Updates and analysis this week
Updated
Dear friends, Let's review the Gold market for the new week.
In terms of global news:
Tensions are escalating in the Middle East. The less hawkish tone from officials at the US Federal Reserve has limited the global dominance of the USD, indirectly benefiting gold.
For these reasons, gold has become more attractive than ever. In terms of expectations:
This week, the market will be waiting for a lot of news from October 25th to 27th, with the most important being the speech by the Fed Chairman scheduled for October 25th, which will have a significant impact on gold.
If the Middle East conflict continues, gold could soar above $2000.
In terms of technical analysis:
Gold is showing a slight retreat to the $1966 level to retest the previous breakout zone, in order to build momentum for a new high. The upward trend is still intact, so I have high expectations for price increases this week.
In terms of global news:
Tensions are escalating in the Middle East. The less hawkish tone from officials at the US Federal Reserve has limited the global dominance of the USD, indirectly benefiting gold.
For these reasons, gold has become more attractive than ever. In terms of expectations:
This week, the market will be waiting for a lot of news from October 25th to 27th, with the most important being the speech by the Fed Chairman scheduled for October 25th, which will have a significant impact on gold.
If the Middle East conflict continues, gold could soar above $2000.
In terms of technical analysis:
Gold is showing a slight retreat to the $1966 level to retest the previous breakout zone, in order to build momentum for a new high. The upward trend is still intact, so I have high expectations for price increases this week.
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