Gold price increases, what should we pay attention to next?
Hello dear friends, gold has just experienced an incredible breakthrough, continuously increasing by $28 and reaching a trading level of $1963 today.
So what are the reasons supporting gold?
After the news of the US consumer price index was announced, the annual inflation rate decreased from 3.7% in September to 3.2% in October, lower than the market estimate of 3.3%. The decline in US Treasury bond yields supported gold, while the US Dollar Index (USD) also decreased, hitting a monthly low and acting as a leverage for gold prices.
Regarding technical analysis: Observing the 1D chart, gold is finding support from the $1933 support level. It is forming an inverse cup and handle pattern, suggesting a potential downward trend with a significant resistance level at $1970. Karina's high target remains at $1910.
Although gold is showing a significant price increase, we still have two important upcoming news releases to consider before the gold trend becomes clear.
So what are the reasons supporting gold?
After the news of the US consumer price index was announced, the annual inflation rate decreased from 3.7% in September to 3.2% in October, lower than the market estimate of 3.3%. The decline in US Treasury bond yields supported gold, while the US Dollar Index (USD) also decreased, hitting a monthly low and acting as a leverage for gold prices.
Regarding technical analysis: Observing the 1D chart, gold is finding support from the $1933 support level. It is forming an inverse cup and handle pattern, suggesting a potential downward trend with a significant resistance level at $1970. Karina's high target remains at $1910.
Although gold is showing a significant price increase, we still have two important upcoming news releases to consider before the gold trend becomes clear.
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