GOLD fluctuating in the lowest price range for more than 20 days
World gold price stood at 1,983 USD/ounce, down sharply by 20 USD/ounce compared to the same hour yesterday morning. Gold is fluctuating in the lowest price range over the past 20 days.
Gold traders are waiting for some new fundamental information. Gold's short-term chart condition has worsened. If the CPI number is higher than expected, that could create some selling pressure in the gold market.
Today, the US Federal Reserve (Fed) will hold its first meeting in two meeting days in December. Experts say that with stable employment information and actual inflation as expected, it is likely that the Fed will still keep interest rates high until the inflation target of 2% is achieved. If the economy and employment are stable, high interest rates will cause gold prices to continue to decline.
In essence, the market is facing a promising buying opportunity, but the necessary momentum has not yet materialized. The path ahead for gold remains uncertain, but it is this uncertainty that makes it an attractive market to watch in the coming days.
Meanwhile, information from the World Gold Council (WGC) said that central banks continued their race to buy gold, with monthly net purchases reported at 42 tons in October.
Gold traders are waiting for some new fundamental information. Gold's short-term chart condition has worsened. If the CPI number is higher than expected, that could create some selling pressure in the gold market.
Today, the US Federal Reserve (Fed) will hold its first meeting in two meeting days in December. Experts say that with stable employment information and actual inflation as expected, it is likely that the Fed will still keep interest rates high until the inflation target of 2% is achieved. If the economy and employment are stable, high interest rates will cause gold prices to continue to decline.
In essence, the market is facing a promising buying opportunity, but the necessary momentum has not yet materialized. The path ahead for gold remains uncertain, but it is this uncertainty that makes it an attractive market to watch in the coming days.
Meanwhile, information from the World Gold Council (WGC) said that central banks continued their race to buy gold, with monthly net purchases reported at 42 tons in October.
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