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The market action remained subdued on Tuesday as trading conditions started slowly to normalize following the long weekend. As the US Dollar (USD) staged a technical rebound following the dismal performance seen in the last couple of weeks of 2023, XAU/USD closed the day in negative territory. On Wednesday, the US ISM Manufacturing PMI improved to 47.4 in December from 46.7 in November. Additionally, the number of job openings on the last business day of November stood at 8.79 million, down modestly from 8.85 million in October. Although these data failed to trigger a noticeable market reaction, the USD benefited from risk aversion and caused XAU/USD to continue to push lower. As Wall Street’s main indexes lost about 1% on the day, Gold dropped to its lowest level in nearly two weeks at $2,030. Private sector employment in the US rose by 164,000 in December and annual pay was up 5.4%, the Automatic Data Processing (ADP) reported on Thursday. The benchmark 10-year US Treasury bond yield climbed above 4% after this data and didn’t allow XAU/USD to stage a meaningful rebound. The probability of the Federal Reserve (Fed) lowering the policy rate by 25 basis points in March declined to 65% on Thursday from 85% earlier in the week following employment-related US data. On the downside, the 20-day Simple Moving Average (SMA) and the ascending trend line coming from early October form a key support level at $2,040. If Gold falls below this level and fails to reclaim it, $2,020-$2,015 (Fibonacci 23.6% retracement level of the latest uptrend, 50-day SMA) and $2,000 (psychological level, static level) could be set as next bearish targets.

Gold price aims to extend recovery above $1,970.00 as a substantial decline in the US consumer inflation in October indicates that the Federal Reserve will likely not raise interest rates further. The US inflation data for October, released on Tuesday, indicated that headline inflation decelerated significantly. The annual headline CPI rose by 3.2%, softened from estimates of 3.3% and the former reading of 3.7%. This was the slowest growth in headline inflation in more than two years. A significant decline in the headline inflation rate was prompted by a sharp fall in global Oil prices. Rental prices continued to rise in October but at a slower pace than in September. Food and grocery prices expanded at a higher pace of 0.3%. Monthly core inflation, which takes out volatile Oil and food prices grew by 0.2% against estimates – and September’s growth rate – of 0.3%. Annual core inflation rose by 4.0%, decelerated from expectations and the prior release of 4.1%. Though core inflation declined more than expectations, the pace of decline was nominal, which indicates lingering stickiness. This remained a major concern for Federal Reserve policymakers last week, which forced them to lean toward raising interest rates further. Last week, Federal Reserve Chairman Jerome Powell commented that the central bank won’t hesitate in tightening monetary policy further as a failure to control inflation would be their biggest mistake. After the release of the US inflation data, Richmond Federal Reserve Bank President Thomas Barkin, speaking at an event in South Carolina, said the core inflation was partly offset by supply shortages. Thomas Barkin added that the central bank is making real progress on inflation but is not convinced inflation is on a smooth glide path back to its 2% target (for Core CPI). Barkin warned that the Fed needs to do more to curb demand and inflation. Latest inflation figures have turned the tide in favor of keeping interest rates unchanged by the Fed in the range of 5.25-5.50%. Economists hope that the Fed is done with hiking interest rates and that discussions about cutting interest rates will be early. The US Dollar Index (DXY) faced an intense sell-off after the release of the soft inflation report. The USD Index has refreshed its two-month low near 104.00 as easing inflationary pressures accelerated risk-taking. 10-year US Treasury yields fell sharply to 4.43%. Going forward, investors will focus on the monthly US Retail Sales data and Producer Price Index (PPI) for October, which will be published at 13:30 GMT. As per the consensus, the US Retail Sales contracted by 0.3% against an expansion of 0.7% in September. A sharp decline in consumer spending could keep pressure on the US Dollar. In addition to the US economic data, US President Joe Biden’s meeting with China’s President Xi Jinping at the White House will be keenly watched. Discussions about the Israel-Palestine war are widely anticipated. Gains in Gold could be limited due to risk-on mood and easing Middle East tensions. Technical Analysis: Gold price climbs above $1,970 Gold price jumps close to $1,970.00 after the release of the soft US inflation report. The precious metal resumed its upside journey after discovering significant buying interest near the 50-day Exponential Moving Average (EMA). The recovery in Gold has been extended above the 20-day, which indicates that the broader appeal has turned extremely bullish.

