Breakout After Sideways
After a period of sideways trading, gold prices have started to recover from the support level at $2,620/ounce, showing that they are accumulating energy for a new rally. The latest US economic data, especially the consumer price index, which increased by 0.2% in September, has suggested that the US Federal Reserve (Fed) may cut interest rates in November. This has weakened the USD and supported the gold rally.
However, I see that gold prices are facing strong resistance at around $2,660/ounce. To confirm that the uptrend can continue, gold needs to break this resistance level. If it fails, the price may fall back to the important support level at $2,600/ounce, creating a buying opportunity for investors waiting for lower prices.
However, I see that gold prices are facing strong resistance at around $2,660/ounce. To confirm that the uptrend can continue, gold needs to break this resistance level. If it fails, the price may fall back to the important support level at $2,600/ounce, creating a buying opportunity for investors waiting for lower prices.
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