Gold Daily | Spot Gold Rebounds After Declines; US CPI Data and Fed Meeting Minutes Influence Outlook
Generated by AI AgentAinvest Market Brief
Thursday, Oct 10, 2024 8:00 am ET1min read
UBS--
【Latest Gold Price and Recent Trends】
Spot gold is around $2615, maintaining a rebound. Recent trends show six consecutive days of decline, driven by a stronger dollar and anticipation of US CPI data.
【Technical Analysis】
Gold has dipped below the 21-day moving average. Key support is at $2600; a drop below may target $2585. Resistance is at $2623. A break above $2635 could shift to a bullish trend with targets at $2650 and $2670.
【Market Sentiment and Economic Background】
The US Federal Reserve's meeting minutes suggest a split on interest rate cuts, impacting gold. A 25 basis points rate cut in November has an 82% probability. CPI data is crucial; lower-than-expected inflation could fuel hopes for more rate cuts, boosting gold. Conversely, higher CPI might strengthen the dollar and hit gold prices.
【Analyst Opinions】
Analysts are optimistic about gold’s long-term prospects despite recent declines. Factors like geopolitical tension and central bank purchases support this view. UBS forecasts gold reaching $2800 by 2024, citing global monetary easing and dollar weakening. However, some caution that gold might be "overheated," suggesting potential short-term corrections.
Spot gold is around $2615, maintaining a rebound. Recent trends show six consecutive days of decline, driven by a stronger dollar and anticipation of US CPI data.
【Technical Analysis】
Gold has dipped below the 21-day moving average. Key support is at $2600; a drop below may target $2585. Resistance is at $2623. A break above $2635 could shift to a bullish trend with targets at $2650 and $2670.
【Market Sentiment and Economic Background】
The US Federal Reserve's meeting minutes suggest a split on interest rate cuts, impacting gold. A 25 basis points rate cut in November has an 82% probability. CPI data is crucial; lower-than-expected inflation could fuel hopes for more rate cuts, boosting gold. Conversely, higher CPI might strengthen the dollar and hit gold prices.
【Analyst Opinions】
Analysts are optimistic about gold’s long-term prospects despite recent declines. Factors like geopolitical tension and central bank purchases support this view. UBS forecasts gold reaching $2800 by 2024, citing global monetary easing and dollar weakening. However, some caution that gold might be "overheated," suggesting potential short-term corrections.
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PROEditorial Disclosure & AI Transparency: Ainvest News utilizes advanced Large Language Model (LLM) technology to synthesize and analyze real-time market data. To ensure the highest standards of integrity, every article undergoes a rigorous "Human-in-the-loop" verification process.
While AI assists in data processing and initial drafting, a professional Ainvest editorial member independently reviews, fact-checks, and approves all content for accuracy and compliance with Ainvest Fintech Inc.’s editorial standards. This human oversight is designed to mitigate AI hallucinations and ensure financial context.
Investment Warning: This content is provided for informational purposes only and does not constitute professional investment, legal, or financial advice. Markets involve inherent risks. Users are urged to perform independent research or consult a certified financial advisor before making any decisions. Ainvest Fintech Inc. disclaims all liability for actions taken based on this information. Found an error?Report an Issue
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