Gold prices rebounded to $1,800 as investors await the next Federal Reserve meeting for their monetary policy outlook, supported by persistent concerns about inflation. Meanwhile, gold forecasts came from analysts.
Gold predictions from famous analysts
Michael Hewson, chief market analyst at CMC Markets UK, said that while there is a perception that inflation will be temporary, there is an element of persistent pressure. cryptocoin.com As we reported, Federal Reserve Chairman Jerome Powell reiterated on Friday that hyperinflation is likely to decline next year, causing gold prices to loosen from their September highs in the previous session.
He also said that the US central bank should start the process of reducing its support for the economy by reducing its asset purchases, but should not touch the interest rate quadrant just yet. “Powell’s recent comments may have raised concerns that inflation will continue for longer, which appears to be further eroding support for the team’s ‘temporary’ and fueling gold as a hedge against inflation,” said Han Tan, chief market analyst at Exinity. “And since Powell thinks it’s longer before the Fed starts raising rates, such a view encourages gold bulls to reclaim $1,800 earlier in the week,” Tan added.
Which technical levels can be monitored?
The next FOMC meeting will be held on November 2-3. Investors will also watch the meetings of the Bank of Japan and the European Central Bank on Thursday. Commerzbank analyst Daniel Briesemann said in a note that markets are pricing in anticipation of higher inflation and that many respondents believe the current level of high inflation is no longer temporary. “Gold should benefit from this in its role as a store of value,” he added.
Technical analyst Pablo Piovano said that the rise of the precious metal follows increasing open interest and that the recovery may continue in the very near term. However, he pointed out the chart below, saying that if gold rises above its peak around $1,813, it may move towards the key resistance zone near the $1,830 highs of July, August and September.
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