Gold Prediction 02 OCT
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The price of gold may also receive a boost from the exceptionally high premiums in the Chinese physical bullion market. According to Bloomberg, demand for bullion in China has surged this month, with prices at times exceeding international rates by over $100 per ounce. This is significantly higher than the average premium of less than $6 per ounce seen over the past ten years. Additionally, China's gold imports via Hong Kong rebounded in August compared to the previous month, which could provide further support for gold prices.
On Tuesday, there was an increase in strength for US Dollar bulls due to risk aversion among investors. They were considering the potential impact of elevated borrowing costs on global economic growth. Several policymakers from the US Federal Reserve (Fed) have expressed their support for maintaining higher interest rates for a longer period of time. Neel Kashkari, President of Minneapolis Fed, remarked that "US rates probably have to go a little bit higher and be held there longer to cool things off." Despite this sentiment, mixed mid-tier economic data releases had little effect on Greenback performance.
Now all eyes are on upcoming US Durable Goods Orders data and any statements made by Fed officials that could potentially influence trading activity and impact gold prices. However, developments in US bond markets will also play a significant role
On Tuesday, there was an increase in strength for US Dollar bulls due to risk aversion among investors. They were considering the potential impact of elevated borrowing costs on global economic growth. Several policymakers from the US Federal Reserve (Fed) have expressed their support for maintaining higher interest rates for a longer period of time. Neel Kashkari, President of Minneapolis Fed, remarked that "US rates probably have to go a little bit higher and be held there longer to cool things off." Despite this sentiment, mixed mid-tier economic data releases had little effect on Greenback performance.
Now all eyes are on upcoming US Durable Goods Orders data and any statements made by Fed officials that could potentially influence trading activity and impact gold prices. However, developments in US bond markets will also play a significant role
Nota
It is forecasted that gold price needs to return to 1,885 USD/ounce for technical stability and 1,892 USD/ounce to strengthen market confidence.Nota
🕯 BUY GOLD | 1818 - 1816🔴 SL: 1813
🟢 TP1: 1823
🟢 TP2: 1830
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