Gold Ready to Continue Rallying? All Eyes on the Fed's Decision
Today's movement is still supported by strong expectations that the Fed will cut interest rates again at its December 9-10 meeting. Global gold prices are holding above the US$4,200/oz level after a recent rally, supported by a weakening US dollar and economic data that is starting to show weakness, such as retail sales and a softening labor market.
The market is also digesting stable PCE inflation data at around 2.8% annually, low enough to give the Fed room to ease policy without appearing too aggressive. The combination of a weaker dollar and falling US bond yields keeps gold attractive as a hedge.
The gold price at the time of this analysis was released was at $4,205.
- Buy if the price is at $4,210.
- Sell if the price is at $4,200.
Resistance 2: $4,237.
Resistance 1: $4,218.
Support 1: $4,189.
Support 2: $4,180.
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
