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FPG October 29 Gold Market Alert

FPG October 29 Gold

Gold edged lower near $2,730 as safe-haven demand weakened – XAUUSD H4

Gold prices slipped to around $2,730 an ounce on Monday, as safe-haven demand was dampened by Israel’s restrained airstrikes on Iran over the weekend. The relatively modest situation in which the Israel Air Force attacked Iran’s military targets but avoided attacks on oil fields and nuclear facilities, and Tehran did not respond directly for the time being, eased market tensions and weakened gold’s upward momentum.

This week’s focus shifted to the release of a series of key United States economic data, including personal consumption expenditures (PCE) inflation data, Q3 gross domestic product (GDP) estimates, and non-farm payrolls. These data may provide further guidance for the Fed’s monetary policy outlook. Recent strong economic data has cooled expectations of aggressive interest rate cuts, as low interest rates typically reduce the opportunity cost of holding non-yielding assets such as gold.

Still, gold’s safe-haven status remains supported by uncertainty over the approach to the United States election and expectations that major global central banks will continue to ease monetary policy, providing potential upside.

Market Directional Preference: Neutral Bias

Gold prices are currently trading between $2,700 and $2,750 and are likely to remain volatile in the near term, pending further economic data or policy guidance to drive the price.

The upper first-line resistance is $2,740, and the upper second-line resistance is $2,758,
The first line of support below is $2,714, and the second line of support below is $2,685.

Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.

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