- For the second consecutive day, the gold price has been trying to rebound to recoup this week's losses, which reached the support level of $2604 per ounce, following the strength of the US dollar driven by Trump's trade policies.
- Conversely, geopolitical tensions have eased after the announcement of a ceasefire agreement between Israel and Lebanon.
- Gold's rebound gains reached the $2645 per ounce level, where it is currently stabilizing.
- However, rebound attempts halted after signals from the US Federal Reserve in yesterday's minutes.
Gold Prices Will Be Affected by Today's Events
The gold price index is expected to be affected today as investors continue to absorb the content of the minutes of the latest meeting of the US Federal Reserve. The most prominent point in the minutes was that the US Federal Reserve will be cautious in its policy of further reducing US interest rates. While officials expressed confidence in easing inflation and the strength of the US labour market, the minutes also revealed a cautious approach to further reducing US interest rates, indicating a preference for gradual adjustments. Overall, most investors still expect the US Federal Reserve to cut interest rates by 25 basis points in December, with a probability of around 63%, which would reduce the opportunity cost of holding non-interest-bearing gold.
Today, the gold market will be affected by the announcement of a package of important US economic releases ahead of tomorrow's holiday. The most prominent today will be the announcement of US GDP growth readings, weekly jobless claims, US durable goods orders. Also, the US Federal Reserve's preferred inflation reading.
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Will the Gold Price Rise in the Coming Days?
Despite recent sales, the gold price index is still up about 30% this year, 2024, supported by purchases from central banks around the world and the Federal Reserve's shift to cut US interest rates. In addition, the gold market remains the ideal safe haven for investors in times of global political and economic uncertainty. Therefore, forecasts from most banks, institutions, and gold experts remain optimistic, with both Goldman Sachs and UBS expecting further gains for gold prices in 2025.
Gold Price Technical Analysis Today:
According to today's gold analysts' forecasts, the gold price is trying to move steadily within an upward channel that has recently formed. Also, the bulls' control of the trend will strengthen if the gold price moves upwards tomorrow towards the resistance levels of $2655, $2685, and $2700 per ounce, respectively. According to the daily chart performance, the Relative Strength Index is still in a neutral position with an upward trend, but it awaits more stimulation, and at the same time, the MACD indicator is changing its direction upwards but slowly. Today, the gold price will be affected by the level of the US dollar price and the extent to which investors are willing to take risks due to increasing global geopolitical tensions, as well as figures for global gold demand. In this regard, China's net gold imports via Hong Kong declined in October from September and fell by 43% year-on-year.
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We still recommend buying gold from every downward level. You can view gold recommendations and other free live trading recommendations on our website. Furthermore, by considering the trading strategy of not taking risks and activating take-profit and stop-loss orders to ensure the safety of the trading account from any sudden price reversals.
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