Gold price increases, what should we pay attention to next?

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Hello dear friends, gold has just experienced an incredible breakthrough, continuously increasing by $28 and reaching a trading level of $1963 today.

So what are the reasons supporting gold?

After the news of the US consumer price index was announced, the annual inflation rate decreased from 3.7% in September to 3.2% in October, lower than the market estimate of 3.3%. The decline in US Treasury bond yields supported gold, while the US Dollar Index (USD) also decreased, hitting a monthly low and acting as a leverage for gold prices.
Regarding technical analysis: Observing the 1D chart, gold is finding support from the $1933 support level. It is forming an inverse cup and handle pattern, suggesting a potential downward trend with a significant resistance level at $1970. Karina's high target remains at $1910.

Although gold is showing a significant price increase, we still have two important upcoming news releases to consider before the gold trend becomes clear.

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