Gold Analysis January 6⭐️Fundamental Analysis
The US Federal Reserve's forecast of fewer interest rate cuts could undermine non-yielding assets. The US central bank decided to cut interest rates in December but signaled that borrowing costs would fall more slowly than previously expected this year.
On the other hand, economic uncertainty and geopolitical tensions could boost a safe-haven asset like gold. On Sunday, Israel and Hamas were locked in a dispute over a deal to end violence in the Gaza Strip and return hostages to their homes as Palestinian officials said Israeli bombardments killed more than 100 people over the weekend. Central bank purchases could contribute to the precious metal's rise.
⭐️Technical Analysis
Gold reacted to the 2635 zone in the Asian session. If this zone holds until the European session, the price will be pushed up to 2665 and 2680. If this zone breaks out, wait for 2618-2616 and BUY. When it breaks through 2635, we can wait for a retest and SELL again around 2637. Wish everyone successful trading.