Key Points:
Gold prices are holding firm as market participants look forward to key U.S. economic indicators for insight into the Fed’s likely policy shift.
Gold edged slightly higher to $2,748.55 per ounce.
With a 98% probability of a 25-basis-point Fed rate cut on Nov. 6, lower rates could drive gold demand as a safe haven.
Picture: Gold prices edge toward the $2,750 resistance, showing resilience as market sentiment leans bullish, as seen on the VT Markets app.
We’re seeing a gradual upward price movement, just shy of the $2,750 mark.
The key support level around $2,717.07 has held, with resistance visible around the current peak of $2,750.12. The MA lines (5, 10, 30) show minor consolidation around these levels.
A bullish momentum is indicated, with the histogram turning positive and the signal line showing an upward crossover, which often suggests potential for continued strength.
The latest job openings and consumer confidence data will help gauge the U.S. economy’s momentum.
See also: Week Ahead: Brace for Trump-Harris Showdown
Recent escalations in the Middle East continue to underscore gold’s role as a crisis hedge.
Israel’s recent vote to ban UN relief intervention within the country could also prove to drive further movement on oil and gold.
With Fed expectations firmly in place and Middle East tensions adding further uncertainty, gold continues to attract attention as a stable asset.
As the election and rate cut probabilities unfold, gold’s appeal may increase, especially if economic data support lower rates.
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