Gold prices continue to maintain their ability to increase after
Selena greets everyone!
Today, the price of gold is trading steadily at $1,926 per ounce, a decrease of $5 per ounce compared to earlier this morning.
It can be seen that gold is moving sideways after the Federal Reserve decided to keep interest rates unchanged at a range of 5.25% to 5.50% during the September monetary policy meeting. However, when looking at the overall picture on the 4-hour chart, gold is still in an uptrend, indicating the possibility of a temporary price consolidation before further market fluctuations.
It is predicted that in the near future, gold will once again reach the price of $1,950 and continue to rise even higher.
Today, the price of gold is trading steadily at $1,926 per ounce, a decrease of $5 per ounce compared to earlier this morning.
It can be seen that gold is moving sideways after the Federal Reserve decided to keep interest rates unchanged at a range of 5.25% to 5.50% during the September monetary policy meeting. However, when looking at the overall picture on the 4-hour chart, gold is still in an uptrend, indicating the possibility of a temporary price consolidation before further market fluctuations.
It is predicted that in the near future, gold will once again reach the price of $1,950 and continue to rise even higher.
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A dovish verdict by the BoE could work in favor of the non-interest-bearing Gold price. However, the weekly Jobless Claims and other minority reports from the United States could also impact the US Dollar valuation, in turn, influencing Gold price.
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The US Dollar Index (DXY), which measures the Greenback's performance against six other major currencies, extends its gains and trades at a six-month high of around 105.50.
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The USD is still supported by loose monetary policies in many countries.
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It can be observed that gold is not receiving much support as the US dollar remains relatively stable, with no surprising moves from the Fed compared to market expectations.
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After hitting resistance like Selena had given, gold came back and bounced back
