GOLD: Upward Momentum Will not Change!
Hello everyone! Today i want to share some macro analysis with you!
$XAU/USD(XAUUSD.FOREX)$ $Gold - main 2412(GCmain)$ Tuesday (October 8) Asian morning trading, spot gold narrow oscillation, currently trading in the vicinity of 2643.19 U.S. dollars / ounce. Gold prices on Monday shocked back 0.38%, the highest had risen to 2660 near the plate, the lowest touched 2637.63 U.S. dollars / ounce, closed at 2642.46 U.S. dollars / ounce.
Federal Reserve officials said it is not appropriate to excessive easing of monetary policy, the recent employment data is beautiful, investors have reduced the Fed's expectations of a sharp rate cut in November, the dollar remains strong, the U.S. bond yields after two months for the first time rose above 4%, but also put gold prices under pressure.
In the short term, gold prices are still facing the risk of further retracement in the short term, however, the prospect of further interest rate cuts by the world's major central banks and geopolitical tensions are still attracting on-the-run and safe-haven buying to support gold prices. This will limit the retracement space of gold prices.
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