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Gold Likely to Consolidate Ahead of U.S. Elections and FOMC Decision
Author: Priyanka Sachdeva, Senior Market Analyst, Phillip Nova
Despite resilient U.S. inflation data indicating economic stability, the rise in jobless claims suggests a potential for interest rate cuts. This aligns with market expectations for future monetary policy easing. It will be crucial to monitor upcoming Federal Reserve commentary, as traders will be looking for signals regarding the pace of any upcoming rate cuts.
Lower interest rates traditionally have a positive effect on gold prices, as this non-interest-bearing asset becomes more attractive in a low-rate environment.
However, there are additional risks to the gold market. Among them are weak inflation data from China and uncertainty surrounding further stimulus measures from Chinese authorities. Expectations of reduced demand from one of the largest gold consumers could put downward pressure on prices.
!The gold market is currently in a consolidation phase, and I have identified several key entry points based on technical and macroeconomic factors ahead of two major events: the U.S. midterm elections and the Federal Reserve's (FOMC) meeting in early November.
Author: Priyanka Sachdeva, Senior Market Analyst, Phillip Nova
Despite resilient U.S. inflation data indicating economic stability, the rise in jobless claims suggests a potential for interest rate cuts. This aligns with market expectations for future monetary policy easing. It will be crucial to monitor upcoming Federal Reserve commentary, as traders will be looking for signals regarding the pace of any upcoming rate cuts.
Lower interest rates traditionally have a positive effect on gold prices, as this non-interest-bearing asset becomes more attractive in a low-rate environment.
However, there are additional risks to the gold market. Among them are weak inflation data from China and uncertainty surrounding further stimulus measures from Chinese authorities. Expectations of reduced demand from one of the largest gold consumers could put downward pressure on prices.
!The gold market is currently in a consolidation phase, and I have identified several key entry points based on technical and macroeconomic factors ahead of two major events: the U.S. midterm elections and the Federal Reserve's (FOMC) meeting in early November.
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