Release of a Number of Key US Economic Data in the Midst of the Israel - Hamas Conflict Which Contro

TPFx | 2023-11-02 10:28

Abstract：Gold prices hovered near the key $2,000 psychological level on Monday, supported by safe-haven demand amid Middle East conflicts, while market players looked forward to the US Federal Reserve's policy meeting this week.

Gold prices hovered near the key $2,000 psychological level on Monday, supported by safe-haven demand amid Middle East conflicts, while market players looked forward to the US Federal Reserve's policy meeting this week.

Gold prices hit $2,009.29 an ounce on Friday, topping the $2,000 level for the first time since mid-May, as investors flock to safe-haven assets and gold is the best hedge in times of geopolitical turmoil.

Israeli troops and tanks attacked the main city of Gaza in the north from the east and west. Gold is consolidating and building a base for further gains, depending on the evolving geopolitical situation.

Investors will pay close attention to the US central bank's policy decision which will be released on Thursday morning WIB. Although the Fed is expected to keep interest rates unchanged, the focus will be on Chairman Jerome Powell's comments.

If the Fed sounds hawkish, then we will see a slight negative reaction from gold.

The Dollar Index was around 106.3 on Monday. Market players await the release of key economic data from the US for further updates on the strength of the US economy. Oil prices fell more than 3%, partly as concerns eased about the Israel-Hamas war disrupting supplies from the region. U.S. crude fell $3.23 to $82.31

The BOJ is considering adjusting its yield curve control policy to allow the yield on 10-year Japanese government bonds to rise above 1%, pushing the yen to 148.81 per dollar, its strongest level since Oct. 17. it was last down 0.4% at 149.05 yen.

The BOJ begins its two-day monetary policy meeting on Monday. The recent spike in global interest rates has increased pressure on the BOJ to change its policy of controlling bond yields.

The US Federal Reserve and Bank of England will also meet this week. The US monthly jobs report will be released on Friday. The dollar index was down 0.469%, and the euro was up 0.51% at $1.0618.

The Dow Jones Industrial Average (.DJI) rose 511.37 points, or 1.58%, to 32,928.96, the S&P 500 (.SPX) added 49.45 points, or 1.20%, to 4,166.82 and the Nasdaq Composite (.IXIC) added 146.47 points, or 1.16%, to 12,789.48.

Economic data this week:

Selasa: US Consumer Confidence

Rabu: US ADP Non Farm; ISM manufaktur PMI, lowongan, JOLTS Job Opening, Federal Reserve Monetary Policy Decision

Kamis: Bank of England Monetary Policy Decision, US Jobless Claims

Jumat: US Non Farm Payroll, US Unemployment Rate, US Average Hourly Earning

Gold Price Prospects for Tuesday (31/10/23)

Trading Data on Monday (30/10)

Open: 2,002.19 High: 2,006.72 Low: 1,990.89 Close: 1,9955.58.40 Range: $32.51

For the Resistance area, gold will continue to test the 2,011.77 price area with a wider push towards the 2,024.89- 2,031.87 area

Likewise, the gold support area will continue to test the price level of 1,988.76 with deeper pressure towards the 1,981.13- 1,976.95 area

Oil Price Prospects for Tuesday (31/10/23)

Trading data on Monday (30/10)

Open: 85.03 High: 85.25 Low: 81.81 Close: 82.51 Range: $2.78

Oil will test the resistance area at 83.34 with a broader push towards the 84.67 – 85.59 area

For the support area Oil will test the 81.52 area with deeper pressure towards the 80.29 - 79.33 area.

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