According to the World Gold Council (WGC), the weakening USD was the main factor driving the XAUUSD higher, as the Fed's big rate cut caused the USD to decline significantly.
Rising geopolitical risks with the worsening situation in the Middle East also boosted safe-haven buying.
The biggest drag on XAUUSD last month was the "momentum factor". A higher XAUUSD in the previous month tends to put downward pressure on the price in the following month and vice versa. Other gold pairs also recorded strong gains.
Rising geopolitical risks with the worsening situation in the Middle East also boosted safe-haven buying.
The biggest drag on XAUUSD last month was the "momentum factor". A higher XAUUSD in the previous month tends to put downward pressure on the price in the following month and vice versa. Other gold pairs also recorded strong gains.
Note
SELL gold 2662TP1: 2655
TP2: 2649
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.