Dec 18, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex)
Gold prices started the week relatively stable, trading between $2,644 and $2,664 per ounce. Today (Tuesday), the price is expected to open around $2,651 per ounce on. According to gold trading platforms, the gold price index remains relatively firm due to expectations that the US Federal Reserve may pause further interest rate cuts in 2025 due to the resilience of the US economy.
Will the price of
gold rise in the coming days?
According to
gold analysts, the future of the US Federal Reserve's policy weakens the appetite for
gold bullion. Despite this, spot
gold prices have recorded gains of over 30% in 2024 amid record-breaking buying of the metal as a safe haven amid global geopolitical tensions led by the Russian Ukrainian war and Israeli wars in the Middle East. This is in addition to the easing monetary policy of major central banks. Recently, the European Central Bank, the Bank of Canada, and the Swiss National Bank cut interest rates, and the Bank of Japan hinted at a cut instead of a hike. The People's Bank of China is also expected to ease its monetary policy next year and return to
gold buying after a six-month hiatus.
Trading Tips:
The current stability of
gold prices portends a strong move in one direction or another, so be careful
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Will
gold prices return to $2,000 again?
In this regard, Peter Schiff, chief markets analyst at
Euro Pacific Asset Management, said that
gold prices will not fall below $2,000 per ounce again in our lifetime after the metal's performance this year. Recently, this price has become a thing of the past and the direction of
gold prices will remain upward. The analyst commented on US hints of replacing
gold with Bitcoin, saying that selling
gold to buy Bitcoin is "the worst monetary mistake" the United States could make. As is known, America has more than 8,000 tons of
gold on its balance sheet - the largest
gold reserves in the world.
The US Dollar Rises Ahead of the Federal Reserve's Announcement
With the start of trading this important week. The
US dollar index DXY, which measures the performance of the
US dollar against a basket of major currencies, stabilized higher above the 107.00 peak, the highest for the index in 3 weeks. Furthermore, in a cautious waiting mode until the US interest rate decision and the evaluation of key economic data. The US Federal Reserve is widely expected to cut the
federal funds rate by another 25 basis points, but investors will closely monitor the updated economic forecasts, especially expectations of a US interest rate cut in 2025, and in general, the markets now expect only three cuts.
EURUSD Chart by TradingViewGold Price Technical Analysis and Expectations Today:
According to today's
gold analysts, the neutral performance on the daily chart indicates a strong upcoming move, and I still prefer the possibility of an upward rebound to the psychological level of $2,700 per ounce. The
gold market is currently focusing on global geopolitical tensions and the return of central banks to buying
gold again. I still recommend buying
gold from every downward level but without risk and activating take-profit and stop-loss orders to ensure the safety of the trading account from any sudden price reversals. Currently, the closest support levels for
gold prices are $2638 and $2620, respectively.
Regarding the performance of technical indicators, the Relative Strength Index (RSI) is currently neutral, which confirms the balance between bears and bulls awaiting any new developments. The momentum indicator is tilted upwards and has the opportunity for further gains before reaching overbought levels.
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