GOLD (October 18) - Precious metals reversed to increase
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📖Precious metal prices increased slightly because the conflict in the Middle East between Israel and Hamas is hot and could spread. The conflict has drawn investors into gold to protect their assets. Although gold fell in the first trading session of the week, the precious metal still held above the important floor level of 1,900 USD/ounce.
Gold is still benefiting from instability in the Middle East. He noted that investors should watch bond and USD movements along with the situation in the Middle East.
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XAUUSD price forecast
- Markets are pricing in around a 67% chance the Fed will leave interest rates unchanged at its policy meeting next month.
- Precious metals could remain heavily influenced by Fed interest rate expectations. This expert said that if Mr. Powell takes a "hawkish" stance, this could promote bets on raising interest rates by the Fed, thereby putting pressure on gold prices.
- Talking about gold's prospects in the fourth quarter, strong demand from India could boost gold's rise. The fall in rupee-denominated gold prices could be a catalyst for higher demand in India during the upcoming festive season, experts explain.
- Historically, the fourth quarter has seen consumer gold demand skyrocket in India, with an average of 243 tons purchased during this period, compared to average quarterly demand of 163 tons.
Gold is still benefiting from instability in the Middle East. He noted that investors should watch bond and USD movements along with the situation in the Middle East.
📊
XAUUSD price forecast- Markets are pricing in around a 67% chance the Fed will leave interest rates unchanged at its policy meeting next month.
- Precious metals could remain heavily influenced by Fed interest rate expectations. This expert said that if Mr. Powell takes a "hawkish" stance, this could promote bets on raising interest rates by the Fed, thereby putting pressure on gold prices.
- Talking about gold's prospects in the fourth quarter, strong demand from India could boost gold's rise. The fall in rupee-denominated gold prices could be a catalyst for higher demand in India during the upcoming festive season, experts explain.
- Historically, the fourth quarter has seen consumer gold demand skyrocket in India, with an average of 243 tons purchased during this period, compared to average quarterly demand of 163 tons.
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🕯 SELL GOLD | 1948 - 1946🔴 SL: 1952
🟢 TP1: 1941
🟢 TP2: 1936
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Fed's Waller: No one expects any kind of interest rate cut soon.Waller: We still have one rise in interest rates and it will depend entirely on the data if or when that happens.
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Cautious trading at the beginning of today's trading in the US markets, with anticipation of the US Federal Reserve Chairman's speech.
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