In a significant market shift, gold prices have witnessed a notable downturn as tensions in the Middle East showed signs of abating. Israel's decision to implement a ceasefire for humanitarian purposes, coupled with global leaders' concerted efforts to mediate the conflict, has provided a semblance of stability. Contrastingly, oil prices have found support above the $80 mark, largely attributed to proactive measures by major oil-producing nations. Saudi Arabia and Russia have voluntarily curtailed oil supplies, aiming to bolster oil price stability amid geopolitical uncertainties. Investor focus has now shifted to China, where the keenly anticipated release of the Consumer Price Index (CPI) and Producer Price Index (PPI) holds sway. These indices are crucial barometers, offering insights into China's economic resilience and potential impact on global oil demand. Gold prices have experienced a retreat, consolidating within a range defined by support and resistance levels,as conflicting fundamental factors leave investors seeking clearer market direction. Global efforts to ease tensions in the Middle East have reduced the appeal of gold as a safe-haven asset. However, the decline in gold's value is somewhat offset by the weakening of the US Dollar, which has followed the retreat in US Treasury yields. Gold is trading lower following the prior retracement from the resistance level. MACD has illustrated increasing bearish momentum, while RSI is at 38, suggesting the commodity might extend its losses since the RSI stays below the midline. Resistance level: 1980.00, 2005.00. Support level: 1960.00, 1940.00.

Gold remains at the back foot for the third consecutive day, following another failure to sustain gains above psychological $2000 level. Yellow metal ‘s price hit new multi-month high at $2009 last Friday, but subsequent return below $2000 points to persisting headwinds at this zone. Gold rallied strongly in October (up 7.3%) driven by strong safe-haven demand after the conflict in Middle East started, adding to already fragile geopolitical situation and prompting investors out of riskier assets. Dips were so far shallow and contained by rising daily Tenkan-sen / broken Fibo 61.8% of $2080/$1810 downtrend ($1983/77 respectively), with ability to hold above these levels to signal limited consolidation ahead of fresh attempt higher. Deeper pullback, however, should find firm ground at $1960/50 zone to mark a healthy correction and keep larger bulls unharmed. Daily studies remain bullish, with current pullback so far seen as technical correction, sparked by overbought conditions. US Federal Reserve ends its policy meeting today and the decision is expected to strongly influence metal’s price. Wide expectations that the central bank will keep the policy unchanged would offer fresh support to gold, though, investors will be also looking for the Fed’s assessment of the US economy, which would provide more clues about central bank’s action in the near future. Bullish bias expected above $1962/53 (Fibo 23.6% of $1810/$2009/Oct 24 trough) while break lower would put bulls on hold and risk attack at lower pivot at $1933 (200DMA / Fibo 38.2%). Conversely, sustained break of $2000 zone would generate initial signal of bullish continuation and expose targets at $2009, $2048 and $2080. Res: 1990; 2000; 2009; 2021. Sup: 1975; 1962; 1953; 1933.

ETHUSD U.Today - continue in preparation for the Deneb-Cancun upgrade and are teasing the launch of Devnet #10, which will most likely be the final devnet before the upgrade is released on public ETH testnets like Goerli. As stated in the most recent Ethereum ACDE , Barnabas Busa, a DevOps engineer for Ethereum Foundation, hints at waiting on client teams for new software releases. Once these are ready, the next devnet, and hopefully the last, Devnet #10, might launch. In addition, Ethereum have announced a new Deneb release for CL clients, v1.4.0-beta.3, dubbed "the summoning." The release of new CL code specifications for the Cancun/Deneb (Dencun) upgrade, dubbed "the summoning," formally tagged as version 1.4.0-beta.3 in the CL GitHub repository, features two main changes. First, mainnet KZG configurations: The formatting work needed to finalize the output from Ethereum's trusted setup ceremony has been completed and is now included in the most recent CL spec release. Second is the new gossip rule, which ensures that CL nodes do not transmit more blobs than the maximum amount of blobs per block, which is presently set in the specifications as six blobs per block. This prevents validators from spamming the network with invalid messages that exceed six blobs per block. an Ethereum client, announced the release of its v4.1.0 version earlier this week. Although capabilities such as backward syncing and filesystem-based blob storage are planned for Q4, 2024, this release sets the groundwork for Deneb support. This release includes new features such as decreasing memory with multi-value slices, optimizing block processing with EIP-4881, boosting portable build performance with BLST0.3.11 and providing live previews of multiarch containers.

