XAUUSD : Turned up when the USD dropped sharply

Gold prices increased because the USD reversed sharply at the beginning of this morning's session. The Dolla-Index – which measures the strength of the USD in a basket of 6 major currencies, plummeted by nearly 0.4% compared to the previous session, to 103.220.

The dollar depreciated, helping to lower gold deposit and transaction costs, so investors boosted buying precious metals to make a profit. The world's largest gold trust fund (SPDR) since August 28, has been a net buy for 4 sessions and only 1 session has no net buying or selling. This shows that gold is still an investment choice channel as the market reinforces expectations that the Fed will keep interest rates unchanged from now until the end of the year.

הערה:

ECB President Lagarde: At a time when people are paying the most attention, central banks must deliver their key communications to ensure these expectations remain firmly anchored.

הערה:

➡️JPMorgan Bank raises its forecast for inflation in Turkey by the end of the year to 65% from a previous forecast of 62% after inflation data for August came out higher than expected.

הערה:

➡️Michael Burry has now lost approximately -42% of his bet ($1.6 billion) against the S&P 500 and Nasdaq.

הערה:

On Thursday, the huge American investment bank Wells Fargo published a memorandum that dealt with its experts’ expectations regarding the US Federal Reserve’s movements during the next year. The memorandum explained the bank’s expectations that the US Federal Reserve will reduce interest rates by 225 basis points at the Federal Open Market Committee meetings starting in March of next year.

הערה:

🕯 SELL GOLD |  1924 - 1926

🔴 SL: 1930

🟢 TP1: 1920
🟢 TP2: 1915