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Investing.com – It is unable to consolidate above $2,000 per ounce levels despite positive stimuli starting from geopolitical tensions, passing through US data indicating that the Fed’s tightening cycle is nearing its end, ending with a decline in US yields, and a US decline affected by the data.
Analysts say that the lack of expansion of the ongoing battle in the Middle East leads to stagnation.
Analysts believe that gold prices will stabilize for a while.
Vecchio said he exited his position in gold last week and will remain on the sidelines in the near term as he expects prices to consolidate.
David Morrison of Trade Nation tells Kitco News that gold is waiting for new catalysts.
While Ollie Hanson, head of trading strategy at Saxo Bank, believes that gold will remain consistent around current levels after rising 7% in October, the strongest performance since last March.
Hanson believes that profit-taking will continue above $2,000 per ounce after gold rises strongly in a short time. There is no strong correction in the market yet. Hanson believes that the most important levels now are as follows:
The most important support points are at $1,953 per ounce, and the $1,933 per ounce level, which is the 200-day moving average. It indicates the continued strength of the upward trend as long as prices remain above $1,900 per ounce.
Markets are awaiting a speech by the Federal Reserve Chairman at a conference in Washington on the monetary challenges of the global economy next Thursday.
The markets are awaiting important data other than the University of Michigan Consumer Confidence Survey, as well as inflation expectations.
Investing.com’s analytical outlook for gold during the week:
2023-11-05 16:33:00
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