Gold price analysis December 19
Updated
⭐️Fundamental Analysis
Gold prices fell sharply due to the impact of the Fed's less dovish outlook.
Fed Chairman Powell emphasized cautious policy in the context of ongoing high inflation risks.
The Fed forecasts inflation target to reach 2% in the next 1-2 years, indicating slow progress.
The latest dot chart shows few interest rate cuts until 2026, stabilizing the Fed funds rate at 3.4%.
⭐️Technical Analysis
Gold prices fell to the 2685 area and were accepted by buyers to push prices up around 2610 in the Asian session. If the European session fails to break 2613, Gold will continue to fall in the European session and the destination is relatively far away at 2585-2558. In case the resistance zone at 2613 is broken, the direction is towards 2633, which is the first corrective wave SELL zone and the second corrective wave SELL zone around 2663
Gold prices fell sharply due to the impact of the Fed's less dovish outlook.
Fed Chairman Powell emphasized cautious policy in the context of ongoing high inflation risks.
The Fed forecasts inflation target to reach 2% in the next 1-2 years, indicating slow progress.
The latest dot chart shows few interest rate cuts until 2026, stabilizing the Fed funds rate at 3.4%.
⭐️Technical Analysis
Gold prices fell to the 2685 area and were accepted by buyers to push prices up around 2610 in the Asian session. If the European session fails to break 2613, Gold will continue to fall in the European session and the destination is relatively far away at 2585-2558. In case the resistance zone at 2613 is broken, the direction is towards 2633, which is the first corrective wave SELL zone and the second corrective wave SELL zone around 2663
Trade active
As analyzed, the price zone of 2613 was broken and the gold price pushed up to 2622. Congratulations to everyone who followed my gold trading strategy today.Trade closed: target reached
Gold price resumes slide, pierces the $2,600 level
Gold resumes its decline after the early advance and trades below $2,600 early in the American session. Stronger than anticipated US data and recent central banks' outcomes fuel demand for the US Dollar. XAU/USD nears its weekly low at $2,582.93.
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