the price increase rate of Gold. ➡️In terms of technical analysis: The falling correction wave structure was broken in the area (1983 - 1985). This opens up an opportunity for a corrective wave to reach the 1983, 1963 area and beyond at 1948.