Gold price fluctuations in the US session on December 2
Fundamental Analysis
Gold prices maintained their bids in the first half of the European session on Monday and are currently trading around $2,630, or the low end of their daily range. The US dollar (USD) made a solid comeback after a recent retreat to a near three-week low amid a healthy rise in US Treasury yields, becoming the main factor weighing on the precious metal.
Furthermore, expectations that US President-elect Donald Trump’s tariff plans and expansionary policies will boost inflation and give the Federal Reserve (Fed) room to stop cutting interest rates further undermined non-yielding Gold. However, trade war concerns, geopolitical tensions and softer risk sentiment should help limit losses for safe-haven XAU/USD ahead of key US macro releases this week.
Technical Analysis
2650 becomes an important resistance zone in the US session. If gold price fails to break this zone, there will be some retreat to the old breakout price zone around 2636. If it breaks out of 2650, it will find the important resistance zone of 2662. Wish you a successful trading day.
Gold prices maintained their bids in the first half of the European session on Monday and are currently trading around $2,630, or the low end of their daily range. The US dollar (USD) made a solid comeback after a recent retreat to a near three-week low amid a healthy rise in US Treasury yields, becoming the main factor weighing on the precious metal.
Furthermore, expectations that US President-elect Donald Trump’s tariff plans and expansionary policies will boost inflation and give the Federal Reserve (Fed) room to stop cutting interest rates further undermined non-yielding Gold. However, trade war concerns, geopolitical tensions and softer risk sentiment should help limit losses for safe-haven XAU/USD ahead of key US macro releases this week.
Technical Analysis
2650 becomes an important resistance zone in the US session. If gold price fails to break this zone, there will be some retreat to the old breakout price zone around 2636. If it breaks out of 2650, it will find the important resistance zone of 2662. Wish you a successful trading day.
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