Fundamentals
Gold prices surged for the fifth consecutive day, reaching a historic high of US$2,877 on Wednesday.
The price increased by over 2.5% this week.
Key Drivers:
Weak U.S. Economic Data:
Strengthens the case for the Federal Reserve to consider another interest rate cut.
Trade Tariff Concerns:
Heightened tensions over increased tariffs with major trading partners have further driven gold prices.
Gold Demand Trends (World Gold Council):
Total Demand Growth: Expected to grow 1% YoY in 2024, reaching a record high of 4,974.5 tons.
Value of Demand: Estimated at US$382 billion due to high gold prices and investor interest in safe-haven assets.
Q4 Demand: Achieved a record value of US$111 billion.
Expert Insight:
Louise Street, Senior Market Analyst at the World Gold Council:
"Geopolitical uncertainty remains high, which will always be a factor supporting investment in gold."
Anticipates elevated uncertainties in 2025, with central banks viewing gold as a stable strategic asset.
Technical Analysis
Upcoming Market Movement:
As Chinese traders return from the Lunar New Year holiday, a catch-up rally is expected.
Brief declines or pullbacks may present buying opportunities.
Key Levels to Watch:
Pivot Point (Support):
First Support Level: US$2,831
Next Support Level: US$2,818
Below US$2,800:
US$2,785 (high from January 24)
Weekly Low: US$2,771
Resistance Levels:
First Resistance Level: US$2,869
Next Key Levels: US$2,880, US$2,900
Psychological Barrier: US$3,000
Gold prices surged for the fifth consecutive day, reaching a historic high of US$2,877 on Wednesday.
The price increased by over 2.5% this week.
Key Drivers:
Weak U.S. Economic Data:
Strengthens the case for the Federal Reserve to consider another interest rate cut.
Trade Tariff Concerns:
Heightened tensions over increased tariffs with major trading partners have further driven gold prices.
Gold Demand Trends (World Gold Council):
Total Demand Growth: Expected to grow 1% YoY in 2024, reaching a record high of 4,974.5 tons.
Value of Demand: Estimated at US$382 billion due to high gold prices and investor interest in safe-haven assets.
Q4 Demand: Achieved a record value of US$111 billion.
Expert Insight:
Louise Street, Senior Market Analyst at the World Gold Council:
"Geopolitical uncertainty remains high, which will always be a factor supporting investment in gold."
Anticipates elevated uncertainties in 2025, with central banks viewing gold as a stable strategic asset.
Technical Analysis
Upcoming Market Movement:
As Chinese traders return from the Lunar New Year holiday, a catch-up rally is expected.
Brief declines or pullbacks may present buying opportunities.
Key Levels to Watch:
Pivot Point (Support):
First Support Level: US$2,831
Next Support Level: US$2,818
Below US$2,800:
US$2,785 (high from January 24)
Weekly Low: US$2,771
Resistance Levels:
First Resistance Level: US$2,869
Next Key Levels: US$2,880, US$2,900
Psychological Barrier: US$3,000
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.