Overnight Gold approached the 3-month high of $1985, since June & July 2023.
This was likely due to the
- Fed chair Jerome Powell's comments which indicated that the rise in yields might lessen the need for additional rate increases. With the increasing probability of the US Federal Reserve keeping rates on hold at the November meeting, the DXY saw brief moves to the downside.
- Continued escalation in geopolitical uncertainty, as troops are reportedly gathering at the Gaza border, suggesting an expected ground invasion, financial markets are seeing a strong move toward the reserve commodity.
Do you think Gold will continue its climb higher to the key resistance of $2066?
This was likely due to the
- Fed chair Jerome Powell's comments which indicated that the rise in yields might lessen the need for additional rate increases. With the increasing probability of the US Federal Reserve keeping rates on hold at the November meeting, the DXY saw brief moves to the downside.
- Continued escalation in geopolitical uncertainty, as troops are reportedly gathering at the Gaza border, suggesting an expected ground invasion, financial markets are seeing a strong move toward the reserve commodity.
Do you think Gold will continue its climb higher to the key resistance of $2066?