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Gold – Momentum to Invest Now?

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November has more inflation reports due to G10 economies, which could further boost safe haven. However, speeches by a large number of policymakers from the European Central Bank (ECB) and the Federal Reserve may determine whether bullion will remain in the uptrend guide. If inflation continues to continue and central banks do not keep up with ongoing inflationary pressures, it could lead to new lows in real yields, Golden Brokers reports in its analysis.

Things took a turn on November 4thGod’. Gold futures began to trade in high volatility. Despite a stronger dollar which usually moves upside down to the precious metal, the safe haven is trading up 0.98% to $ 1,794 an ounce. The bullish momentum of the precious metal has just begun. On November 7thGod’, Gold futures escalated sharply as their markets and investors began to look to U.S. Federal Reserve futures more patiently, even though Fed Chairman Jerome Powell pointed to uncertainty about inflation. As a result, gold contracts soared 1.47% to $ 1,817 an ounce.

After crossing the $ 1,800 threshold, gold gained momentum upwards. Gold futures continue to escalate due to hotter-than-expected inflation data in the U.S., despite the spike in the green dollar, which is usually reversed to the precious metal. The safe haven climbed 0.68% to about $ 1,862 an ounce. In the second week of November, gold futures continued To rise due to high inflation, which adversely affected consumer sentiment, regardless of the three-month high US dollar.God’ Of November, gold futures are now valued at $ 1,859 an ounce.

Analysts expect that if gold falls below the current support level of $ 1,844, it could be the end of the rally. On the other hand, beyond the current resistance level of $ 1,867 is expected to provoke a new wave of rally for the precious metal, which could push its price beyond the $ 1,900 threshold. Investors are waiting for a good entry point, keeping their eyes on the gold price movements with an optimistic forecast for the future.

Muhammad Zolbari Mohad Rajdi

Chief Analyst
Gold brokers

Trading is risky and all your investment may be at risk. TC’s available at https://goldenbrokers.my/

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