Gold prices are unable to consolidate above the levels of 2000 dollars per ounce despite positive stimuli, starting from geopolitical tensions, passing through US data indicating that the Fed tightening cycle is nearing its end, ending with the decline in US Treasury bond yields, and the US Dollar Index declined due to the data.
Analysts say that the lack of expansion of the ongoing battle in the Middle East is pushing gold to a standstill.
Analysts believe that gold prices will stabilize for a while.
Vecchio said that he exited his position in gold last week and will remain on the sidelines in the near term as he expects prices to consolidate.
David Morrison of trade Nation tells Kitco News that gold is waiting for new catalysts.
Head of trading strategy Ole Hansson at Saxo Bank believes that gold will remain solid around current levels after rising 7% in October, the strongest performance since last March.
Hanson believes that profit-taking operations will continue above the levels of 2000 dollars per ounce after gold has risen strongly in a short time. So far, there is no strong correction in the market. According to Hanson, the most important levels now are as follows:
The most important support points are at USD 1,953 per ounce, and the level of USD 1,933 per ounce is the 200-day moving average. It indicates the continuation of the strength of the upward trend as long as prices remain above 1,900 dollars per ounce.
Markets are waiting for a talk by the Federal Reserve chairman at a Washington conference on the monetary challenges of the global economy next Thursday.
The markets are waiting for important data only the survey of consumer confidence from the University of Michigan, as well as inflation expectations.
