The escalation of war caused gold prices to increase
Updated
After setting a short-term peak in 2009, gold has returned to correct in the 1996 area. Although there is a correction and from a technical perspective, it seems that the recovery wave will probably do better in the price ranges around 1981. Although However, the escalation of war increased support and maintenance for gold at the 1993-1989 support price range.
The upcoming interest rate forecast for the USD is only around the same level, so it is likely that the USD will decline slightly, which could further support gold.
🖌️ Day trading plan:
Continue to use the support zone to BUY gold as the main plan
The upcoming interest rate forecast for the USD is only around the same level, so it is likely that the USD will decline slightly, which could further support gold.
🖌️ Day trading plan:
Continue to use the support zone to BUY gold as the main plan
Note
Johnson said boosting support for Israel should be at the top of the US national security agenda in the wake of the October 7 attack by Hamas militants that Israel said killed more than 1,400 people and led to more than 200 others being taken hostage.Meanwhile, Democrats accused Republicans of obstructing Congress' ability to help Israel by submitting a partisan bill.
For this measure to become law, it will need the approval of the House of Representatives and the Senate and the signature of President Biden.
The House Rules Committee is expected to consider the GOP Israel bill on Wednesday.
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➡China buys up gold in record amountsChina's strong interest in gold will continue through the end of 2023, according to the World Gold Council, while domestic gold prices soared to a record high on the back of the strongest investment demand in more than two years.
Demand for gold bars and coins in China rose 16% year-on-year in the Q3 and will “remain robust” in the final three months, the council said in its latest outlook.
The Shanghai Gold Exchange’s benchmark contract rallied on Tuesday to its highest ever, heading for a near-7% gain in October.
The attractiveness of gold in China will further increase if the People's Bank of China continues to build up reserves in one of the longest series of purchases, the report said.
It also notes that a slightly later-than-usual Lunar New Year in 2024 could delay some demand for gold into the Q1 of next year.
Note
🇺🇸 United States: August S&P/CS20 Housing prices of major cities Ratio index (y/y)| ⭐️⭐️⭐️
Previous : 0.13 %
Expectation: 1.60 %
Actual : 2.2 %
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🔹 The war broke out after Hamas militants, listed on the US terrorist list, launched a surprise attack on Israel, killing more than 1,400 people, most of them civilians and including women and children, according to the Israeli authorities.In response to the Hamas attack, Israel has launched intensive air strikes since then, while its forces have penetrated by land into the coastal strip during the past days, leading to the killing of 8,306 people, most of them civilians and including women and children, according to the latest statistics of the health authorities in Gaza.
Earlier this October, the US Department of Defense announced that an American destroyer intercepted 3 surface-to-surface missiles and several drones launched by the Houthis in Yemen, “possibly they were directed at targets in Israel.”
The Israeli army said, on Tuesday, that it used the "Arrow" defense system for the first time since the outbreak of war, to intercept a missile in the Red Sea region.
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🟢70% is the chance that a recession will hit the American economy next year...🟢This is a very high percentage that the markets have not witnessed since 1960
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Trade closed: stop reached
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