XAUUSD GOLD : Potential Buy
Based on Wyckoff patterns, gold appears to be in a potential buy zone. It held steady around $2,650 per ounce on Tuesday after a slight dip, supported by rising geopolitical tensions. Reports show that China has ramped up military drills around Taiwan, deploying record aircraft numbers and, for the first time, utilizing its coast guard to encircle the island. At the same time, violence continues to escalate in the Middle East. Markets are closely watching the Fed's next steps on interest rates, with recent retail sales data and Fed official comments in focus. Though strong monthly jobs and inflation data have tempered expectations of further US rate cuts, rising jobless claims and slowing producer inflation offer a balancing perspective. Currently, there's an 87% chance of a 25 bps cut in November's Fed funds rate.
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Wait until the RTO Sign Appear.Trade closed: target reached
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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.