GOLD leaving the previous optimistic position

On the world market, gold price reached 1,959. Investors await a speech from US Federal Reserve Chairman Jerome Powell for more clues about interest rates. Following gold's sharp rally, some traders have moved away from their previously bullish positions, as market participants assess the risks of a broader conflict in the Middle East, while the downside less prevents cash flow into safe-haven assets.

Gold investors will start looking at economic data, potential action from the US Central Bank, and gold will react based on whatever the data brings. Therefore, it is difficult for gold to gain momentum if data does not show economic weakness. Although October was a historic month for the gold market as the precious metal saw record high closing prices, more factors are needed to create a sustained push in the market.