![Gold Trading | Predicted Targets Have Been Hit: What's Next For The Yellow Metal?](https://commoditysamachar.com/wp-content/uploads/2023/10/BLOG-6-1-1024x576.png)
Gold prices sparked to multi month high in latest Gold Trading session, posting the third straight weekly gain. The prices surged over 6% amid geopolitical uncertainties in the Middle East. Adding to this, the Federal Open Market Committee meeting scheduled this week and US Treasury yields have retreated from recent peaks but remain elevated, with the 10-year bond yield reaching a level not seen since 2007 at 5.02%, weighted on the sentiment.
Israeli forces staged their largest ground attack in Gaza so far in this war with Hamas overnight despite ongoing diplomatic efforts to delay an expected full ground invasion. Meanwhile, gold’s advance was capped by further evidence that the US economy stayed resilient which reinforced the higher-for-longer view on interest rates in the latest gold trading session.
The US economy expanded at the fastest pace in nearly two years in the third quarter, defying forecasts of a recession. Elsewhere, the European Central Bank broke a 15-month streak of hikes, leaving its key rate unchanged after a batch of weak PMI readings.
Now, this week’s key central bank event will give direction to the Yellow metals. The Bank of Japan (BoJ) is scheduled to announce its policy decision on Tuesday, the Federal Reserve on Wednesday and the Bank of England (BoE) meeting on Thursday. Apart from this, the official PMIs from China, the prelim EuroZone GDP and CPI, along with the US NFP numbers, might provide some meaningful move to the precious metal.
Gold Trading | Technical Outlook
![The technical outlook for latest gold trading session](https://commoditysamachar.com/wp-content/uploads/2023/10/GOLD1_2023-10-30_15-13-28.png)
Gold prices touched its multi month high 61396 today and traded at 61160, up 0.34% today. Prices posted more than 6% gain in the last three week.
As per our 23 October 2023 outlook, prices rebounded from the low 60125 and hit our both predicted target of 61000-61250.00.
On the above chart, a three white soldier candlestick pattern is still indicating a bullish momentum. However, prices reached near to its six month high, and it would need to break above 61520 in order to test next resistance 61800-62200.00. Else, prices give temporary dip towards 60950-60800 which will attract near future buying activities with stop loss below 60500.
Alternatively, on the downside crucial support is seen at 60480 and a break below it prices may retreat towards 60300-60050.
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