Xauusd price is likely to be $3,000World gold prices increased in the context of the USD index falling. Recorded at 9:20 a.m. on October 21, the US Dollar Index measuring the fluctuation of the greenback with 6 major currencies was at 103,749 points (down 0.08%).
Over the past year, gold bars - a commodity considered a hedge against political and economic instability - have increased more than 31%, breaking many records. The US Federal Reserve's (FED) interest rate cuts combined with safe haven demand have created a perfect storm for gold.
According to senior market strategist Daniel Pavilonis of RJO Futures, developments ahead of the US election and geopolitical developments in the Middle East are supporting precious metals.
President of Phoenix Futures and Options - forecasts that interest rates will decrease and gold is ready to conquer new milestones. He believes that gold prices will reach $3,000/ounce in the first quarter of next year.
In the coming time, gold prices will still be affected by the FED's interest rate management. According to CME's FedWatch tool, US inflation has been contained, the market is expecting a 92.2% chance that the FED will cut 25 basis points and a 7.8% chance of keeping current interest rates unchanged. meeting on November 7.
💎 XAUUSD sell 2734 - 2738💎
✔️TP1: 2730
✔️TP2: 2720
✔️TP3: OPEN
🚫SL: 2744
