Nov 21, 2024 (MENAFN via COMTEX) --
(MENAFN - Daily Forex)
For three consecutive trading sessions, the gold price has been moving within an upward rebound, with gains reaching the resistance level of $2642 per ounce, the highest price in a week. This rebound is to recover from losses that reached the lowest level of the gold price index, which plummeted last week to the support level of $2537 per ounce. The current gold prices are drawing a new opposing uptrend channel.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Russian-Ukrainian war provides momentum to gold
Investor appetite for buying
gold as a safe haven has increased amid the renewed escalation of the war between Russia and Ukraine. According to the latest developments, Russia has updated its nuclear doctrine to enable the use of nuclear weapons on the same morning that Ukraine launched US-made missiles on Russian territory for the first time since the start of the war. These developments, which overshadowed the situation in the Middle East, increased fears that Russia might expand the scope of the conflict and provoke a reaction from other countries, leading markets to favour safe-haven assets, which raised
gold prices and Treasury bond yields despite the rise in the
US dollar price near its two-year high Federal Reserve Policies Under Scrutiny
On another level, affecting the
gold market. Obviously, most investors continue to expect the Federal Reserve to cut US interest rates by 25 basis points at its December meeting. Moreover, a certainty has diminished since the beginning of the month due to new evidence of strong US economic data. Furthermore, this is led by inflation figures and the US labour market the price of
gold rise in the coming days?
According to today's
gold analysts' forecasts, in general, global geopolitics, with wars in the Middle East and Ukraine, and concerns about economic slowdown, will remain positive for sales of
gold bullion and coins. At the same time, lower US interest rates, concerns about the country's fiscal deficit, and rising stock prices are likely to help inflows into exchange-traded funds.
In this regard, according to Bloomberg News, global statistics show large inflows from
gold exchange-traded funds since the election. Holdings of physical
gold ETFs fell by 601,000 ounces from November 10 to November 17, including a single day drop of 265,000 ounces reported on November 11. With this,
gold holdings are now down 3% compared to this point last year. Holdings of
silver ETFs fell by 7.5 million ounces, but are still up 5% this year Banks' Purchases of Gold Bullion
Surveys of central bank councils show that 81% expect
gold reserves to increase over the next 12 months, the highest percentage since at least 2019. Also, it added that emerging markets will lead the buying. Global central banks will buy a total of 800 to 900 tonnes this year, slightly below levels of more than 1,000 tonnes in the previous two years Price Technical Analysis Today:
EURUSD Chart by TradingView
According to the performance on the daily chart above, with the recent gains, the
gold price is starting to form an uptrend channel. Also, the bulls' control over the general trend will strengthen if prices move towards resistance levels of $2650, $2665, and $2680 per ounce, respectively, and the last level will stimulate a launch to the $2700 per ounce peak again. Conversely, and on the same time frame, the support level of $2555 per ounce will remain the starting point for the bears to control the direction of the
gold price again. Thus, a strategy of buying
gold from every downward level will remain the best currently.
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COMTEX_460024365/2604/2024-11-21T00:44:17
