Gold is consolidating after a ‘higher for longer’ interest rates Fed’s policy

Gold dropped from 1945-1947 to 1913-1915 after the Sep 20 FOMC Meeting Minutes. Gold is consolidating from 1921 to 1929 to wait for the market to decide the next gold trend after the higher for longer policy from the Fed while the other major central banks haven’t followed the Fed’s policy yet.

The 1929-1931 is a key resistant zone to watch for gold trend, gold will be sold off to 1909-1911 or further if investors buy the U.S Dollar because of the higher for longer policy from the Fed.

The 1921 is a key level to watch for gold down trend, gold short term trend will be bearish when gold drops bellow the 1921 level.

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