Gold Price Forecast: XAUUSD jumps to fresh 5-week high, approaches $1700 amid a soft US dollar

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Gold Price Forecast: XAUUSD jumps to fresh 5-week high, approaches $1700 amid a soft US dollar
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Gold Price Forecast: XAUUSD jumps to fresh 5-week high, approaches $1700 amid a soft US dollar – by christianborjon Gold XAUUSD Metals

ased risk appetite while rising US Treasury yields are a headwind for the precious metals segment. Hence, the XAUUSD is trading at $1694.60, slightly above the 50-day Exponential Moving Average , down by 0.04%.Sentiment is mixed, as USfluctuate at the New York open. The lack of meaningful economic data, aside from the US midterm elections, with the US House and the Senate at stake, is grabbing the headlines.

On the other hand, key support levels lie at the 50-day EMA at $1672, ahead of the November 8 daily low at $1664.80 and the $1650 figure. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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