Gold Spot / U.S. DollarUpdated The increase has not stopped. Gold headed straight to old top
Greetings celestial beings,
Presently, the price of gold is displaying favorable momentum as it remains above the significant threshold of 2000 USD at the commencement of this week's trading session. As of the time of writing, it is fluctuating around the mark of 2004 USD.
Simultaneously, the US Dollar Index (DXY) is hovering around 106.6, having retraced from its previous position of 106.90. Despite encouraging economic data from the United States on Friday, the US Dollar (USD) failed to gain traction and bolster gold prices, which is an immensely positive development for this precious metal.
In terms of the gold price forecast for the upcoming week, analysts predict that the Federal Reserve (FED) will refrain from increasing interest rates during its meeting on October 31 and November 1. This anticipated decision will alleviate pressure on gold prices, potentially leading to a new target of 2025 USD.
BUY ZONE 1993-1995
Presently, the price of gold is displaying favorable momentum as it remains above the significant threshold of 2000 USD at the commencement of this week's trading session. As of the time of writing, it is fluctuating around the mark of 2004 USD.
Simultaneously, the US Dollar Index (DXY) is hovering around 106.6, having retraced from its previous position of 106.90. Despite encouraging economic data from the United States on Friday, the US Dollar (USD) failed to gain traction and bolster gold prices, which is an immensely positive development for this precious metal.
In terms of the gold price forecast for the upcoming week, analysts predict that the Federal Reserve (FED) will refrain from increasing interest rates during its meeting on October 31 and November 1. This anticipated decision will alleviate pressure on gold prices, potentially leading to a new target of 2025 USD.
BUY ZONE 1993-1995
Trade closed: target reached
+100 pips, congratulation
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.