The US Dollar has the potential to come under pressure again when inflation data is released in the

Gold markets maintained strong gains even as the minutes of the Federal Reserve's September monetary policy meeting showed that the central bank was committed to maintaining a “higher for longer” monetary policy stance.

Even though the Federal Reserve is nearing the end of its tightening cycle, meeting minutes show that the committee continues to support raising interest rates until it is confident that inflation will fall back to its 2% target.

“All participants agreed that policy should remain restrictive for some time until the Committee is confident that inflation is moving down sustainably towards its goal,” the minutes said. “Several participants commented that, with policy rates likely to be at or near their peak, the focus of monetary policy decisions and communications should shift from how high policy rates should be raised to how long policy rates should be maintained at restrictive levels.”

Gold rose 0.7% and ended trading Wednesday at the 1,874.27 area.

The gold market continues to be well supported due to rising safe-haven demand amid increasing chaos in the Middle East and a renewed war between Israel and Hamas.

Although the Federal Reserve is expected to maintain tight monetary policy for the foreseeable future, the minutes also showed that the committee is aware of the difficult road ahead.

“Many participants commented that although economic activity is quite resilient and the labor market remains strong, there is still a risk of a decline in economic activity and a risk of an increase in the unemployment rate,” the minutes stated. Participants generally stated that it was important to do this. balancing the risks of excessive tightening with the risks of insufficient tightening.

The benchmark 10-year US Treasury yield fell to a two-week low of 4.544% and was last down 7.6 basis points (bps).

In foreign exchange markets, the dollar index, which measures the U.S. currency against six other currencies, traded little changed after touching a two-week low of 105.550, while the euro rose to its highest level since Sept. 25 at $1.0634.

The Japanese yen appreciated by reaching its highest price of 149,319/dollar

Japan's top former diplomat Naoyuki Shinohara told Reuters the country would likely not try to reverse the yen's downward trend with exchange rate intervention.

U.S. West Texas Intermediate crude fell $2.48, or 2.9%, to $83.49.

The Dow Jones Industrial Average (.DJI) rose 65.57 points, or 0.19%, to 33,804.87, the S&P 500 (.SPX) added 18.71 points, or 0.43%, to 4,376.95 and the Nasdaq Composite (. .IXIC) added 96.83 points, or 0.71%, to 13,659.68.

Gold Price Prospects for Thursday (12/10/23)

Trading Data on Wednesday (11/10)

Open: 1,859.61. High: 1,877.10 Low: 1,858.58 Close: 1,874.77 Range: 19

For the Resistance area, gold will test the 1,881.41 price area with a wider push towards the 1,890.11 – 1,903.88 area

For the support area, gold will continue to test the price level of 1,860.00 with deeper pressure towards the 1,850.33 – 1,840.73 area

Oil Price Prospects for Thursday (12/10/23)

Trading data on Wednesday (11/10)

Open: 85.94 High: 86.49 Low: 83.11 Close: 83.71 Range: $3.38

Oil tested the resistance area at 83.90 with a broader push towards the 84.62 – 85.85 area

For the support area Oil will test the 82.00 area with deeper pressure towards the 81.52-80.39 area.