Speculation of Fed Rate Cut Rise, Investors Turn to Gold

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold prices that had traded plummeted to near the lowest level of two months turned to jump up to 1% in the previous trading session. This was triggered by disappointing US manufacturing data, which also fueled speculation of further interest rate cuts by the Fed.

The US manufacturing sector in September reportedly contracted to the weakest level in more than a decade as business conditions deteriorated amid trade tensions with China.

Most investors have now predicted that the Fed will cut interest rates further to boost the economy and reduce fears of a global recession.

Long above 1473,472, with 1484,396 as Targets, and 1466,715 as Stops.
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