XAUUSD Price Today, October 17, 2024, Strengthen at 2685

Moreover, ongoing tensions and the potential for escalating conflicts in the Middle East provide further support for Gold as a safe haven. On the other hand, traders have shifted their expectations regarding the Fed's need for aggressive policy adjustments, which has kept US Treasury bond yields relatively high. This dynamic helps the US Dollar (USD) maintain its strength, remaining near its highest levels since early August, and may deter bullish traders from making new bets on XAU/USD. However, the prevailing fundamental factors indicate that the path for Gold is primarily upward.

From a technical standpoint, the current positive momentum could propel Gold prices towards the $2,700 level. Any subsequent buying activity could serve as a fresh signal for bullish traders and facilitate the continuation of an upward trend that has persisted for several months. This optimistic outlook is further supported by oscillators on the daily chart, which remain in positive territory and have yet to enter the overbought zone.

Conversely, the horizontal support zone around $2,662-2,660 is currently serving as immediate support, followed by the $2,647-2,646 area. A significant breach below this latter zone could trigger some technical selling, potentially pushing the Gold price down to the intermediate support level at $2,630, with further declines leading toward the $2,600 area.