Gold Must Hold Above $3,886 to Avoid Sharper Decline, Analyst Says
Standard Chartered analyst Suki Cooper said on 27 October that gold must hold above $3,886 per ounce or risk a sharper correction, while the bank kept its bullish long-term outlook. Earlier in the two-week period, FXStreet reported on 25 October that gold slipped below $4,000 as oil prices surged and expectations grew for a Federal Reserve rate hike. Marketscreener.
com noted a modest rise to about $4,009 when oil eased, and Reuters later said gold climbed above $4,000 as oil fell and rate outlooks shifted. Kitco observed that rising Brent crude and falling Treasury yields kept gold near $4,000, then reported that gold fell below $4,000 and silver dropped over 2% amid Fed tightening expectations and Middle-East oil-supply uncertainty. Finally, FXStreet said gold nudged up to around $4,056 as oil retreated below $100 and the dollar strengthened ahead of the Fed’s policy announcement.
