Market activity is currently sluggish, with stocks trading sideways, and the US dollar showing minimal movement. The primary action is happening in the commodities sector, notably with gold surging to higher levels, while crude oil is encountering resistance.
Today, we received the UK inflation data, revealing a 6.7% annual increase. This news didn't cause much of a stir, as it was in line with expectations. However, we could see heightened volatility later in the day due to the anticipated arrival of US President Joe Biden in Israel for a meeting. Developments in that region are likely to have a significant impact on the markets.
Turning our attention to gold, its price is currently at the highest level of the week, rebounding from its October lows in a clear five-wave pattern. We are currently in the fifth wave, which has the potential to reach 1950. Nevertheless, it's important to note that bullish momentum may be waning, and a corrective setback could occur in the near future. Additionally, market sentiment has become exceedingly bullish, which is another factor to take into account. It might be wise to consider joining the upward trend in precious metals after a pullback rather than chasing the market at its current elevated levels. The initial support levels to watch are at 1909 and 1884.
Grega
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Gold Spikes on Geopolitical Issues, More Upside Likely After Pullback
Published 10/18/2023, 03:30 AM
Gold Spikes on Geopolitical Issues, More Upside Likely After Pullback
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