🥇Gold hits highest since September📈

Gold price jumped to $1,810 an ounce on Friday the highest level since early September amid a softer US dollar and persistent inflationary pressures. The yield on the benchmark 10-year Treasury note rose above 1.68%, but it did not affect precious metals prices as it did in the past due to rising expectations that central banks could begin easing economic support.  FED is expected to reduce its monthly bond purchases before the end of the year. However, rising inflation has pushed real yields modestly lower in recent gains, supporting gold prices. Meanwhile the US dollar has been trading under pressure in the recent weeks, making gold cheaper for other currencies. On the week, gold is set to rise 2.5%, a second week of gains.

Gold managed to erase the vast majority of September losses. Looking at the H4 interval, today upward move accelerated and local highs at $ 1798 were breached - this level should act as a short-term support for now. The currently tested zone at $ 1810 remains the key resistance and is marked with earlier price reactions. Should a break higher occur,  another upward impulse towards September 3rd high may be launched. Source: xStation5