trading strategy after gold surges due to volatility
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Gold rose higher after the fund bought 13 tons
Gold will likely continue to rise on November 21 but there will be a recovery
Data released last week raised hopes that the Fed could begin easing monetary conditions sooner than expected after the job market slowed and price inflation showed signs of cooling. Lower interest rates put downward pressure on the dollar and bond yields, increasing the appeal of non-interest-bearing bullion.
In the short term, experts say that precious metals have lost momentum and need new fundamental motivation to recover. However, according to Daniel, senior commodity strategist at TD Securities, the impending recession combined with the Fed's interest rate cuts will push gold to new all-time highs in the first half of 2024.
Gold will likely continue to rise on November 21 but there will be a recovery
Data released last week raised hopes that the Fed could begin easing monetary conditions sooner than expected after the job market slowed and price inflation showed signs of cooling. Lower interest rates put downward pressure on the dollar and bond yields, increasing the appeal of non-interest-bearing bullion.
In the short term, experts say that precious metals have lost momentum and need new fundamental motivation to recover. However, according to Daniel, senior commodity strategist at TD Securities, the impending recession combined with the Fed's interest rate cuts will push gold to new all-time highs in the first half of 2024.
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TP2: 1968
SL: 2000
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