1975 Key position needs breakthrough

Both overall U.S. CPI and core CPI were lower than expected. After the release of US CPI data, precious metal prices continued to rise, exceeding 1970. Investors have changed their views on the possibility of further interest rate hikes by the Federal Reserve and increased their bets on a rate cut in 2024.

Technically, gold futures bulls and bears are on the same page in the overall near-term technical playing field. The next upside price objective for the bulls is 2000. The next upside price objective for the bears is 1900.

The current support level is at 1956 and the resistance level is at 1975. These two key positions can roughly determine the subsequent rise and fall direction. Long term bullish.

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waiting for 1975

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The U.S. Producer Price Index (PPI) for October will be released. Gold prices are predicted to be in a bullish trend for some time to come. It should be noted that if gold prices fall below 1962.35, this will halt the expected upward trend and push gold prices to turn bearish.

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