Gold price in a three-day rally near $1965 as the US Dollar remained bearish early Wednesday. In doing so, the precious metal also cheered hopes for more China stimulus and cautious optimism in the market amid the Federal Reserve's (Fed) policymakers' disapproval. any speech due to a power outage before the FOMC, as well as due to a light schedule.
That said, the US Dollar Index (DXY) reverses the previous day's corrective recovery while taking offers around 104.00, down 0.10% on a day-to-day basis by press time. In doing so, the greenback's measure against six major currencies suffers from a market that bets on the Fed's next move.
I expect gold to return to the 1965-1964 price range and then continue the uptrend that was formed earlier. My expectation is that gold will reach the 1976 zone.