GOLD (October 20) |The upward momentum shows no signs of stop
XAUUSD continues to benefit as the Israel-Hamas conflict becomes increasingly tense.Gold continues to benefit as the Israel-Hamas conflict becomes increasingly tense. Gold prices rose this morning despite US Federal Reserve Chairman Jerome Powell reiterating his stance that interest rates will have to be higher for a longer period of time. The head of the world's most powerful central bank also emphasized his commitment to bringing inflation down to the target level of 2%.
Although the Fed remains committed to its inflation target, experts say increased geopolitical instability could quickly push gold to $2,1000/ounce. Since the conflict in the Middle East began, safe-haven demand has helped gold rise to nearly $120. Geopolitical concerns along with the prospect of a global recession are essentially driving gold futures prices. Therefore, you should buy at low prices, 1,900 USD will be the bottom for gold.
XAUUSD surpassing the level of 1,960 - 1,950 USD will be a positive signal for gold, especially when the problem in the Middle East shows no signs of cooling down.XAUUSD retest of the resistance level at $1,964/ounce will help the precious metal easily surpass levels in the range of $1,972 - $1,985/ounce.
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