BTCUSD BTCUSD n that time, Bitcoin has soared by 147%. The premier coin dwarfed its closest competitor, the S&P 500, which tracks the performance of 500 stocks trading on U.S. stock exchanges. Since August to date, the S&P 500 has managed 26% growth. The tech stock-heavy Nasdaq Composite comes next in line, boasting of 18% growth since August 2020 compared to Bitcoin's 147%. Bitcoin is often touted as a viable , and it is often labeled digital gold, accounting for one of the reasons why MicroStrategy is all out on it. Physical gold has nosedived by 3% compared to Bitcoin's performance, while silver and bonds have slumped by 19% and 24%, respectively. Judging by the outlook of the comparative alternatives, Saylor declared his verdict, noting that "Bitcoin is stronger." MicroStrategy inspiration MicroStrategy remains the most consistent Wall Street firm with a bullish position on Bitcoin. The firm has not relented on its Bitcoin acquisition since August 2020, and recently, the company up another 5,445 BTC units. This recent acquisition was worth $147.3 million, and it takes the company's total holdings to 158,245 BTC acquired for approximately $4.68 billion. While MicroStrategy's overall holdings might not be profitable at the moment owing to the average price of the asset, that Bitcoin has outperformed other potential assets justifies its investment overall.

XAU/USD soars to $1,982 post-fed powell's XAUUSD Gold price (XAU/USD) extended its gains to three straight days and approached the next cycle high of $1982.15 a troy ounce after remarks from the US Federal Reserve Chair Jerome Powel weighed on the Greenback, as investors expect no further rate increases by the Fed. The XAU/USD is trading at $1971.15, gaining 1.24%. Gold price (XAU/USD) extends gains for three consecutive days, approaching the next cycle high of $1982.15 per troy ounce During Powell’s appearance at the Economic Club of New York, Wall Street seesawed, but at the time of writing, trade with losses. Fed Chair Jerome Powell commented that policy is restrictive and that the Fed would proceed “carefully” in setting its policy. He emphasized that above-trend growth and a tight labor market “could warrant further tightening of monetary policy.” Consequently, US Treasury bond yields, particularly the 10-year benchmark note rate, wavered at around a ten-basis point spread, though it had settled at around 4.973%, but failed to underpin the Greenback, which prints losses of 0.47%, as shown by the US Dollar Index (DXY), at 106.05. On the data side, the US calendar featured the Philadelphia Manufacturing Index for September, portraying a gloomy economic outlook for the region. At the same time, the US Bureau of Labor Statistics (BLS) revealed that last week’s Initial Jobless Claims slowed to 198K, below forecasts and previous figures, at 212K and 211K, respectively. Ahead of the week, the docker would feature Fed speakers before entering their blackout period as they brace for the upcoming monetary policy meeting. XAU/USD Price Analysis: Technical outlook After clearing the 200-day moving average (DMA) at $1930.70, Gold could test the latest cycle high of $1987.42, before rallying to $2000. Once those two areas are cleared, up next would be the all-time high (ATH) at $2081.82. On the flip side, if sellers moved in and dragged prices below the psychological $1950, that would open the door to test key support levels like the 200-DMA at 1930.68, the 100-DMA at 1922.13, and the 50-DMA at $1902.54. Telegram link: t.me/blue_pipsofforex

September Retail Sales data will be featured in the US economic docket on Tuesday. Investors expect an increase of 0.3% on month following the 0.6% growth recorded in August. Since this data is not adjusted for price changes, it is likely to be ignored by market participants. In the Asian session on Wednesday, third-quarter Gross Domestic Product data from China will be watched closely by investors. The Chinese economy is forecast to grow at an annual rate of 4.4% after expanding 6.3% in the second quarter. A disappointing GDP reading could revive concerns over a weak demand outlook for Gold and cause XAU/USD to turn south. The Fed’s blackout period ahead of the November policy meeting will start on Saturday, October 21. Hence, Fed policymakers will likely use next week to steer the markets in a certain direction. In case officials continue to cite rising yields as a reason to hold the policy rate steady, US T-bond yields could continue to stretch lower and allow XAU/USD to extend its uptrend. A yield of 4.5% aligns as a key support level for the 10-year US Treasury. If that level turns into a resistance, another leg lower in the 10-year yield could be seen. If officials reiterate the data-dependent approach to policy and refrain from rejecting further tightening until they see more evidence of softening inflation, the pair could have a difficult time gathering bullish momentum. Markets will pay close attention to geopolitics as well. The impressive rally seen in XAU/USD on Friday suggests that Gold is likely to continue to benefit from a further escalation in tensions in the Middle East. Gold technical outlook The Relative Strength Index (RSI) indicator on the daily chart climbed above 50 and XAU/USD surpassed the 20-day and the 50-day Simple Moving Averages (SMA) on Friday, highlighting buyers’ dominance. On the upside, $1,925-$1,930 (100-day SMA, 200-day SMA) aligns as an important resistance. A daily close above this hurdle could bring in technical buyers and open the door for another leg higher toward $1,960 (Fibonacci 23.6% retracement of the latest uptrend) and $1,980 (static level). In case XAU/USD retreats below $1,900 (Fibonacci 38.2% retracement, 50-day SMA), sellers could take action. In this scenario, $1,875 (20-day SMA) could be seen as first support before $1,850 (Fibonacci 50% retracement).

