Spot Gold (XAU/USD) Rises on US Data, Inflation Eases, and Bond

In the world of precious metals, spot Gold (XAU/USD) made a significant recovery, trading around $1,923 per troy ounce and hitting a fresh weekly high of $1,913.57, though still slightly below the previous week's peak. The rally was fueled by upbeat US data, including a 0.7% increase in September Retail Sales, surpassing market expectations, and positive reports on Capacity Utilization and Industrial Production. Meanwhile, global concerns over inflation eased as New Zealand and Canada reported declining inflation rates, providing a further boost to market sentiment. However, rising government bond yields, particularly the 10-year Treasury note, which reached 4.80%, tempered the decline of the US Dollar.

Based on technical analysis, XAU/USD is moving slightly higher on Tuesday and consolidating between the upper and middle band of the Bollinger Bands. Currently, the price of gold is moving higher with the potential of reaching the upper band. The Relative Strength Index (RSI) currently registers at 70, indicating a bullish bias for the XAU/USD pair.
Resistance: $1,946, $1,959
Support: $1,928, $1,913