Gold may rise further in the future.
“Fed sends out doves after inflation starts to retreat.”
Gold bulls cheered as market participants speculate an imminent change in Federal Reserve future course of action in terms of policy setting. Recently, Fed Chair Jerome Powell signalled that “a slowing down may be relevant in order to balance the risks”. His latest comment suggests higher possibility of a less aggressive Fed in the upcoming policy meeting, coinciding with deceleration of inflation for October’s PCE Index. Such scenario has garnered attention on the bullion as the asset remain depressed for the past few months.
Quick recap on XAUUSD
The bullion held on to its gains, hovering at 1800 mark after staging a comeback from the downside.
XAUUSD Weekly Technical Analysis
From weekly perspective, bulls regained their momentum as they safeguard their stronghold near 1620.41.
XAUUSD Daily Technical Analysis
From daily perspective, gold price is currently testing at 1805.00, coinciding with a rise in bullish momentum.
ORDER: BUY STOP
STOP LOSS: 1805
Target 1: 1850
Target 2: 1865
ZFX Analyst’s Comment
Gold price is expected to rise further in the event of a successful closure above 1805.00.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!