Dec 17, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex)
The strength of the US dollar has contributed to renewed selling in the gold price index in recent trading sessions of the past week. According to the platforms of gold trading companies, the price of gold fell from the resistance level of $ 2726 per ounce, the highest for spot gold prices in five weeks. The losses of selling operations for the gold price extended to the support level of $ 2646 per ounce, and the week's trading closed stable near losses ahead of an important and exciting trading week.
Will the
gold price rise tomorrow?
We expect the
gold price to stabilize and for selling to not continue until the reaction to the decisions of global central bank policies, led by the US, is seen. There are chances for the
gold price to rise tomorrow if global geopolitical tensions return to affect investor sentiment towards safe havens, of which
gold is the most important Tips:
We still recommend buying
gold bars from every dip but without taking risks and activating take-profit and stop-loss orders to ensure the safety of the trading account from any sudden price reversals. Furthermore, do not forget that
gold has achieved gains of more than 30% during 2024's Gold Demand
Spot
gold prices received a positive boost recently as the Chinese central bank announced its return to
gold purchases after a six-month hiatus due to record high prices. According to an official announcement, the Chinese central bank purchased 5 tons of
gold last month. As is well known, China, along with India, is one of the largest
gold buyers in the world, and therefore the figures issued there directly affect the future of the
gold market Price Awaits US Federal Reserve Announcement Cautiously
Ahead of the Christmas holidays , the
gold market will have an important date with the announcement of US monetary policy decisions, and expectations indicate that the US Federal Reserve may cut interest rates by a quarter point, but the bank's statement and the statements of its governor, Jerome Powell, will affect the performance of the
US dollar and thus the price of gold. Regarding expectations, if the US Federal Reserve hints that it is ready for more US interest rate cuts in the coming meetings, the
gold price may rebound to the peak of $2,700 per ounce quickly or even higher. However, if the bank confirms that it is not ready for more rate cuts in the future due to the foggy scene towards the future of Trump's hostile policies, which increase inflation rates, the
gold price may decline and head towards new buying levels.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Gold Price Technical Analysis and Expectations Today:
According to the expectations of
gold analysts today, the recent selling operations did not take the
gold price out of the upward path. According to the performance on the daily chart, the psychological resistance of $ 2,700 per ounce will remain a strong and important indication of the strength of bulls' control and thus readiness for upcoming upward breaches. The Relative Strength Index (RSI) is in a neutral position, which confirms the relative balance between bears and bulls. However, the MACD indicator is still turning higher. In contrast, and over the same period of time, the most important support levels after the recent performance will be $ 2,638 and $ 2,620 per ounce, respectively. Moreover, the
gold buying strategy is still being followed and may remain so for the rest of 2024. There are expectations by
gold market analysts that prices may remain stuck in a range between $ 2,600 and $ 2,800 per ounce until Trump's policies become clear starting in January 2025.
EURUSD Chart by TradingView
The
gold bullish trend is strengthening as we expected, with the psychological resistance of $2,700 being broken. Decisively,
gold is on track for a weekly close and has risen
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XAU/USD (Daily Chart )
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