Gold Price Analysis: Gold Falls for Fifth Session – 09 October 2024
-- The gold price has retreated to the support level of
-- Recently, the better-than-expected US jobs report has weakened expectations of a more aggressive interest rate cut by the US Federal Reserve.
-- Currently, financial markets are placing an 86% probability that the Fed will implement a modest 25-basis point interest rate cut in November.
Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion assets. Now, traders are looking to US consumer price index and producer price index data, scheduled to be released this week, to assess the progress of price pressures, along with the minutes of the
Meanwhile, gold’s appeal as a safe haven asset supports its bullish bias, driven by escalating violence in the
According to gold trading platforms, Spot gold has surged about 30% this year, hitting consecutive record highs. Its meteoric rise not only makes it a top-performing commodity, but it also means the metal has outperformed
As for factors affecting the gold market, the US dollar is stabilizing amid expectations of interest rate cuts. The US Dollar Index (DXY) settled around 102.4 on Tuesday, trading near its highest levels since mid-August as investors readjust their expectations for interest rate cuts by the
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Gold Price Analysis and Forecast Today:
According to today's gold analysts, and despite recent losses, the overall trend of gold prices remains bullish. On this timeframe, the primary uptrend will not be broken without moving towards the support levels of
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Original Source DailyForex.com provides daily fundamental and technical analysis and signals for those looking to trade based on trends in the currency markets.
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