GOLD slow down and wait for market signals
World gold price is at 2,020 USD/ounce. Volatility in the gold market this week is said to be difficult to predict as investors continue to evaluate the US Federal Reserve's (FED) updated economic forecasts announced at its final policy meeting. in 2023.
In addition, investors and traders will also be watching a number of important reports, including the personal consumption expenditure index that will be released on Thursday. If the report shows inflation continuing The decrease will strengthen the possibility that the FED will cut interest rates next year and push gold higher. On the contrary, a rising inflation scenario will put pressure on gold.
Gold's resistance is forecast at $2,050/ounce, followed by the highest level reached in May of around $2,075. It is also not excluded that gold will conquer new highs in the near future. Gold's current support level is 2,010 USD/ounce. If this level is broken, the precious metal could fall to $1,990/ounce, or even lower.
In addition, investors and traders will also be watching a number of important reports, including the personal consumption expenditure index that will be released on Thursday. If the report shows inflation continuing The decrease will strengthen the possibility that the FED will cut interest rates next year and push gold higher. On the contrary, a rising inflation scenario will put pressure on gold.
Gold's resistance is forecast at $2,050/ounce, followed by the highest level reached in May of around $2,075. It is also not excluded that gold will conquer new highs in the near future. Gold's current support level is 2,010 USD/ounce. If this level is broken, the precious metal could fall to $1,990/ounce, or even lower.
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