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In the Middle East, tensions continue to escalate and could spread after the US announced it would send troops and advanced anti-missile systems to Israel to protect its ally. Earlier, Israel's air defense system was hit by a supersonic missile from Iran and a military base was attacked by drones from Hezbollah.SELL XAU 2679 - 2682TP1: 2670TP2: 2662SL: 2689

According to the World Gold Council (WGC), the weakening USD was the main factor driving the XAUUSD higher, as the Fed's big rate cut caused the USD to decline significantly.Rising geopolitical risks with the worsening situation in the Middle East also boosted safe-haven buying.The biggest drag on XAUUSD last month was the "momentum factor". A higher XAUUSD in the previous month tends to put downward pressure on the price in the following month and vice versa. Other gold pairs also recorded strong gains.SELL gold 2662TP1: 2655TP2: 2649

, the breakout of the USD and strong economic data could have pushed gold down further, but in fact, the recent decline of gold has been relatively shallow. That shows that the buying power of the yellow metal has not ended yet.Some other analysts said that although the price of gold has increased to 2,650 USD/ounce, the highest level in many weeks after the US announced the production index (PPI) at the end of last week, gold will still face difficulties in the coming time due to pressure from the USD and stronger bond yields.SELL XAU

Gold did not receive support from economic news or data last week but still maintained a stable price.The US consumer price index in September 2024 did not meet the expected growth rate. The number of unemployment claims in the US increased to 258,000, higher than the forecast of 230,000.The market is closely watching the next economic reports from the US to predict the possibility that the US Federal Reserve (Fed) will cut interest rates next month.There is an 80% chance that the Fed will cut interest rates by 25 basis points in November, while there is a 20% chance that interest rates will be kept unchanged. Lowering interest rates can reduce the opportunity cost of holding gold, thereby supporting gold prices.SELL gold 2656Tp1: 2648TP2: 2640SL: 2674hit full tp

Economic events this week that could impact gold include U.S. retail sales data to see if consumer spending continues to be resilient, and the European Central Bank’s monetary policy decision on Thursday. Markets will also be watching the Empire State manufacturing survey, weekly jobless claims, housing starts and U.S. building permits.SELL XAU 2657 - 2660TP1: 2650TP2: 2640SL: 2668

World gold prices rose again to around $2,640/ounce. High inflation data may cause the US Federal Reserve (Fed) to cut interest rates at a low level at its upcoming meeting in November. According to the CME FedWatch tool, the market is expecting an 84.9% chance that the Fed will cut 25 basis points at its November meeting.Peter A. Grant, Vice President and Senior Metals Strategist at Zaner Metals, predicts that gold prices may soon reach $2,700/ounce and even $3,000/ounce as safe-haven demand continues to increase. Some other experts also expect gold prices to continue to increase in the near future due to global economic and geopolitical instability. Despite the pressure from US interest rate fluctuations and geopolitical tensions, precious metals are still a safe choice for long-term investors.Swiss bank UBS predicts that the ongoing easing of monetary policy, not only by the Fed but also by other central banks globally, will continue to support gold prices.XAUUSD sell 2645-2648TP1: 2638TP2: 2629TP3: OPENSL: 2654

The market is expecting an 84.9% chance that the Fed will cut by 25 basis points at its November meeting.Some other experts also expect gold prices to continue to rise in the coming time due to global economic and geopolitical instability. Despite the pressure from fluctuating US interest rates and geopolitical tensions, the precious metal remains a safe choice for long-term investors.XAUUSD sell 2643-2645TP1: 2634TP2: 2626TP3: OPENSL: 2650

Gold is currently trading around $2,608 an ounce, down 1.7% this week. This is largely due to rising US Treasury yields, which have dampened expectations that the Fed will cut interest rates by another 50 basis points.Minutes of the Fed's recent meeting showed that Chairman Jerome Powell faced some opposition to the rate cut in September. Some officials expressed that the rate cut should be smaller than the 50 basis points. Separately, Dallas Fed President Lorie Logan said on Wednesday that monetary policy easing should be done at a slower pace after last month's cut.Markets are awaiting CPI data due later Thursday. If inflation continues to decline, this will support the possibility of the Fed cutting interest rates in the near future.BUY gold 2613 TP1: 2622TP2: 2630SL: 2605Hit FULL TP

Gold prices also fell due to profit-taking pressure after the precious metal surged and set a record high at the end of last month. The price drop is inevitable, even if gold is in a long-term uptrend.Previously, gold was forecast to increase in price until at least mid-2025 following the US Federal Reserve's interest rate cut trend. The Fed began its interest rate cut cycle in mid-September and signaled that it would cut interest rates until 2026. This also means that pressure will be placed on the USD. Gold will benefit.However, the USD has recently turned around after a sharp decline. Investors are worried that the Fed will not continue to cut interest rates by 0.5 percentage points at its November meeting, but may only cut by 0.25 points when the US economy is still quite strong.BUY XAU 2613TP1: 2622TP2: 2630SL: 2605Hit FULl TP

The positive economic data recently released has caused investors to take profits on gold, shifting their investments to profitable assets such as stocks. Investors are also selling gold because today, the Federal Open Market Committee (FOMC) will release the minutes of last month's meeting.The employment report and positive economic data, investors expect the report will also have a positive assessment of the economy, as well as the interest rate policy may remain unchanged so that the Federal Reserve can maintain the conditions to bring inflation to the target of 2%.BUY XAU 2616 - 2614TP1: 2624TP2: 2630SL: 2608running + 70 pips