Hello dear friends! Gold in today's trading session, the price fluctuated slightly around $1939 as predicted yesterday.
Despite the decrease in gold, the gold market will continue to attract safe haven flows due to the Israel - Hamas conflict.
Regarding expectations: - Gold will fluctuate within the range of $1,900 per ounce until there is a ceasefire or a decrease in conflict.
- Strong demand from India may boost the upward momentum of gold. The decline in gold prices in terms of rupees could be a catalyst for higher demand in India during the upcoming festival season.
In the near future: - Currently, we need to wait for the speech by the Chairman of the Federal Reserve, Powell, on Thursday to get more clues about the monetary policy roadmap of the US Central Bank after the recent dovish remarks from some Fed officials.
- If there are signs that the Fed is nearing the end of this rate hiking cycle, it will be good for gold, even if we don't see any rate cuts anytime soon.
On the technical side: Gold continues to maintain an upward trend channel, thus attracting some buying pressure with an expected increase to $1960.