Fundamental Forecast for Gold: Bullish
· Soft U.S. data, Yellen commentary weigh on USD, fueling Gold reversal off key support
· What’s driving gold prices? Review DailyFX’s New 3Q Gold Projections
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| Gold |
Gold prices ricochet for a second successive week with the precious metal rush 2.06% to trade at 1253 ahead of the New York close on Friday. The advance marks the vast weekly gain since May and has been supported by continued weakness in the currency with the DXY down more than 1.3%. await to next week, price action looks poised for another thrust higher with key U.S. event risk on tap.
The FOMC interest rate decision is engaged for Wednesday with traders looking for any adaptation in the central bank’s policy outlook. Gold has been kept floating by a moderate in expectations that the Fed will automatically delivery on its projections for another increase this year. As it stands, market participants are allocate only a 52% chance for a 25bps hike in December. While the implications of a delay in distribution are bullish for bullion, prices are now focus key longer-term defiance targets, putting the topside-bias at risk heading into next week.
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