Dear friends, gold continues to maintain its upward trend, currently trading at $1997. Meanwhile, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, is hovering around 106.60 after a decline from 106.90. Positive economic data from the United States on Friday failed to boost the US dollar (USD) and support the price of gold, which is a significant advantage.
Regarding the outlook for gold this week:
The market seems confident in the possibility that the Fed will keep interest rates at 5.25% to 5.5% in this meeting on October 31st and November 1st, which could help and maintain its position for price increase. At the same time, the Fed is expected to maintain restrictive monetary policies in the near future.
In terms of technical analysis:
Gold seems to be facing a psychological level of $2000, so the selling side may come into play here, causing gold to seek support at $1985, which is considered a strong support level that could push gold back up to the expected increase of $2020. What is your opinion? Do you agree with me?
Regarding the outlook for gold this week:
The market seems confident in the possibility that the Fed will keep interest rates at 5.25% to 5.5% in this meeting on October 31st and November 1st, which could help and maintain its position for price increase. At the same time, the Fed is expected to maintain restrictive monetary policies in the near future.
In terms of technical analysis:
Gold seems to be facing a psychological level of $2000, so the selling side may come into play here, causing gold to seek support at $1985, which is considered a strong support level that could push gold back up to the expected increase of $2020. What is your opinion? Do you agree with me?
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