How was the gold price at the beginning of the week?
Hello dear friends, Brian here!
The opening of the new week saw a slight decline in the price of gold, dropping from $1925 to $1923. In the previous week, gold continued to trade within a neutral range as the Federal Reserve kept interest rates unchanged during their September monetary policy meeting.
Looking ahead to the forecast for gold prices this week, Brian believes that the weekly low of $1914 could be revisited, potentially pushing the price down towards the round number of $1910. The next significant support level is anticipated at $1900, which could serve as a catalyst for a rebound in gold prices.
The opening of the new week saw a slight decline in the price of gold, dropping from $1925 to $1923. In the previous week, gold continued to trade within a neutral range as the Federal Reserve kept interest rates unchanged during their September monetary policy meeting.
Looking ahead to the forecast for gold prices this week, Brian believes that the weekly low of $1914 could be revisited, potentially pushing the price down towards the round number of $1910. The next significant support level is anticipated at $1900, which could serve as a catalyst for a rebound in gold prices.
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good luck
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Bob Haberkorn, Senior Commodities Broker at RJO Futures, believes gold prices will remain limited in a narrow range.
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Gold remains an important portfolio diversifier as the Fed continues to pressure the economy to cool inflation.