XAUUSD Gold price aims to climb above $1,860.00, supported by an improvement in safe-haven appeal due to Middle East tensions and neutral commentary from Federal Reserve policymakers. Deepening Middle East tensions have improved the appeal for safe-haven assets as higher oil prices could elevate inflation risks. The risk-aversion theme is not too strong as an intense sell-off has not been witnessed yet. It seems that investors are waiting for how the situation in Israel develops. Israeli Prime Minister Benjamin Netanyahu said on Monday that Israel's response to the multi-pronged attack by Palestinian terror group Hamas will change the Middle East. As the appeal for safe-haven assets has improved, the Gold price is performing well against the US Dollar as traders are betting in favor of an unchanged interest rate policy in the monetary policy meeting on November 1. As per the CME FedWatch Tool, traders see an 88% chance of the Fed keeping interest rates unchanged at 5.25-5.50%, where they’ve stood since July. The odds of one more interest rate increase in any of the two remaining monetary policy meetings in 2023 have dropped to 28%. On Monday, Dallas Fed Bank President Lorie Logan drew less emphasis on raising interest rates further if long-term interest rates remain elevated because of higher Treasury yields. About the inflation outlook, Fed Logan said, "Progress on inflation is encouraging, but it's too early to be confident it is headed to the Fed's 2% target in a sustainable, timely way." While addressing the public at the National Association for Business Economics conference, Fed Vice Chair Phillip Jefferson emphasized the consideration of higher Treasury yields before arriving at any decision on interest rates. The 10-year US Treasury yield has soared to an almost 16-year high near 4.8%, which has prompted 30-year mortgage rates to rise to 7.5%. Fed’s Jefferson warned that the central bank needs to be careful with a further hike in interest rates. Last week Cleveland Fed Bank President Loretta Mester and Fed Governor Michelle Bowman announced support for one more interest rate increase in the remainder of 2023, citing the resilient US economy and expectations that progress in inflation declining to 2% will stall. The US Dollar Index (DXY) finds interim support near 106.00 after facing selling pressure due to neutral guidance on interest rates from Fed policymakers. Further action in the USD Index will be guided by the US inflation data for September, which will be released on Thursday. As per the estimates, monthly headline and Core inflation are seen expanding 0.3%. The annual headline and Core Consumer Price Index (CPI) are seen softening marginally to 3.6% and 4.1%, respectively. Before US CPI data, FOMC minutes for September monetary policy and producer inflation data will be released on Wednesday

Gold price (XAU/USD) remains directionless, trading at around $1,820, as investors keenly await the United States Nonfarm Payrolls (NFP) data for September. The employment report will set an undertone for the Federal Reserve’s (Fed) upcoming monetary policy decision in November. US labor market conditions are seen softening further considering weak cues from the ADP Employment report released earlier this week, but the outlook is uncertain. Soft Nonfarm Payrolls data is expected to ease selling pressure in the US Treasuries and would improve the appeal for Gold. Apart from that, expectations of one more interest rate increase from the Fed in the remainder of 2023 would vanish. However, a further acceleration in wage growth would discomfort Fed policymakers and spur consumer inflation expectations. Technical Analysis: Gold price trades directionless above $1,810 Gold price oscillates inside Thursday’s trading range as investors await the US labor market data for further guidance. The precious metal strives for a direction, which will likely be set after the release of the NFP report. A death cross, represented by the 50-day and 200-day Exponential Moving Averages (EMAs) at $1,905.00, warrants more downside. Momentum oscillators have turned extremely oversold. XAUUSD