Gold --> Uptrend Remains Intact. Target: Local High Levels.
Dear friends!
After a long period of decline, gold prices have made an impressive rebound, reaching approximately $2,664, equivalent to a $26 increase during the day.
This rise occurred as investors became cautious ahead of key data from the United States (US).
However, buyers decided to pause after testing the full resistance level at $2,662, amid a sharp rise in the US Dollar (USD) following news that sent the stock market down. Wall Street was in the red, as the news heightened fears about the possibility of the Federal Reserve (Fed) cutting interest rates. According to the CME FedWatch Tool, market participants no longer fully price in a Fed rate cut before July.
Theoretically, similar gloomy sentiment has prevented gold from falling further. The shiny metal hovers around $2,650 during mid-American trading, amid renewed safe-haven demand.
In the coming period, investors' attention will focus on key economic data from the US. Particularly, the December ADP Employment Change report is set to be released on Wednesday, while the Nonfarm Payrolls (NFP) data is scheduled for Friday.
From a technical perspective, we have an upward trend foundation to watch, formed on the 1-hour timeframe, and the EMA 34-89 indicators show no significant signs of reversal. Currently, the focus is on the $2,645 level and the lower $2,633 level, which will play a critical role in protecting the bullish momentum of this precious metal. If buyers continue to defend within the uptrend, in the short term, prices could rise to a local maximum limit. For example: $2,680.
After a long period of decline, gold prices have made an impressive rebound, reaching approximately $2,664, equivalent to a $26 increase during the day.
This rise occurred as investors became cautious ahead of key data from the United States (US).
However, buyers decided to pause after testing the full resistance level at $2,662, amid a sharp rise in the US Dollar (USD) following news that sent the stock market down. Wall Street was in the red, as the news heightened fears about the possibility of the Federal Reserve (Fed) cutting interest rates. According to the CME FedWatch Tool, market participants no longer fully price in a Fed rate cut before July.
Theoretically, similar gloomy sentiment has prevented gold from falling further. The shiny metal hovers around $2,650 during mid-American trading, amid renewed safe-haven demand.
In the coming period, investors' attention will focus on key economic data from the US. Particularly, the December ADP Employment Change report is set to be released on Wednesday, while the Nonfarm Payrolls (NFP) data is scheduled for Friday.
From a technical perspective, we have an upward trend foundation to watch, formed on the 1-hour timeframe, and the EMA 34-89 indicators show no significant signs of reversal. Currently, the focus is on the $2,645 level and the lower $2,633 level, which will play a critical role in protecting the bullish momentum of this precious metal. If buyers continue to defend within the uptrend, in the short term, prices could rise to a local maximum limit. For example: $2,680.
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