Gold Analysis October 20: Dovish Fed supports gold prices
- Fundamental analysis:
Gold support soared to almost $1980 yesterday as geopolitical tensions escalate. In addition, the Fed's "moderate" statement also led to a surge in gold prices. Fed Chairman Jerome Powell said the policy is hawkish and that the Fed will be "cautious" in making policy decisions. He stressed that growth trends and a tightening labor market "could justify further tightening of monetary policy." Additionally, geopolitical tensions remain actively supporting gold prices. Israel withdrew its diplomatic staff from Turkey and evacuated numerous embassies across the Middle East. Furthermore, Germany called on German workers to leave Lebanon as soon as possible. It is likely that wars in the Middle East will continue to escalate. This will support gold prices. - Technical analysis:
After breaking out of the price decline channel, gold recovered strongly yesterday and reached the 1980 resistance area, which could expand further. At this time, the priority is to be aware of corrections when purchasing gold. Nearby support dates from around 1970. Gold Sales 1981 - 1984 SL - 1989 TP - 1970 TP2 - 1950
Good luck!
- Fundamental analysis:
Gold support soared to almost $1980 yesterday as geopolitical tensions escalate. In addition, the Fed's "moderate" statement also led to a surge in gold prices. Fed Chairman Jerome Powell said the policy is hawkish and that the Fed will be "cautious" in making policy decisions. He stressed that growth trends and a tightening labor market "could justify further tightening of monetary policy." Additionally, geopolitical tensions remain actively supporting gold prices. Israel withdrew its diplomatic staff from Turkey and evacuated numerous embassies across the Middle East. Furthermore, Germany called on German workers to leave Lebanon as soon as possible. It is likely that wars in the Middle East will continue to escalate. This will support gold prices. - Technical analysis:
After breaking out of the price decline channel, gold recovered strongly yesterday and reached the 1980 resistance area, which could expand further. At this time, the priority is to be aware of corrections when purchasing gold. Nearby support dates from around 1970. Gold Sales 1981 - 1984 SL - 1989 TP - 1970 TP2 - 1950
Good luck!
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