Gold Price Surges Unexpectedly
Hello everyone, this is Alisa. Today, let's join me in updating the latest developments in gold!
The gold price surged significantly, reaching 2,644.18 USD/ounce. The main driving force came from the U.S. inflation data released this morning. Specifically, the U.S. Consumer Price Index (CPI) increased by 0.2% in September, which was lower than expected. This eased inflationary pressure and prompted investors to pour money into gold as a safe-haven asset.
Observing the 1-hour technical chart, Alisa noticed that the price within the channel had gained strong upward momentum. This was truly a rebound after a brief period of decline for the metal. With support at 2,628, gold’s upward trend has resumed. Additionally, technical indicators like RSI and Stochastic are also giving buy signals.
What a volatile day! How about you all? Do you think gold will rise or fall?
The gold price surged significantly, reaching 2,644.18 USD/ounce. The main driving force came from the U.S. inflation data released this morning. Specifically, the U.S. Consumer Price Index (CPI) increased by 0.2% in September, which was lower than expected. This eased inflationary pressure and prompted investors to pour money into gold as a safe-haven asset.
Observing the 1-hour technical chart, Alisa noticed that the price within the channel had gained strong upward momentum. This was truly a rebound after a brief period of decline for the metal. With support at 2,628, gold’s upward trend has resumed. Additionally, technical indicators like RSI and Stochastic are also giving buy signals.
What a volatile day! How about you all? Do you think gold will rise or fall?
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