As you already know, Israel-Gaza Geopolitical sentiment is getting worse. Since the beginning of last week, gold prices have traded high from $1,830 to now around $1,940.
But the movement of gold prices this week is now seen as if it is waiting for a new indication of the next market sentiment.
In the early morning tomorrow October 19, 2023 between 0:00 and 6:55 (GMT+8) the market will be waiting for a new sign in the direction of the FOMC meeting that will take place in November 2023, where several FED committee members will speak about future meeting projections.
For your information, the event that will take place tonight is an official Fed event held a few weeks before the arrival of the FOMC and this event is known as the "Fed Blackout Period".
During this period, the members of the Fed are expected to provide new indications in the market. Usually they will provide interest rate projections based on recently released economic data.
This is expected to have an impact on the market including the "US 10-Y Treasury Yield" as well as give a pattern to the XAU/USD gold market.
The indicators that will be released early in the morning are expected to help the market in determining the direction of the gold price whether it will continue to increase or otherwise.
"Gold Futures" Market
Early this morning, the "gold futures" market was seen to have experienced an increase of 3,000 "open interest" trades and a decrease of 17,600 contract holding volumes. Because of this, the gold market (spot market) is seen to be able to jump in price around the $1,950 level.
