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Gold Daily | Resilient Gold Holds Amid Strong Dollar; Eyes on Fed, Geopolitical Tensions Boost Demand

AInvestTuesday, Oct 15, 2024 8:00 am ET
1min read
【Latest Gold Price and Recent Trends】

Gold prices remain stable around $2650, facing pressure from a strong dollar. Despite this, gold shows resilience, with investors awaiting further Fed guidance on interest rate cuts.

【Technical Analysis】

Gold is testing support at $2635 with potential for a bullish trend if it holds. Resistance levels are at $2656.86 and $2665.47. A break below $2635 could trigger a bearish move.

【Market Sentiment and Economic Background】

The strong US economy and slightly higher-than-expected inflation have reduced expectations for aggressive Fed rate cuts, supporting the dollar. Geopolitical tensions in the Middle East, involving Israel and Iran, heighten demand for gold as a safe haven, despite potential easing of tensions. Central banks continue to be active gold buyers, diversifying reserves amid financial and strategic concerns.

【Analyst Opinions】

Analysts note gold's surprising resilience against a strong dollar. Expectations of a Fed rate cut in November support gold, with potential for prices to reach $2800 by year-end. Geopolitical risks may limit deeper sell-offs. Despite current corrections, analysts foresee further price increases, targeting $2700 and $2745 in the short term. Central banks' gold acquisitions and geopolitical tensions play key roles in driving prices.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.