Positive Outlook for Gold Amid Key Central Bank Decisions
The outlook for gold is becoming increasingly positive. This week features key central bank rate decisions from both the Fed and the BOJ on Wednesday, along with the US jobs report scheduled for Friday.
The BOJ is expected to hike rates and reduce its monthly bond purchases, which could drive the yen to surge through the key 66 resistance zone. This may trigger a significant decline in the DXY (US dollar index). If this occurs, it could push gold prices higher, especially since gold has already broken out of its downtrend price channel. A correction is anticipated after this breakout, which could potentially drive the price even higher.