The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Today, gold is attempting to rise for the third consecutive day as the minutes of the FOMC meeting held on October 28–29, published on Wednesday, showed that most participants supported lowering the target range for the federal funds rate, although some remained opposed. The document also noted that further rate cuts could lead to entrenched inflation.
This "hawkish" tone prompted investors to further reduce their expectations for a December rate cut, pushing the U.S. dollar to its highest level since late May and putting pressure on gold. Also this week, U.S. President Donald Trump approved a 28-point peace plan between Russia and Ukraine. According to preliminary information, the plan includes territorial concessions by Ukraine and a significant reduction of its military capabilities. Reports also indicate that a U.S. delegation made a rare wartime visit to Kyiv to hold talks with the Ukrainian leadership in an effort to restart long-stalled peace negotiations with Russia. All of this creates additional risks for the safe-haven precious-metal market and calls for caution among traders with a bullish outlook.
In addition, optimistic market sentiment is also seen as another factor undermining gold's position as a safe-haven asset. However, concerns about a weakening U.S. economy amid the longest government shutdown in American history are limiting deeper losses for the yellow metal.
From a technical standpoint, gold has found support at the 100-SMA on the 4-hour chart. Any decline will encounter support at the 200-period Exponential Moving Average (EMA), currently near $4020, followed by the weekly low around $4000.
On the other hand, resistance lies at the 50-SMA near $4110. A rise in prices above this level may be viewed as a new bullish catalyst, opening the way toward the next resistance level at $4150–4155, with further upside toward the round level of $4200.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
