Strong Dollar? $4,000 in Sight!
Gold is back nearing the psychological $4,000/oz level, driven by safe-haven flows as the US government shutdown drags on and tech stocks falter following news of lower-than-expected Oracle cloud margins. Spot gold briefly touched $3.99,000, while December futures in New York re-surfaced above $4,000. On the inflow side, gold ETFs recorded substantial inflows in September, and Goldman Sachs raised its December 2026 price forecast from $4,300 to $4,900/oz, fueling the rally.
However, the upward trajectory hasn't been smooth. A strengthening dollar—amid political turmoil in France and a leadership change in Japan—and the potential for rising yields could provide short-term resistance. However, the combination of Fed rate cut expectations, political uncertainty, and central bank buying kept the intermediate bias bullish. Other precious metals traded mixed: silver recovered slightly, platinum remained flat, and palladium strengthened.(asd)
At the time of writing, the gold price is at $3,995.
- Buy if the price moves within the $4,000 range.
- Sell if the price moves within the $3,990 range.
Resistance 2: $4,020
Resistance 1: $4,010
Support 1: $3,980
Support 2: $3,970
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
