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After closing for the Christmas holiday, the price of gold experienced a modest increase on its reopening day due to the weakening of the US dollar and a decrease in bond yields. This was driven by expectations that the US Federal Reserve will lower interest rates next year.
The US Dollar Index reached its lowest level in 5 months, while the yield on 10-year US Treasury bonds slightly decreased. The weaker US dollar made gold more attractive for those holding other currencies.
-Resistance level: $2068 - $2070
-Support level: $2056 - $2052
After closing for the Christmas holiday, the price of gold experienced a modest increase on its reopening day due to the weakening of the US dollar and a decrease in bond yields. This was driven by expectations that the US Federal Reserve will lower interest rates next year.
The US Dollar Index reached its lowest level in 5 months, while the yield on 10-year US Treasury bonds slightly decreased. The weaker US dollar made gold more attractive for those holding other currencies.
-Resistance level: $2068 - $2070
-Support level: $2056 - $2052
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Related publications
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.