Gold approaches $3,860/oz, poised for its seventh weekly gain. The US shutdown has caused a data blackout, with the market and the Fed focusing on private sector releases, with weak recruitment and fewer layoffs. Market money has almost fully priced in a 25 bps cut by the end of the month and the possibility of another cut in December.
Structural support: central bank spending and ETF flows.
But be wary of a pullback. The rapid rally is overbought, with profit-taking already emerging after the record. A dovish narrative maintains the continued bullish trend; conversely, a stronger dollar or a more hawkish Fed tone could expose gold to a short-term correction. Capitalize on momentum and manage risk. (ads)
At the time of writing, the gold price was at $3,857.
Disclaimer:
This article is analytical and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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