GOLD the trend is up but no longer strong
On the world market, gold price reached 2,034.65, an increase of 1.99 USD. The Fed's admission that inflationary pressures are on the decline has increased expectations for interest rate cuts. This has affected the strength of US government bond yields and the USD, but has a positive impact on the gold market.
In the short term, according to technical analysis, gold is still in an uptrend but not as strong as before. The nearest resistance level for gold price is 2,012.5 USD/ounce (highest on December 12) and the next strong resistance level is 2,075 USD/ounce. Meanwhile, the support threshold is 1,955.4 USD/ounce. This is the lowest level in November.
In the short term, according to technical analysis, gold is still in an uptrend but not as strong as before. The nearest resistance level for gold price is 2,012.5 USD/ounce (highest on December 12) and the next strong resistance level is 2,075 USD/ounce. Meanwhile, the support threshold is 1,955.4 USD/ounce. This is the lowest level in November.
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