The gold market today shows a mixed outlook, with prices having recently hit an all-time high of around $2,654 per ounce in sep 2024. Current factors such as the Federal Reserve's anticipated rate cuts, alongside a weaker U.S. dollar, are supportive of gold's price, as these reduce the opportunity cost of holding non-yielding assets like gold. Additionally, constrained supply and increasing mining costs are further driving prices upward.
However, there is a possibility of some consolidation or a pullback, as gold prices have been oscillating around key resistance levels. Some technical analysts foresee a potential retracement in the short term, possibly pushing gold down toward $2,580 if bearish trends continue
In the immediate term, while gold has strong support, it is expected to move within a range, with both upside potential and risks of a temporary dip. Overall, gold remains a robust asset amidst global uncertainties, but some volatility is likely.
However, there is a possibility of some consolidation or a pullback, as gold prices have been oscillating around key resistance levels. Some technical analysts foresee a potential retracement in the short term, possibly pushing gold down toward $2,580 if bearish trends continue
In the immediate term, while gold has strong support, it is expected to move within a range, with both upside potential and risks of a temporary dip. Overall, gold remains a robust asset amidst global uncertainties, but some volatility is likely.
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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.