Gold price on the first day of the new week (October 2)

Brian greets everyone!

Gold prices today are still being negatively affected in the market as the US dollar index continues to rise, currently surpassing 106 points. US bond yields have not stopped increasing, and the global market is concerned about the ongoing inflationary pressures.

Regarding the forecast for gold prices next week, both analysts and investors expect a recovery after the recent selling spree. Specifically, out of the 13 participating analysts, 54% believe that gold prices will increase, 31% predict a decrease, and the remaining percentage expects prices to remain stable.

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good luck

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Any correction in Gold price from seven-month lows could see a minor hurdle at the $1,850 level, above which the September 28 and 29 highs of $1,880 will emerge as a powerful resistance.

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The USD Index rose 0.1%, anchoring near a 10-month peak against rival currencies and making gold less attractive to buyers denominated in other currencies.

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Gold continues to appear bearish candles as the market seems unable to stop the price decline, currently trading at 1915 USD