Demand for the gold market has been subdued since the beginning of the week, with gold prices in the $1,980 to $1,950 range.
This decrease is due to the uncertainty in the geopolitical situation in the Middle East, especially with the development in the negotiation of the intervention of Western countries such as America, as well as the aid received by the Palestinian people from outside.
In addition, yesterday's "S&P Global Manufacturing PMI" data announcement has given impetus to the US Dollar by showing very positive growth.
This has put pressure on the gold market, causing prices to trade lower to $1,950 during the session in New York yesterday.
We predict that the gold market this week may be traded in a flat state, with increased "Hedging" demand in the futures market ("Futures market"), as explained in the SARACEN Weekly Market Outlook Fourth Week Edition of October 2023.
Technical Analysis
In the analysis of the Daily Chart, the price of gold still shows signs of a "bullish" tendency. The $1,980 level is identified as a key resistance level.
When this level is successfully overcome, the price of gold has the potential to reach the $1,990 level again, and may challenge the $2,000 level.
On the other hand, if the price breaks through the $1,963 level, it is expected that the $1,950 level may be tested again.
