Gold prices moved higher overnight as markets weighed interest rate bets from central banks like the Bank of England. Gold technical analysis shows resistance around $1830, and the price will need to break above this level to continue rallying. Investors are closely watching upcoming US inflation data and how it may impact expectations for the Federal Reserve's policy path and Treasury yields. A hotter-than-expected inflation print could pull forward bets on rate hikes but may take several prints to significantly change expectations.

1. Gold Eyes Key Resistance With
Fed Bets In Focus As CPI Nears

2. Points To Be Discussed Today:
• Gold Prices & 10 Year Treasury Moved Higher
Overnight
• Gold Technical Forecast & Price Chart
• Gold Price Talking Points
• Gold Price Rally Eyes September High With Us
Yields Under Pressure
• Gold Price Hovers
• Gold Price Achieves Strong Gains
• Gold Price Attacks The Resistance

3. Gold Prices Moved Higher Overnight
• Gold prices moved higher overnight as markets
weighed interest rate bets.
• Prices broke above the high-profile 1800 level
last week after the Bank of England surprised
markets by holding rates steady.
• Analysts and market-based measures predicted a
high chance for a rate hike from the BoE. That
challenged the broader market narrative across
other central banks and weighed on Treasury
yields in the United States.

4. The 10-year Treasury Yield Climbed
Overnight
• The 10-year Treasury yield climbed overnight but failed
to break above the 1.5% mark – a psychological level.
The closely watched rate is fell through the Tuesday
Asia-Pacific session, allowing gold to climb.
• Federal Reserve rate hike bets shifted to the right last
week, with rate traders pricing in a less aggressive
policy path.
• The chance for a 25 basis point hike at the June
2022 FOMC meeting fell to 45.5% on Tuesday, down
from 47.4% a week ago. That was despite a better-
than-expected jobs report.

5. The Fed’s Outlook
• The Fed’s outlook is a key variable for rate-
sensitive gold prices.
• That said, traders are focused on US inflation
data due out later this week.
• Fed Chair Powell maintains that rising price
pressures remain transitory but conceded
recently that inflation has been stickier than first
thought.
• A couple of additional months of hot inflation
prints may pull rate hike bets forward, however.

6. Consumer Price Index (CPI)
• The October consumer price index (CPI) will cross the wires
Wednesday.
• Analysts expect inflation to rise 5.8% on a year-over-year
basis following the 5.4% rise in September.
• Core inflation – which strips out volatile food and energy
prices – is expected to drop at 4.3%, according to a
Bloomberg survey, up from 4.0%.
• While a hotter-than-expected print may help boost rate
hike bets, it will likely take multiple prints to significantly
ramp up those bets to where they would force Treasury
yields to accelerate higher.
• Nonetheless, a figure north of 4.3% may weigh on the
yellow metal.

7. Gold Technical Forecast
• XAU/USD prices have been on the move higher
this month, with major resistance around the
1830 level.
• A recent crossover between the 20- and 50-day
Simple Moving Averages (SMAs) saw prices rally
following the bullish signal.
• If XAU bulls can’t breach the 1830 level, a
pullback to the rising 20-day SMA may be on the
cards.
• Psychological resistance around 1800 is a possible
downside target.

8. Gold Daily Chart

9. Gold Price Talking Points 08 Nov
• The price of gold pushes to a fresh monthly
high ($1825) as it extends the advance
following the US Non-Farm Payrolls (NFP
report.
• The precious metal may continue to retrace
the decline from the September high ($1834)
as the 10-Year US Treasury yield holds near
the monthly low (1.44%).

10. Gold Price Rally Eyes September High
With Us Yields Under Pressure
• The price of gold takes out the October high ($1814) as
it extends the recent series of higher highs and lows
from the previous week, and it remains to be seen if
fresh data prints coming out of the US will influence
the precious metal amid signs of sticky inflation.
• The Producer Price Index (PPI) is projected to increase
0.6% in October after expanding 0.5% the month prior,
while the headline reading for the Consumer Price
Index (CPI) is seen widening to 5.8% from 5.4% per
annum in September, which would mark the highest
reading since December 1990.

11. Gold Price Rally Eyes September High
With Us Yields Under Pressure - I

12. Gold Price Rally Eyes September High
With Us Yields Under Pressure - II
• At the same time, the core reading for inflation is anticipated to
increase to 4.3% from 4.0% during the same period, and indications
of stronger price growth may lift longer-dated US yields as it put
pressure on the Federal Reserve to implement a rate hike sooner
rather than later.
• In turn, the price of gold may face headwinds as it seems to be
losing its appeal as a hedge against inflation, but current market
conditions may keep the precious metal afloat as the Federal Open
Market Committee (FOMC) carries out a gradual approach in
removing monetary support.
• With that said, recent price action raises the scope for higher gold
prices as bullion clears the opening range for November, and the
price of gold may continue to retrace the decline from the
September high ($1834) as long as US yields remain under pressure.

13. Gold Price Hovers On 9 Nov
• Gold price hovers around 1825.15 level and
faces solid resistance there, waiting to get rid
of the negative momentum that appears on
stochastic to get positive motive that assist to
push the price to breach.
• The mentioned level and head towards our
next positive target that extends to 1860.00.

14. Gold Price Hovers - I

15. Expected Trend For 9 Nov
• The EMA50 supports the price from below, to
continue suggesting the bullish trend for the
upcoming period unless breaking 1797.00 level
and holding below it.
• The expected trading range for today is between
1810.00 support and 1840.00 resistance.
• The expected trend for today: Bullish

16. Midday Update For Gold On 8 Nov
• Gold price shows sideways and tight trades since
morning, and as long as the price is above
1797.00, our positive overview will remain active
for the upcoming period, supported by the
EMA50, reminding you that we need to breach
1825.15 to confirm rallying towards 1860.00 as a
next positive target.
• The expected trading range for today is between
1810.00 support and 1835.00 resistance.
• The expected trend for today: Bullish

17. Gold Price Achieves Strong Gains

18. Gold Price Achieves Strong Gains - I
• Gold price continues the bullish rally to approach
the expected positive target at 1825.15, and we
expect to surpass this level to open the way to
achieve additional gains that reach 1860.00.
• The EMA50 supports the price from below,
making the bullish trend suggested for the
upcoming period conditioned by the price
stability above 1797.00, as breaking this level will
press on the price to decline again.
• The expected trading range for today is between
1810.00 support and 1835.00 resistance.

19. Gold Price Attacks The Resistance 05 Nov
• Gold price rallies upwards to breach 1797.00
level and attempts to hold above it, which
hints heaing to turn to rise, noting that
consolidating above this level will push the
price towards 1825.15 as a next positive
station.
• While trading below it again will press on the
price to resume the bearish track that targets
1770.00 level initially.

20. Gold Eyes Key Resistance With
Fed Bets In Focus As CPI Nears

21. Thanks for listening
Gold Eyes Key Resistance With Fed
Bets In Focus As CPI Nears