Gold continues to promise a new peak on high price!
Updated
Dear friends! Currently, Gold is trading around the price of $1980. It can be seen that after the Fed chairman's speech yesterday, gold did not have a strong reaction but still developed with the highest impressive number in the past two weeks since October 6th.
Although the Fed is still committed to its inflation target, experts still believe that increasing political instability can quickly push the price of gold higher. Since the conflict in the Middle East began, the demand for safe haven assets has helped gold rise by nearly $120.
The breakout of gold above $1960 is a positive signal for gold, especially when the situation in the Middle East shows no signs of cooling down. It is expected that gold will retest the 1960/ounce level, which will help this precious metal easily surpass levels within the range of $1985 - 1995/ounce.
Although the Fed is still committed to its inflation target, experts still believe that increasing political instability can quickly push the price of gold higher. Since the conflict in the Middle East began, the demand for safe haven assets has helped gold rise by nearly $120.
The breakout of gold above $1960 is a positive signal for gold, especially when the situation in the Middle East shows no signs of cooling down. It is expected that gold will retest the 1960/ounce level, which will help this precious metal easily surpass levels within the range of $1985 - 1995/ounce.
Trade active
Note
In the speech, the President of the Federal Reserve Jerome Powell said that inflation in the US was still too high and slower economic growth to reduce inflation. Comments from the Fed chairman made the market hope that the central bank could suspend interest rates.Note
Note
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.