⭐️GOLD: forecast for Oct 18 - Oct 22
➡️ GOLD prices managed to rise this week, and by the end of the five-day period the troy ounce was about $1782, although it was testing $1801 during the week. GOLD gained 1.6% in five trading days.
Friday's decline was driven by a recovery in US bond yields, although the weak dollar helped the precious metal show its best weekly performance since late August.
The strengthening of GOLD's position was facilitated by the weakening of the dollar. After the release of US inflation statistics for September, where the indicator rose to record peaks, investors became worried about inflationary risks. The rally in the yield of US government bonds stopped, which immediately left the dollar without support.
Additionally, GOLD was favored by the pinpoint interest of the market in safe assets. The US dollar is expected to continue to retreat in the coming week. In the short term, GOLD would move in the range of $1750-1800, there is a good chance to step up to $1820 if the market manages to gain a foothold above $1800.
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Friday's decline was driven by a recovery in US bond yields, although the weak dollar helped the precious metal show its best weekly performance since late August.
The strengthening of GOLD's position was facilitated by the weakening of the dollar. After the release of US inflation statistics for September, where the indicator rose to record peaks, investors became worried about inflationary risks. The rally in the yield of US government bonds stopped, which immediately left the dollar without support.
Additionally, GOLD was favored by the pinpoint interest of the market in safe assets. The US dollar is expected to continue to retreat in the coming week. In the short term, GOLD would move in the range of $1750-1800, there is a good chance to step up to $1820 if the market manages to gain a foothold above $1800.
Thanks for your comments and likes 👍
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