Gold Plunges Over $33

Spot gold prices turned down by more than 1% after hitting a historical high. Analysts pointed out that the strengthening of the US dollar and US Treasury yields, coupled with a reduction in tensions in the Middle East, were the main reasons for the significant drop in gold prices on Wednesday. In addition, the recent rapid rise in gold prices led to an overbought situation in technical indicators, prompting some investors to take profits.

Spot gold closed down $33.44 on Wednesday, a decrease of 1.22%, at $2,715.24 per ounce. The highest price reached during Wednesday's trading was $2,758.45 per ounce, setting a historical record.

Senior market strategist Bob Haberkorn stated that the market saw some profit-taking transactions, and Treasury yields are on the rise. Considering the direction of yields, it will be difficult for gold to move higher.

The US Dollar Index, which is close to a three-month high, reduces the appeal of gold to holders of other currencies, while US Treasury yields have climbed to a three-month peak.

As US Treasury yields climbed, the US dollar refreshed its two-month high, and gold prices plummeted from the historical high of $2,758 per ounce on Wednesday.

The yield on the 10-year US Treasury note is 4.248%, up by 4 basis points. The US Dollar Index, which measures the performance of the dollar against six other currencies, rose by 0.42% to 104.50.

Since the Federal Reserve cut interest rates by 50 basis points on September 18th, the yield on the 10-year US Treasury note has climbed by more than 65 basis points.

Thomas Hayes, Chairman of New York's Great Hill Capital, said: "The rise in Treasury yields suggests that a government supportive of growth may come to power, and the market has some concerns about deficit spending."

Meanwhile, the easing of Middle East issues has also hit commodities such as crude oil. The price of crude oil fell by 0.77% to $70.69 per barrel.Ceasefire News from the Middle East

According to a report by American NBC on Wednesday, an Israeli official told NBC that Israeli officials are considering a proposal by Egypt for a small-scale ceasefire with Hamas, with the aim of facilitating a larger ceasefire agreement. This comes after U.S. Secretary of State Blinken arrived in Israel, resuming diplomatic efforts.

The unnamed official stated that the Israeli Security Cabinet has discussed Egypt's proposal for a two-week truce in Gaza. Egypt's proposal calls for the release of only six Israeli hostages in exchange. This suggestion was put forward by Hassan Mahmoud Rashad, the new head of Egypt's intelligence department who took office last week.

Blinken arrived in Israel early Tuesday local time as part of his visit to the Middle East, with the intention of reigniting ceasefire negotiations to end the escalating regional conflict following the death of Hamas leader Yahya Sinwar.

The Israeli official said, "The idea is that achieving a large ceasefire agreement is constantly facing challenges, so a small agreement can be reached first to build momentum." The official warned that while Israeli leaders have discussed the proposal, it has not yet been approved.

Attention to U.S. Data on Thursday

Investors are focusing on U.S. economic data on Thursday, which could provide new momentum for gold trading.

The number of initial jobless claims for the week ending October 19 in the United States is expected to rise slightly from 241,000 to 242,000.

S&P Global will release the U.S. Purchasing Managers' Index (PMI) data for October. The manufacturing PMI for October is expected to rise from 47.3 to 47.5, while the service sector PMI is forecasted to drop from 55.2 to 55.

How to Trade Gold?Gold prices plummeted sharply on Wednesday, forming a bullish engulfing candlestick pattern or "outside day". If confirmed, gold prices may experience a correction after rebounding by 5.96% since October 10th.

From a momentum perspective, sellers are accelerating. The Relative Strength Index (RSI) has plummeted from an overbought state, opening the door for further downside.

Look for a correction in gold prices if the daily closing price falls below $2,719 per ounce. The first support level is the 38% Fibonacci retracement at $2,699 per ounce, followed by the 50% Fibonacci retracement at $2,681 per ounce and the 61.8% Fibonacci retracement at $2,662 per ounce.

On the other hand, if gold prices break through $2,750 per ounce, the next target will be the historical high of $2,758 per ounce, followed by $2,800 per ounce.

MCSE boot camps have its supporters and its detractors. Some people do not understand why you should have to spend money on boot camp when you can get the MCSE study materials yourself at a fraction of the camp price. However, who has the willpower to actually sit through a self-imposed MCSE training.

MCSE boot camps have its supporters and its detractors. Some people do not understand why you should have to spend money on boot camp when you can get the MCSE study materials yourself at a fraction of the camp price. However, who has the willpower to actually sit through a self-imposed MCSE training. who has the willpower to actually