Slight uptrend of gold

2 ต.ค. 2023

Gold prices have had a difficult week due to the negative impact of the rising US dollar (USD) and climbing US bond yields. Gold prices are expected to end the week at the lowest price in 6.5 months and continue to face many challenges as the US Federal Reserve (Fed) maintains a restrictive monetary policy.
The decline in gold prices is closely related to the rise of the US dollar and US bond yields, especially the 10-year bond yield which has reached its highest level since October 2007, surpassing 4.6 %.
Kevin Grady, President of Phoenix Futures and Options, noted that gold is facing a major challenge due to predictions that the US Federal Reserve (Fed) has no plans to lower interest rates anytime soon. Meanwhile, the expected increase in interest rates has lost the appeal of holding gold, which does not bring yield. Christopher Vecchio, head of Futures and Forex at Tastylive.com, said gold prices could fall as low as $1,800 an ounce, but also noted that as the economy weakens, gold prices could become Long-term buying opportunity.

GOLD BUY 1844-1842

✔️TP : 1848
✔️TP : 1852

⚠️SL : 1840