Gold price today: The momentum has not stopped
Updated
Hello dear friends! Wishing you a week full of joy and energy.
Today, gold continues to maintain its upward momentum, surpassing the psychological level of $2,000 at the start of the new week. Meanwhile, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, fluctuates around 106.60 after retreating from 106.90. Positive economic data from the United States on Friday failed to boost the US Dollar (USD) and support the price of gold, which is a significant advantage.
Regarding the outlook for gold prices this week:
It is forecasted that the Federal Reserve will not raise interest rates at its meeting on October 31st and November 1st and this can help and keep the price increase position. Additionally, 55% of experts predict that gold prices will rise in the near future, while 27% expect a decrease, and the remaining 18% believe that prices will remain steady.
Today, gold continues to maintain its upward momentum, surpassing the psychological level of $2,000 at the start of the new week. Meanwhile, the US Dollar Index (DXY), which measures the value of the USD against a basket of global currencies, fluctuates around 106.60 after retreating from 106.90. Positive economic data from the United States on Friday failed to boost the US Dollar (USD) and support the price of gold, which is a significant advantage.
Regarding the outlook for gold prices this week:
It is forecasted that the Federal Reserve will not raise interest rates at its meeting on October 31st and November 1st and this can help and keep the price increase position. Additionally, 55% of experts predict that gold prices will rise in the near future, while 27% expect a decrease, and the remaining 18% believe that prices will remain steady.
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Note
The same trend on the 1H chart
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