Gold closed on Friday in similar ranges to last week. The US dollar fell for the second week in a row, amid rising expectations that the Fed will soften its aggressive monetary policy. Despite this, it has managed to hang in the bullish zone. So, what awaits us this week? Here are analysts’ gold forecast and data to watch…
What is the latest situation in the gold markets? What affected the market?
Gold closed at $1,644, down 1.14 percent from $1,667. It then dropped to $1,638.12. The DXY index dropped to 110,288 and rebounded from the main trendline support. Therefore, according to experts, this week will remain vulnerable to the coming risk events. cryptocoin.com As we have reported, the FOMC will meet tomorrow, November 2. The interest rate decision will be announced around 21:00 Turkey time. Many people are almost certain that a 75 basis point increase will be achieved. Also, the US CPI will continue to fuel the fire at the Fed.
Also, the focus will be on the press conference, where we can examine the tone of Fed Chairman Jerome Powell. This meeting is expected to take place tomorrow, at 21.30 CEST. The general view is that the Fed will slow down the rate of interest rate hikes due to excessive tightening concerns. Money managers aggressively closed their short-sold gold positions. Because the FED increased rates and the dollar fell, but the latest data has turned gold back up.
Gold forecast from TD Securities: It could go down
According to TD Securities analysts, there are “concerns that prices are going up and that markets are going to drop inflation in the near future.” There are also hopes that the US Federal Reserve will sharply reduce the pace of tightening. However, despite this, the number of long positions opened did not increase even a bit. According to experts, this indicates that traders are not expecting a dovish stance from the Fed anytime soon. Therefore, according to TD Securities analysts, “gold prices are likely to move down.”
What do the charts show?
Analyst Ross J. Burland pointed to the possibility of a close below Friday’s low in the new week. If the double bottom remains below the weekly trendline resistance, the bulls will be in trouble. Also, on the daily chart, the M-formation stands in the early stages of its development.
He also points to the possibility that the price could move beyond last week’s high of $1,675. According to the chart, this could potentially indicate that inverted head and shoulders (H&S pattern) are in play. This may cause the trendline resistance to break. It will then focus on a critical $1,688 formation.
The analyst said that there are arguments that the precious metal will experience a serious correction, as in previous periods, as the price remains below the weekly trendline. But in general he talked about the possibility that the monthly chart will reveal a November candle like this:
Gold forecast also came from Islam Memiş
After the analyzes for ounce gold, we will finally convey the comments on gram gold. Gold and Money Markets Specialist İslam Memiş gave a date to those who want to buy gold. According to the expert, the purchase work should be completed in the range of 950-1,000 liras under a gram. He states that the current price offers a “last chance” for those who want to catch a buying opportunity.
Memiş claims that gold and silver are promising when looking at commodity prices. The expert said that gram gold reached its peak in early summer. For this reason, he told those who will make purchases to hurry. He pointed to exchange rate volatility and inflationary distress as signs of a rise in gold.
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