Gold Price Rises Strongly Thanks to Geopolitics and Fed Policy
On the chart, gold price has broken out of the resistance level at the $2,700 area and continues to maintain its upward momentum. The upward sloping trend line and the support of the EMA 34 and EMA 89 are further consolidating this trend. The possibility of gold continuing to move towards higher resistance levels is high.
Geopolitical factors from the Middle East, especially the tension between Hezbollah and Israel, are boosting the safe-haven demand for gold. At the same time, the monetary policy from the US Federal Reserve (Fed) with the possibility of cutting interest rates in November is also the main driver for gold to continue to grow.
In general, with a positive technical trend and support from macro news, gold prices are likely to continue to increase in the coming time.
Geopolitical factors from the Middle East, especially the tension between Hezbollah and Israel, are boosting the safe-haven demand for gold. At the same time, the monetary policy from the US Federal Reserve (Fed) with the possibility of cutting interest rates in November is also the main driver for gold to continue to grow.
In general, with a positive technical trend and support from macro news, gold prices are likely to continue to increase in the coming time.
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