Gold falls short-term, long-term analysis
Updated
Darius greets everyone. Yesterday, gold continued to decline as predicted.
Strong labor market data allows the Federal Reserve (Fed) to continue raising interest rates without causing unemployment rates to rise too much. Currently, the federal funds rate (FFR) is at its highest level in 22 years: 5.25%-5.5%. The Fed may raise interest rates again in November.
For this reason, gold sellers continue to push prices down, and gold is currently at $1818 with an expected drop to $1800. This downward trend will persist until any positive developments occur that could lead to an increase in price again.
Strong labor market data allows the Federal Reserve (Fed) to continue raising interest rates without causing unemployment rates to rise too much. Currently, the federal funds rate (FFR) is at its highest level in 22 years: 5.25%-5.5%. The Fed may raise interest rates again in November.
For this reason, gold sellers continue to push prices down, and gold is currently at $1818 with an expected drop to $1800. This downward trend will persist until any positive developments occur that could lead to an increase in price again.
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what do you think ?Note
Currently, Gold may be pulled down due to a slight cooling of a commodity closely related to gold, oil.Note
In mid-October and early November onwards, Gold is likely to increase again due to high demand for Gold in China.Note
good luckNote
Market focus now turns to Fed Chairman Jerome Powell's speech on the final day as well as data on US jobs, private hiring and nonfarm payrolls throughout the week.Note
long term setup folksNote
Gold today shows not too many fluctuations compared to yesterdayTrade active
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