The gold price is currently facing resistance below the
2
,000 level due to concerns over a possible US default and bets on a hawkish Fed policy. The recent strength in the dollar is also weighing on the price of gold. However, some analysts believe that downside risks are favored ahead of the Fed policy meeting, and that gold may find support around the
1
,980 level. The market is currently waiting for clues from the upcoming Fed meeting on the direction of interest rates, which could have a significant impact on the price of gold. Overall, while the short-term outlook for gold may be uncertain, the precious metal remains an attractive asset for long-term investors looking to diversify their portfolio and hedge against inflation.
Summary:
- Potential resistance zone: 2006-2012
-Support zone:1976
- If resistance zone is broken, next stop will be at 2030. Catalyst for bull run will be the JOLTS Job opening @ 12 3rd May
2
,000 level due to concerns over a possible US default and bets on a hawkish Fed policy. The recent strength in the dollar is also weighing on the price of gold. However, some analysts believe that downside risks are favored ahead of the Fed policy meeting, and that gold may find support around the
1
,980 level. The market is currently waiting for clues from the upcoming Fed meeting on the direction of interest rates, which could have a significant impact on the price of gold. Overall, while the short-term outlook for gold may be uncertain, the precious metal remains an attractive asset for long-term investors looking to diversify their portfolio and hedge against inflation. Summary:
- Potential resistance zone: 2006-2012
-Support zone:1976
- If resistance zone is broken, next stop will be at 2030. Catalyst for bull run will be the JOLTS Job opening @ 12 3rd May