
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
The overall market sentiment is mixed as investors await the Federal Reserve’s statement today at the evening.
The pair is moving to the upside. The move above the yesterday high at 1.1766 will push the price higher to the 61.8% Fibonacci level at 1.1820. However, if EUR/USD breaks down the yesterday low at 1.1715, it may fall down to the key support at 1.1700. Follow the Fed’s statement today at 21:00 MT time, it will have a huge impact on the market.
The main focus of attention is gold these days. Bank of America set the 18-month target price at $3 000. JP Morgan’s prospects are bullish on gold in the short term too. Goldman Sachs forecasts XAU/USD to jump to $2 300. On the chart we see that the price is approaching the recent high at $1 965. If it breaks it through, it can surge to the all-time high at $1 980. Support levels are at $1 930 and $1 885.
The Australian dollar is close to the key resistance at 0.7185. The move above this level will drive the price to the 200-week moving average at 0.7257. On the flip side, if the aussie breaks down the low of July 23 at 0.7100, it may fall lower to the next support at 0.7000.
The stock index has bounced from the support line. It should continue its zig-zag movement and rise further until it reaches the resistance at 3 270. If the price breaks through this level, it may soar to the next resistance at 3 225. Support levels are 3 190 and 3 135.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
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