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Gold continues to run slowly to wait for new breakthrough newsWorld gold prices inched up slightly as traders are waiting for important reports to know more signals about interest rates in the near future. World gold prices increased slightly this morning with spot gold increasing by 4.7 USD to 2,062.7 USD/ounce. Gold futures last traded at 2,040.7 USD/ounce, up 5.5 USD compared to yesterday morning. World gold fluctuated slightly in the first trading session of the week as investors waited for important US inflation data to be released at the end of the week to look for more signals about the Federal Reserve's interest rate direction. America after recent peaceful statements. According to Jim Wyckoff, senior analyst at Kitco Metals, the market is in pause mode waiting for the next important fundamental economic news or data. He said that the buying activity of traders in the first trading session of the week was the psychology of buying when prices fall. Wyckoff added that the fundamental factors keeping gold prices are a weakening dollar, looser monetary policy and some safe-haven demand from tensions in the Middle East.
OANDA:XAUUSDLong
by FalCol_TradingMaster
GOLD - Gold trading strategyMany experts predict that the US economy may fall into recession this year due to the rapid pace of interest rate increases. However, the world's largest economy is surprisingly strong. In its statement, the Fed emphasized that the US economy was still growing strongly in the third quarter, the unemployment rate was low and the banking system was resilient. This has strengthened the possibility that the US will achieve a "soft landing" as the Fed is curbing inflation without harming the economy. Although the Fed left interest rates unchanged after its monetary policy meeting, Fed Chairman Jerome Powell said it was unclear whether the committee was done raising rates. The world's most powerful central bank president also added that the committee remains focused on bringing inflation down to its 2% target. Some experts assess that although the Fed maintains its tightening trend, that stance is not "hawkish" enough to worry the gold market as prices keep high levels below 2,000 USD/ounce. Although the Fed is still pursuing a "hawkish" policy, it is not enough to spook the market, said Edward Moya, senior market analyst at OANDA. This expert further noted that concerns related to the Israel-Hamas conflict may have more impact on gold than the Fed's monetary policies.
TVC:GOLDLong
by FalCol_TradingMaster