Pull Back Rally Expected in Gold :: Edelweiss, PDF link

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Gold ready for liftoff and some support could be coming from the fact that there are still geopolitical risks in certain parts of the world. But for at least this time around, it looks like we got a bounce off of level $1180.

EDEL ACE - Buy MCX Gold Mini November around 26800 (add One more at 26550) StopLoss 26000 Target 28500

US FOMC Members are dovish which can lead to dollar depreciation

• The general tone of the FOMC minutes (released 8 Oct) was considerably more dovish than anyone had reason to expect. It is not simply the case of not raising interest rates any time soon.
• The dollar`s appreciation was largely discussed as a potential drag on growth
• It seems that the apex bank is also focusing on the global economic scenario before taking a call on the interest rate trajectory in the world’s largest economy.
• In addition, many members endorsed the fact the growth in labor markets have not yet attained its optimal levels.
• In a nutshell, the minutes left the impression that the hike in interest rates is completely dependent on flow of macroeconomic numbers and there is no specific time scale to do this.

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https://www.edelweiss.in/research/Pull-Back-Rally-Expected-in-Gold/10005033.html