GOLDOZ: The increase shows no signs of stopping
The global gold market continues to benefit from safe-haven demand amid the ongoing Israel-Hamas conflict, which shows no signs of ending. This precious metal has seen modest yet resilient gains, despite the Federal Reserve's September meeting minutes indicating their commitment to maintaining a "higher for longer" monetary policy stance. The Federal Open Market Committee (FOMC), the policymaking body of the Fed, remains inclined to support interest rate hikes until they are confident that inflation is returning to the 2% target.
The gold market has been witnessing a steady rise after bouncing back from its seven-month low last week. While there are still some risks in the market, analysts from the World Gold Council (WGC) suggest that the selling pressure seen last month might present a buying opportunity for investors.
The gold market has been witnessing a steady rise after bouncing back from its seven-month low last week. While there are still some risks in the market, analysts from the World Gold Council (WGC) suggest that the selling pressure seen last month might present a buying opportunity for investors.
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The biggest drag on the gold market is still lackluster investment demand as investors flee from exchange-traded funds. Fifty-nine tonnes of gold, worth $3 billion, flowed out of global gold-backed ETFs last month, the WGC said. "Overall, investors' growing expectation that interest rates will be 'higher for the long term' has prompted disinvestment in Western markets," the WGC report said.
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TAKE PROFIT 1: 1874
TAKE PROFIT 2: 1870
STOP LOSS: 1885