Gold Corrects After Strong Rally
Gold prices fell on Thursday (December 11) as the market began profit-taking after a sharp rally following the Fed's dovish decision. Previously, expectations of interest rate cuts and a weakening dollar had pushed gold prices closer to their peak, but now some market participants are opting to secure profits while awaiting new data and signals from central banks. The rebound in the US dollar and a slight increase in US bond yields also weighed on gold, making non-yielding assets like bullion slightly less attractive in the short term.
In addition to technical factors and profit-taking, risk-on sentiment in global stock markets also weighed on gold's safe-haven status. Optimism that the Fed will gradually lower interest rates going forward remains a medium-term support, but for now, market participants are being more cautious after the rapid price surge. (alg)
Gold price at the time of this analysis was released was at $4,212
- Buy if the price is at $4,219
- Sell if the price is at $4,205
Resistance 2: $4,231
Resistance 1: $4,226
Support 1: $4,198
Support 2: $4,193
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
