Gold is likely to decrease slightly then increase
Gold rose toward $2,050 an ounce on Wednesday, hitting its highest levels in nearly seven months and benefitting mainly from a sharp decline in the dollar amid dovish remarks from US Federal Reserve officials.
Fed Governor Christopher Waller said that current monetary settings are restrictive enough, and flagged a possible rate cut in the coming months.
Chicago Fed President Austan Goolsbee also noted significant progress on inflation.
Markets now see a 40% chance the Fed could start easing as early as March 2024.
Elsewhere, Australia’s monthly inflation gauge slowed more than expected in October as goods prices eased.
Meanwhile, New Zealand’s central bank kept the cash rate unchanged, but warned that another hike may be necessary if inflation persists.
Yesterday on the golden day chart, an engulfing candle was created and RSI was in the overbought zone, stochastic was also in the overbought zone, so today we only scalped about 30-40 pips
GOLD
XAUUSD SELL 2048 - 2050
🟢TP1: 2044
🟢TP2: 2040
🔴SL: 2053
Fed Governor Christopher Waller said that current monetary settings are restrictive enough, and flagged a possible rate cut in the coming months.
Chicago Fed President Austan Goolsbee also noted significant progress on inflation.
Markets now see a 40% chance the Fed could start easing as early as March 2024.
Elsewhere, Australia’s monthly inflation gauge slowed more than expected in October as goods prices eased.
Meanwhile, New Zealand’s central bank kept the cash rate unchanged, but warned that another hike may be necessary if inflation persists.
Yesterday on the golden day chart, an engulfing candle was created and RSI was in the overbought zone, stochastic was also in the overbought zone, so today we only scalped about 30-40 pips
GOLD
XAUUSD SELL 2048 - 2050 🟢TP1: 2044
🟢TP2: 2040
🔴SL: 2053
