“Gold prices have been on a strong upward trajectory”
In the U.S., the New York Fed Empire State manufacturing index for September rose from -4.7 to 11.5, indicating that the manufacturing sector has returned to growth territory. This data marked the highest level since April 2022. Despite this strong economic signal, the recovery in U.S. dollar assets remained limited. As a result, gold prices saw an upward movement, reaching the $2,585 level.
From a technical perspective, if prices remain consistently above the 2585 level, an increase to 2600 and then to 2650 could occur. On the downside, if the price falls below the 2570 support level, a pullback could extend to 2535 and then to 2482.
From a technical perspective, if prices remain consistently above the 2585 level, an increase to 2600 and then to 2650 could occur. On the downside, if the price falls below the 2570 support level, a pullback could extend to 2535 and then to 2482.
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