
Gold Feels the Weight of USD, Yields on Hawkish Fed and CPI
Gold remains under pressure as hot US CPI, rising Treasury yields and hawkish Fed commentary support the US dollar. Bears eye another break below $4,000

Gold remains under pressure as hot US CPI, rising Treasury yields and hawkish Fed commentary support the US dollar. Bears eye another break below $4,000

Gold's sharp recovery has stalled beneath major resistance, with the next reaction likely to determine whether a larger bullish reversal can develop.

Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities, and equity indices charts this week.

Crude oil weekly outlook: The Democratic win triggered a steep sell-off across crude oil charts, pushing WTI toward the neckline of a potential major double-top pattern. However, the new Congress does not take office until January, while persistent geopolitical risks—including the latest Houthi escalations—continue to keep a risk premium embedded in oil prices.

The U.S. Dollar Index, Brent and WTI are rebounding from key support levels and oversold conditions after steep sell-offs. U.S.–Iran tensions, inflation risks and rate expectations remain in focus.

Gold futures rebound above $4,000 as falling US yields, improving sentiment and bullish seasonality raise hopes of a significant reversal.

Crude oil prices have pulled back more than 11% from October highs, in line with U.S.-Iran negotiation hopes and shifting U.S. midterm expectations.

A Democratic win in the U.S. midterm elections is supporting rebounds in risk assets, including precious metals, currency pairs, cryptocurrencies and U.S. indices. This reaction appears to align with changing sentiment around the war and its inflationary impact.

Recent trading sessions have not been particularly favorable for gold in the short term. XAU/USD has fallen nearly 2.5% over the last three sessions, reflecting that selling pressure is once again gaining relevance and that the metal continues to struggle to regain momentum.

The U.S. Dollar Index, commodities, indices and cryptocurrencies are testing key levels as markets navigate the U.S. midterm elections, U.S.–Iran negotiations and key economic releases.

Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities, and equity indices charts this week.

Gold bears are closing in on critical multi-year trend support, with a potential exhaustion low in focus as November trading gets underway.

Gold bulls defend $4,000 as prices rebound across major currencies. But a strong US dollar, elevated oil prices and the Fed could limit gains.
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