Which Is the XAUUSD Driver? Central Bank or the Conflict

Traders Den

Exness has put together some of the most important news and events that may affect your trades in the near term.

  • In 2023, many central banks hoarded more and more Gold for their reserves, mainly driven by China, Poland, and Singapore, with approximately 337 tons of addition just in Q3.
  • Moreover, in Q2, the central banks accumulatively added around 175 tons, more significant than the previous estimate of 103 tons.
  • In Thailand, the Bank of Thailand added its Gold reserve, which has doubled since 2019. The deputy governor mentioned the addition in the past three years without specifying the amount, as the bank views Gold as a relatively safe haven in the current condition.
  • From a technical perspective, Gold failed to maintain above the 2,000 USD per troy ounce level, its psychological resistance.
  • If Gold continues to retrace, the price may retest its support area at around 1,947 – 1,960 USD per troy ounce.
  • On the contrary, Gold may head to 2,020 – 2,040 USD per troy ounce if the price surges again, following its structure.

We’ll continue to keep you informed about current market trends and the drivers behind them.

Stay tuned for more updates in the future.