Dear friends, Gold is trading relatively quietly as profit-taking pressure sets in after a recent strong rally. Investors are taking profits as the US dollar shows signs of strengthening. At the time of writing, the price is trading around $1971 - $1972.
Regarding the outlook for gold this week: We need to pay attention to the US GDP report for the third quarter, which will be released on Thursday (26th October). The personal consumption expenditure (PCE) index will be announced on Friday (27th October), along with other economic reports, especially speeches by European Central Bank President Lagarde and Federal Reserve Chair Jerome Powell.
Due to these reasons, gold sellers continue to push the price down, with an expected decrease to $1945 before the upward trend is established again. What are your thoughts on this?