Gold Falls Again, Market Awaits Important Signals from the Fed
Gold prices fell to around $4,040 per ounce on Monday (November 24th), continuing their decline from the weekend. Investors are now awaiting Tuesday's release of US economic data, namely Retail Sales and PPI, for clues on the Fed's policy direction. Expectations for a December interest rate cut have risen again after New York Fed President John Williams signaled support for an imminent rate cut. The market now expects the probability of a December rate cut to rise to 70%, from around 40% last week following strong employment data.
Despite the short-term decline, gold prices are still up around 54% since the start of the year. This strengthening was driven by geopolitical and trade uncertainty, massive central bank buying, and strong investor interest seeking protection from fiscal risks.
The price of gold at the time of this analysis was released was $4,044.
- Buy if the price moves within the $4,049 range.
- Sell if the price moves within the $4,038 range.
Resistance 2: $4,066.
Resistance 1: $4,055.
Support 1: $4,033.
Support 2: $4,022.
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
