. Gold has travelled between a low of $1,696.26 and $1,697.13 and is higher by some 2.13% on the day. The price is homing in on a 78.6% Fibonacci retracement on the daily chart, as illustrated below having already breached the golden 61.8% ratio in trade today.
The US dollar has eased, helping demand for the greenback-priced bullion among overseas buyers. DXY, an index that measures the greenback vs. a basket of currencies is now down some 0.2% after falling from a high of 112.543 to a low of 111.470. This softness in the safe-haven currency has afforded gold some respite that has staged a mini-recovery after dropping to its lowest since April 2020 on Sept. 28.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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