Gold climbed to a new all-time high above $2,700.The technical outlook suggests that Gold is closing in on the overbought territory.Next week’s PMI data could provide important clues about the US economic outlook.
US spot gold ignored the broad-based US Dollar (USD) strength this week and advanced to a new all-time high above $2,700 as investors reacted to growing prospects of a globally lower interest rate environment. Next week’s calendar will feature S&P Global’s preliminary October Purchasing Managers Index (PMI) data, which will provide further insight into the health of the world’s main economies.
Gold moved sideways to start the week as trading conditions remained thin, with US financial markets remaining partially closed in observance of the Columbus Day holiday. After remaining choppy in the absence of high-tier data releases on Tuesday, XAU/USD started to edge higher midweek
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