Gold fell sharply in the short term
Hello! Yesterday, Gold surged to $2010 USD, but it couldn't sustain that level and quickly retreated. Currently, it is trading at $1978 USD in today's session.
On October 31st, the Bank of Japan (BoJ) kept its monetary policy unchanged but stated that it will continue with its patient stance on monetary easing until it achieves a stable inflation rate of 2%. This move by the BoJ has contributed to pushing the USD higher. This could potentially lead to a decline in gold towards the support level of around $1945 - $1950 USD.
This week, both the Bank of England (BoE) and the Bank of Japan (BoJ) also have monetary policy meetings. Therefore, investors should exercise caution as any developments that occur may impact gold. In my opinion, gold is likely to decline until there is new news.
On October 31st, the Bank of Japan (BoJ) kept its monetary policy unchanged but stated that it will continue with its patient stance on monetary easing until it achieves a stable inflation rate of 2%. This move by the BoJ has contributed to pushing the USD higher. This could potentially lead to a decline in gold towards the support level of around $1945 - $1950 USD.
This week, both the Bank of England (BoE) and the Bank of Japan (BoJ) also have monetary policy meetings. Therefore, investors should exercise caution as any developments that occur may impact gold. In my opinion, gold is likely to decline until there is new news.
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