Gold market is hot, strong catalyst
Updated
XAUUSD continues to strengthen positively. The strong upward trend is still related to the unresolved Middle East conflict, and the high demand for gold as a safe-haven asset by financial institutions.According to the CME FedWatch Tool, the market seems certain that the Fed will maintain interest rates at the range of 5.25% to 5.5% in this meeting. At the same time, the Fed is expected to continue its restrictive monetary policies in the near future.
Technical analysis forecasts indicate investor indecisiveness and suggest that the price of gold may have started to decline.
In terms of technical analysis, Gold has surpassed the resistance level of $1980 and turned it into a strong support level for price increases. Therefore, my next target is $2068. What is your opinion?
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Note
Note
The event that the market is waiting for this week will be the Fed's monetary policy meeting. Investors also pay attention to the monetary policy decisions of the Bank of England and the Bank of Japan.
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