Gold did not receive support from economic news or data last week but still maintained a stable price.
The US consumer price index in September 2024 did not meet the expected growth rate. The number of unemployment claims in the US increased to 258,000, higher than the forecast of 230,000.
The market is closely watching the next economic reports from the US to predict the possibility that the US Federal Reserve (Fed) will cut interest rates next month.
There is an 80% chance that the Fed will cut interest rates by 25 basis points in November, while there is a 20% chance that interest rates will be kept unchanged. Lowering interest rates can reduce the opportunity cost of holding gold, thereby supporting gold prices.
The US consumer price index in September 2024 did not meet the expected growth rate. The number of unemployment claims in the US increased to 258,000, higher than the forecast of 230,000.
The market is closely watching the next economic reports from the US to predict the possibility that the US Federal Reserve (Fed) will cut interest rates next month.
There is an 80% chance that the Fed will cut interest rates by 25 basis points in November, while there is a 20% chance that interest rates will be kept unchanged. Lowering interest rates can reduce the opportunity cost of holding gold, thereby supporting gold prices.
Note
SELL gold 2656Tp1: 2648
TP2: 2640
SL: 2674
Note
hit full tp
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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.