Update Gold at the beginning of the new week
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Dear friends,
The situation in the Middle East seems to be far from finding a peaceful solution, and this can potentially sustain the upward trend in the price of gold, despite higher interest rates from the Treasury bond. Therefore, gold has become a new breeze for investors as it becomes increasingly attractive amidst prolonged conflicts and political tensions.
Regarding expectations: This week, several important news about gold will take place from October 25th to 27th, with the most significant being the speech by the Fed Chairman on October 25th.
Currently, the gold market is trading around the $1980 - $1981 range, and based on this possibility, the downward momentum could target the support level of $1945. After that, the upward trend will be established once again.
The situation in the Middle East seems to be far from finding a peaceful solution, and this can potentially sustain the upward trend in the price of gold, despite higher interest rates from the Treasury bond. Therefore, gold has become a new breeze for investors as it becomes increasingly attractive amidst prolonged conflicts and political tensions.
Regarding expectations: This week, several important news about gold will take place from October 25th to 27th, with the most significant being the speech by the Fed Chairman on October 25th.
Currently, the gold market is trading around the $1980 - $1981 range, and based on this possibility, the downward momentum could target the support level of $1945. After that, the upward trend will be established once again.
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