Here’s the update on XAUUSD today, November 10, 2023. Gold prices (XAU/USD) experienced a moderate recovery on Thursday, ending a three-day decline toward the lowest level since October 18, which was around $1,944.
 
Although there was no follow-up buying, the precious metal traded slightly above $1,955 ahead of the European session. It appears that gold is set to record its worst week in over a month after the US Dollar rebounded from its lowest level since September 20, which occurred on Monday.
 
Several influential FOMC members this week, along with Federal Reserve Chair Jerome Powell on Thursday, expressed a more hawkish stance, confirming the need for higher interest rates to tackle elevated inflation.
 
This led to US 10-year Treasury yields moving away from their lowest levels in over a month, further supporting the USD. In this context, the USD acts as a barrier for non-yielding gold.
 
Additionally, declining demand as a safe haven, amid easing concerns about the Israel-Hamas conflict, has also weakened XAU/USD. However, worries about deteriorating economic conditions in China could help limit the decline in gold prices. Looking ahead, the release of the Michigan Consumer Sentiment Index may influence USD price dynamics during the North American session and present short-term trading opportunities.
 
Warning!
 
This is an analysis of "XAUUSD Today: November 10, 2023 - The Gold Price Dilemma, Investors Anxious!" based on fundamental and technical views from trusted sources and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct your own research first regarding other forex information to guide your trading decisions.
 
You can check for updates and articles from GIC Indonesia daily on Google News for the latest updates on forex and crypto. Trade on GICTrade using an ECN account to enjoy trading with low spreads starting from zero!