Gold will pull back again?
Updated
Dear friends, At the end of yesterday's trading session, gold dropped by tens of dollars after reaching the $2,000 per ounce threshold in the previous weekend's trading session. This comes as the market expects the military conflict between Israel and Hamas in the Middle East to not escalate, as Israel continues to postpone a ground attack on Gaza in hopes that Hamas will release more hostages.
Reasons and expectations for gold in the near future:
- International financial institutions have started reducing the demand for safe-haven assets in favor of precious metals. The decrease in the price of gold today is understandable.
- In the coming days, the European Central Bank (ECB) will decide on monetary policy, while the US will announce the Personal Consumption Expenditures (PCE) index for September, which is a key inflation measure for the Federal Reserve. This information could cause fluctuations in the value of the USD, impacting the trend of global gold prices.
Regarding technical analysis:
In the short term, I still maintain the view that the $2000 mark holds significant psychological importance, so gold is expected to slightly drop to support levels around $1950 before continuing its upward trajectory.
In the long term, I believe that the $2065 mark will be the next milestone for this precious metal as the Gold market is hotter than ever. What are your thoughts on this?
Reasons and expectations for gold in the near future:
- International financial institutions have started reducing the demand for safe-haven assets in favor of precious metals. The decrease in the price of gold today is understandable.
- In the coming days, the European Central Bank (ECB) will decide on monetary policy, while the US will announce the Personal Consumption Expenditures (PCE) index for September, which is a key inflation measure for the Federal Reserve. This information could cause fluctuations in the value of the USD, impacting the trend of global gold prices.
Regarding technical analysis:
In the short term, I still maintain the view that the $2000 mark holds significant psychological importance, so gold is expected to slightly drop to support levels around $1950 before continuing its upward trajectory.
In the long term, I believe that the $2065 mark will be the next milestone for this precious metal as the Gold market is hotter than ever. What are your thoughts on this?
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Note
Waiting for news of PMI this will significantly affect gold todayNote
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