{"id":135767,"date":"2024-10-16T11:16:40","date_gmt":"2024-10-16T11:16:40","guid":{"rendered":"https:\/\/kinesis.money\/?p=135767"},"modified":"2024-10-16T11:17:29","modified_gmt":"2024-10-16T11:17:29","slug":"gold-tests-high-haven-bid","status":"publish","type":"post","link":"https:\/\/kinesis.money\/fr\/market-analysis\/gold-news\/gold-tests-high-haven-bid\/","title":{"rendered":"Gold Price News: Gold Tests High on Safe Haven Bid"},"content":{"rendered":"\n

Having rallied strongly at the end of last week, gold now appears poised for another push higher. However, economic drivers are little changed; while US rate markets have marginally eased, this has been offset by some firming of the US dollar. According to CME FedWatch the market is pricing in c. 0.5% of Fed rate cuts by the end of 2024 and a total of 1.25% by the middle of 2025. Nevertheless, gold starts Wednesday trading at $2676\/toz.<\/p>\n\n\n

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\"gold
KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

<\/p>\n\n\n\n

Geopolitical tensions support gold prices<\/h2>\n\n\n\n

Geopolitics however continues to be a key support for gold, with ongoing conflict in the Middle East and uncertainty around US Elections on 6 November. In Europe, Ukrainian President Zelenskyy has now accused North Korea of sending troops to support the Russian offensive, implicating further Chinese involvement in the process. The \u2018safe haven bid\u2019 for gold remains strong and appears to be compensating for the lack of clear economic support.<\/p>\n\n\n\n

Gold technical analysis and key levels<\/h2>\n\n\n\n

Looking at the gold chart, despite some volatility last week, and the broader picture of consolidating price action at elevated levels in October, gold seems poised to challenge key technical levels once again. This morning it appears to have breached the upper bound of the 26 June\/ 17 July\/ 25 July ascending channel at $2667\/toz and is currently negotiating major horizontal resistance at $2673\/toz.<\/p>\n\n\n\n

Breakout and support levels to watch<\/h3>\n\n\n\n

Should a move above that level be sustained, the 100% and 161.8% Fibonacci extension levels at $2710\/toz and $2820\/toz respectively represent the initial and second breakout targets, separated by major ascending oblique resistance at $2756\/toz.<\/p>\n\n\n\n

To the downside, support is offered by a rising 20-Day Simple Moving Averages at $2645\/toz minor ascending oblique support at $2622\/toz, the 38.2% Fibonacci extension level at $2599\/toz and the 50-day Simple Moving Average at $2562\/toz.<\/p>\n\n\n\n

Key economic events ahead<\/h2>\n\n\n\n

Today sees a speech from ECB President Lagarde ahead of Thursday\u2019s ECB rate decision and press conference, where a 0.25% cut is expected. Today will also see a speech from Atlanta Fed President Bostic (hawk, voter), followed by September US Retail Sales data and a speech by Chicago Fed President Goolsbee (dove, non-voter) on Thursday.<\/p>\n\n\n\t\t\t

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Mike<\/a> is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Having rallied strongly at the end of last week, gold now appears poised for another push higher. However, economic drivers are little changed; while US rate markets have marginally eased, this has been offset by some firming of the US dollar. According to CME FedWatch the market is pricing in c. 0.5% of Fed rate […]<\/p>\n","protected":false},"author":51,"featured_media":135915,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-135767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: Gold Tests High on Safe Haven Bid - Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold price news analysis for today, Wednesday 16th of October 2024, from leading precious metals analyst Mike Ingram.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Price News: Gold Tests High on Safe Haven Bid\" \/>\n<meta property=\"og:description\" content=\"Discover Kinesis' gold price news analysis for today, Wednesday 16th of October 2024, from leading precious metals analyst Mike Ingram\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kinesis.money\/market-analysis\/gold-news\/gold-tests-high-haven-bid\/\" \/>\n<meta property=\"og:site_name\" content=\"Kinesis\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-16T11:16:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-16T11:17:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kinesis.money\/wp-content\/uploads\/2024\/10\/gold-news-feature-gold-tests-high-on-safe-haven-bid.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"529\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Ingram\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:description\" content=\"Discover Kinesis' gold price news analysis for today, Wednesday 16th of October 2024, from leading precious metals analyst Mike Ingram\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Ingram\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/gold-news\\\/gold-tests-high-haven-bid\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/gold-news\\\/gold-tests-high-haven-bid\\\/\"},\"author\":{\"name\":\"Mike Ingram\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/#\\\/schema\\\/person\\\/589c930415cb13add9bd2be349d91f61\"},\"headline\":\"Gold Price News: Gold Tests High on Safe Haven Bid\",\"datePublished\":\"2024-10-16T11:16:40+00:00\",\"dateModified\":\"2024-10-16T11:17:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/gold-news\\\/gold-tests-high-haven-bid\\\/\"},\"wordCount\":363,\"image\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/gold-news\\\/gold-tests-high-haven-bid\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/kinesis.money\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/gold-news-feature-gold-tests-high-on-safe-haven-bid.jpg\",\"articleSection\":[\"Gold News\"],\"inLanguage\":\"fr-FR\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/gold-news\\\/gold-tests-high-haven-bid\\\/\",\"url\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/gold-news\\\/gold-tests-high-haven-bid\\\/\",\"name\":\"Gold Price News: Gold Tests High on Safe Haven Bid - 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