The world gold market witnessed strong buying force in the past 2 weeks. Investor demand for safe havens increased amid tensions in the Middle East. Gold prices marked the third consecutive week of increase and traded above 2000 USD.
According to CME FedWatch Tool, the market seems certain that the Fed will keep interest rates unchanged at 5.25% to 5.5% at this meeting. At the same time, the Fed is expected to maintain restrictive monetary policies for the foreseeable future.
Investors should be careful with gold prices in the $2,000/ounce range because the market may adjust downward based on the Fed's monetary policy stance, which could keep interest rates high for a longer period of time.
About the target: Gold broke through the 1980 USD resistance and turned this into a good support level, so the next target is 2030 USD and 2050 USD
According to CME FedWatch Tool, the market seems certain that the Fed will keep interest rates unchanged at 5.25% to 5.5% at this meeting. At the same time, the Fed is expected to maintain restrictive monetary policies for the foreseeable future.
Investors should be careful with gold prices in the $2,000/ounce range because the market may adjust downward based on the Fed's monetary policy stance, which could keep interest rates high for a longer period of time.
About the target: Gold broke through the 1980 USD resistance and turned this into a good support level, so the next target is 2030 USD and 2050 USD
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