Dear friends, Gold has successfully broken free from the downward trend and is currently experiencing an impressive price increase. Currently, it is trading in the range of $1968-$1970, with a potential correction at $1953.
Furthermore, the US consumer price index remained unchanged in October, and there are signs of a slowdown in underlying inflation. The CPI increased by 3.2% compared to the same period last year, while it was at 3.7% in September.
According to the CME FedWatch tool, after the inflation report was released, the market predicted a 100% chance that the US Federal Reserve will maintain interest rates in December, compared to 86% before the inflation report.
Therefore, if the price successfully establishes an upward momentum, gold could accelerate its rate of increase towards the initial resistance level of $1,975-$1,980. Breaking through this ceiling has the potential to create an opportunity for prices to rise to $2,000.
Furthermore, the US consumer price index remained unchanged in October, and there are signs of a slowdown in underlying inflation. The CPI increased by 3.2% compared to the same period last year, while it was at 3.7% in September.
According to the CME FedWatch tool, after the inflation report was released, the market predicted a 100% chance that the US Federal Reserve will maintain interest rates in December, compared to 86% before the inflation report.
Therefore, if the price successfully establishes an upward momentum, gold could accelerate its rate of increase towards the initial resistance level of $1,975-$1,980. Breaking through this ceiling has the potential to create an opportunity for prices to rise to $2,000.
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Comment:
Trade closed: target reached
