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On Friday, the yellow metal declined, taking a breather having capitalized on the key US bank and worrying the stock markets earlier in the week. However, a second week of profits in three as well as the potential of more economic downtimes ahead is actually inspiring gold enthusiasts to target the $1,300 value last observed in June.
As some financial analysts pointed out, traders have managed to accumulate some extra-long positions, while the holders of short positions have begun shifting to the exits because the financial market picks up some steam.
Some experts are assured that the price of the yellow metal will keep soaring.
On the Comex exchange, February delivery gold futures went down by 0.7% coming up with an outcome of $1,258.10 a troy ounce, having reached a six-month maximum of $1,270.20 in the prior session. On the weekly basis, this commodity gained 1.4% following a 2% jump two weeks earlier.
At its Wednesday’s gathering the key US bank had interest rates raised exactly as anticipated. At the same time, the major bank confused the market by simply downgrading its economic estimate for next year. Nevertheless, the key US bank will keep lifting interest rates in 2019.
At the same time, the major US bank sent quite confusing signals to the financial market by reducing its economic estimate for 2019, hinting that it would keep lifting rates, only at a slower tempo. The vast majority of Fed policymakers told they foresaw just two rate lifts in 2019, in contrast with previous hopes for three.
Following the rate lift fed funds futures disclosed that investors were adding to bets that the Federal Reserve won’t hold on further hikes from January. What’s more, a lot of economists also consider the likelihood of a global recession. All of this can greatly weaken the evergreen buck, simultaneously backing the yellow metal.
Meanwhile, silver tumbled by 1.2% ending up with $14.69 per ounce.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
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The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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