Gold sees upside risks intact, with eyes on the $2,000 mark
Hello dear friends!
Today, the gold market is relatively quiet as prices have slightly decreased, fluctuating around $1970 - $1971 per ounce. Gold is facing profit-taking pressure after a recent strong rally. Investors are taking profits as the USD shows signs of strengthening.
To challenge the highest level reached on July 20th, which was $1988, buyers will need to accept a higher level. After that, their target will be the highest level in 5 months, which is $1997, surpassing the $2000 barrier.
On the other hand, if sellers regain control, they will try to break the lowest level reached on October 23rd, which was $1963. Further down, the psychological level of $1950 will be tested again.
The buying limit for gold is estimated to be at its lowest on October 19th, at $1945.
As for the outlook for gold prices this week:
We need to pay attention to the US GDP report for the third quarter, which will be released on Thursday (26th). The Personal Consumption Expenditures (PCE) index will be announced on Friday (27th), along with other economic reports, especially the speeches by European Central Bank President Lagarde and Federal Reserve Chairman Jerome Powell.
Today, the gold market is relatively quiet as prices have slightly decreased, fluctuating around $1970 - $1971 per ounce. Gold is facing profit-taking pressure after a recent strong rally. Investors are taking profits as the USD shows signs of strengthening.
To challenge the highest level reached on July 20th, which was $1988, buyers will need to accept a higher level. After that, their target will be the highest level in 5 months, which is $1997, surpassing the $2000 barrier.
On the other hand, if sellers regain control, they will try to break the lowest level reached on October 23rd, which was $1963. Further down, the psychological level of $1950 will be tested again.
The buying limit for gold is estimated to be at its lowest on October 19th, at $1945.
As for the outlook for gold prices this week:
We need to pay attention to the US GDP report for the third quarter, which will be released on Thursday (26th). The Personal Consumption Expenditures (PCE) index will be announced on Friday (27th), along with other economic reports, especially the speeches by European Central Bank President Lagarde and Federal Reserve Chairman Jerome Powell.
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