GOLD - The downtrend channel continues, so buy or sell now?World gold prices this morning continued to decline with spot gold down 8.8 USD to 1,968.7 USD/ounce. Gold futures last traded at 1,973.5 USD/ounce, down 15.1 USD compared to yesterday morning's gold.
The strong recovery of the USD in the evening trading session of November 7 took away the appeal of gold for buyers holding other currencies.
Investors are currently waiting for a series of speeches from US Federal Reserve (Fed) officials this week, the most important of which is Fed Chairman Jerome Powell's speech on Wednesday and Thursday.
However, Minneapolis Fed President Neel Kashkari said the central bank may have more work ahead to control inflation.
According to analysts at the World Gold Council, although October was a historic month for the gold market as the precious metal saw record high closing prices for the month, more substances are needed. catalyst to create sustainable thrust in the market.
Experts note that geopolitical instability due to the conflict between Israel and Hamas has increased the demand for safe-haven speculation, but long-term investors are still reluctant to jump into the market due to the action. Weak prices in gold-backed exchange-traded products (ETFs). A sustainable rise for gold above $2,000 an ounce requires signs that political risks continue and bond yields and the dollar peak.
