Long-term XAUUSD, the upward momentum has not stopped
Dear friends, we can see that the gold market has witnessed strong buying momentum over the past 2 weeks. Investor demand for safe haven assets has increased amidst tense developments in the Middle East. Gold prices have marked their third consecutive week of gains.
Currently, Gold is facing resistance near $2,000 but has not encountered any difficulty in finding its footing this week. The Federal Reserve's monetary policy meeting and the October employment data from the United States may drive the action for XAU/USD in the coming week, while political uncertainty remains unresolved, which could support and maintain its upward trajectory.
In terms of forecasts for the next week: According to the CME FedWatch Tool, the market seems confident that the Fed will keep interest rates unchanged at 5.25% to 5.5% at this meeting. At the same time, the Fed is expected to maintain a restrictive monetary policy in the near future.
Currently, Gold is facing resistance near $2,000 but has not encountered any difficulty in finding its footing this week. The Federal Reserve's monetary policy meeting and the October employment data from the United States may drive the action for XAU/USD in the coming week, while political uncertainty remains unresolved, which could support and maintain its upward trajectory.
In terms of forecasts for the next week: According to the CME FedWatch Tool, the market seems confident that the Fed will keep interest rates unchanged at 5.25% to 5.5% at this meeting. At the same time, the Fed is expected to maintain a restrictive monetary policy in the near future.
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