Last week, the minutes of the FOMC meeting of the US Federal Reserve (Fed) dated October 31-November 1 were followed in global markets. In the minutes of the Fed's meeting, bank officials stated that they agreed on adopting a cautious approach in the course of monetary policy, and that monetary policy could be tightened further if incoming data showed that the progress in reducing inflation was insufficient. According to the minutes, Fed members expressed that more evidence was needed to convince them of a return to the 2% target. The lack of any sign of an interest rate cut in the Fed minutes had a negative impact on global markets. We saw movements in the ounce of gold pushing the $2,000 band. So, can an ounce hold $2,000? There would be no issue in waiting for a course like this for a while. A positive wind from the Fed may lead us to bottom prices in the ounce again. For now, Enjoy!
Weekly Market Analysis 27/11/2023
