Gold soon regained its old peak
Updated
Dear esteemed brothers and sisters, gold continues to rise strongly, increasing by $10 compared to yesterday's trading session, currently trading at $1963 and trading confidently around this level. This is happening in the context of the USD weakening quite rapidly.
With the trend of the Fed likely to reverse monetary policy in 2024, pressure on the USD is gradually increasing. The increase in gold price is also due to the tendency of oil prices to rise again.
In addition, demand for precious metals has been increasing recently and is forecasted to continue to rise during the upcoming peak season of gold consumption in Asia.
However, for now, the USD is still supported by the possibility of the Fed raising interest rates once again. The greenback is also rising due to the weakness of many economies around the world, including China and Japan.
In the near future, the chart shows a bullish trend, although momentum has somewhat faded. Immediate support is at $1,956. A decrease below $1,947 will shift the trend towards neutrality/depreciation. On the other hand, as long as XAU/USD remains above $1,957, it may increase to test recent highs. Breaking above $1,975 will lead to an acceleration towards $1,980 and beyond.
With the trend of the Fed likely to reverse monetary policy in 2024, pressure on the USD is gradually increasing. The increase in gold price is also due to the tendency of oil prices to rise again.
In addition, demand for precious metals has been increasing recently and is forecasted to continue to rise during the upcoming peak season of gold consumption in Asia.
However, for now, the USD is still supported by the possibility of the Fed raising interest rates once again. The greenback is also rising due to the weakness of many economies around the world, including China and Japan.
In the near future, the chart shows a bullish trend, although momentum has somewhat faded. Immediate support is at $1,956. A decrease below $1,947 will shift the trend towards neutrality/depreciation. On the other hand, as long as XAU/USD remains above $1,957, it may increase to test recent highs. Breaking above $1,975 will lead to an acceleration towards $1,980 and beyond.
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