Hello everyone ! Yesterday, gold experienced a significant price increase and is currently trading at $1940, up approximately 0.08% from the previous day's trading session.
Reasons supporting the rise in gold:
- Firstly, after the retail sales report yesterday, investors are concerned that the Federal Reserve (Fed) may raise interest rates further, leading to a stronger US dollar and potentially impacting economic growth.
- Secondly, political tensions in the Middle East continue to escalate and intensify.
Result:
- The trend of buying gold as a safe haven for investors continues to increase, with gold experiencing a strong surge and showing no signs of slowing down.
Expected gold prices in the near future:
- Recently, there have been indications that the Federal Reserve may not raise interest rates in its upcoming meeting at the end of this month. This is also a factor driving gold prices higher.
- The market will be influenced by today's news and an important speech by the Fed chairman on October 19th.
Technical analysis:
Gold continues to trade above both the EMA lines, with the EMA 34 signaling a bullish trend in the upcoming period. The price is approaching the $1950 mark, with the next target being $1970 if the market situation continues to follow this development momentum.
GOOD LUCK TO YOU !
Reasons supporting the rise in gold:
- Firstly, after the retail sales report yesterday, investors are concerned that the Federal Reserve (Fed) may raise interest rates further, leading to a stronger US dollar and potentially impacting economic growth.
- Secondly, political tensions in the Middle East continue to escalate and intensify.
Result:
- The trend of buying gold as a safe haven for investors continues to increase, with gold experiencing a strong surge and showing no signs of slowing down.
Expected gold prices in the near future:
- Recently, there have been indications that the Federal Reserve may not raise interest rates in its upcoming meeting at the end of this month. This is also a factor driving gold prices higher.
- The market will be influenced by today's news and an important speech by the Fed chairman on October 19th.
Technical analysis:
Gold continues to trade above both the EMA lines, with the EMA 34 signaling a bullish trend in the upcoming period. The price is approaching the $1950 mark, with the next target being $1970 if the market situation continues to follow this development momentum.
GOOD LUCK TO YOU !
Trade active
Note
Note
Gold reached the $ 1950 resistance as expectedNote
Support levels: $1,938, $1,926, $1,912.Resistance levels: $1,962, $1,978, $1,987.
Note
Trade closed: target reached
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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.