GOLD increased in the short term, approaching an important level

10 Ara

On the Asian market, XAUUSD Spot delivery suddenly increased sharply in the short term. Gold price is once again close to the edge of the price channel, a relatively "dangerous" position for technical bearish expectations. Currently the increase is about 7 USD during the day and gold is trading at 2,667 USD/oz as of the time this article was completed.

XAUUSD spiked on Monday, mainly due to the People's Bank of China resuming gold purchases after a six-month pause and significantly increasing market expectations that the Federal Reserve will cut interest rates next week , further promoting optimism.

Heavy central bank buying has been one of the main drivers pushing gold prices to new highs this year, along with monetary policy easing and geopolitical tensions.

CME Group's "FedWatch Tool" shows an 87% chance the Fed will cut interest rates by 25 basis points next week, up from just under 70% last week.
Zero-coupon gold performs strongly in low interest rate environments and often attracts investors during times of political and economic uncertainty.

Analysis of technical prospects for XAUUSD
The current position of the technical price of gold in general has not broken the bearish outlook with the price channel still holding strong, however, gold also has initial conditions for the possibility of price increase.

With EMA21 now the closest support having been broken above yesterday's trading session. Meanwhile, the RSI Relative Strength Index is also trying to move above the 50 level. The fact that the RSI can maintain operations above the 50 level is considered a positive signal for the bullish outlook.

During the day, the technical outlook for gold prices is still quite neutral as it is not completely tilted towards a specific trend, with the price channel still being the current main trend. In case the price channel is broken on gold there is a slight upward trend with the target then around 2,693 USD the price point of the 0.382% Fibonacci retracement, more than the original price of 2,700 USD.

Along with the above analysis, notable points will be listed as follows.
Support: 2,663 – 2,644 – 2,634USD
Resistance: 2,676 – 2,693 – 2,700USD

SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690

→Take Profit 1 2679
↨
→Take Profit 2 2674

BUY XAUUSD PRICE 2644 - 2646⚡️
↠↠ Stoploss 2640

→Take Profit 1 2651
↨
→Take Profit 2 2656

10 Ara

Not

⚫At the end of the Asian session on December 10, spot gold price fluctuated around 2,670 USD/ounce, up about 10 USD during the day.

11 Ara

Not

🔴Spot gold reached 2,701 USD/ounce, the highest level in two weeks, up 0.24% on the day.

11 Ara

Not

11 Ara

Not

- XAUUSD has broken out strongly from a sideways range, with swings higher and a bullish EMA divergence also indicating bullish momentum in the pair.

12 Ara

Not

Spot gold decreased slightly in the European morning session, fluctuating around 2,715 USD/ounce, after reaching a 5-week peak at 2,725 USD/ounce at the beginning of the session.

13 Ara

Not

Gold prices have conquered the 2,700 USD/oz mark, and this precious metal is on track to end the year with an impressive increase of nearly 30% - marking the strongest price increase in decades. Notably, market sentiment about this precious metal has changed compared to the same time last year.

7 gün önce

Not

🔴Gold SPOT lost $2,670 an ounce, down 0.40% on the day.

5 gün önce

Not

Gold price decreased by 70 USD in the last 2 sessions of the week, falling below the mark of 2,650 USD/ounce. The direction of gold prices next week will depend on the message the Fed gives at the upcoming policy meeting.