Gold prices rose due to a decrease in the USD, but investors remain cautious about the Fed's interest rate strategy and other economic signals. However, gold prices are still close to their lowest level of the previous session as investors wait for signals from the Fed before making investment decisions. The USD Index decreased by 0.2%, providing support for the gold market, but it is still near its highest level in nearly three months.
The market is beginning to focus on the Fed's monetary policy meeting next week. Most of the market believes that the Fed will pause the tightening cycle. Many predict that the US Federal Reserve will take actions similar to the recent actions of the Bank of Canada (BOC).
Analysts say there are three factors that will continue to support gold prices, with the Fed's monetary policy being the most important. The other two factors are increasing market volatility and gold's role as a safe haven asset against political issues.
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⭐️Make a trading plan: ✅Buy order in the $1,944-$1,947 price zone when the support zone is approached. ✖️Stoploss: $1,940.
✅Sell the $1,985-$1,982 range when the price hits the resistance area. ✖️Stoploss: $1,990.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
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