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MENAFN- Daily Forex)
At the beginning of this week, the gold price is attempting to rebound to recoup its sharp losses from last week, which reached a support level of $2536 per ounce. This is the lowest for the gold price index in two months. Furthermore, today's rebound gains reached a resistance level of $2597 per ounce before the price of gold bullion stabilized around $2580 per ounce at the time of writing this analysis. Also, the gains of the US dollar have eased, allowing gold to recover somewhat.
Will the gold price rise in the coming days?
Decisively, this will depend on several important factors for the recovery of gold prices , the most prominent of which is the halt in the gains of the US dollar and the calming of investor sentiment towards what Trump will do in trade and the global economy. This is in addition to the future of geopolitical tensions, especially in the Middle East and the war between Russia and Ukraine. As is known, gold is one of the most important safe havens for investors in times of uncertainty. The rise in prices towards the historic peak of $2800 per ounce was the best evidence. The US dollar is currently stable around its highest level in two years, with positive momentum from signals of future Federal Reserve policy, in addition to expectations of stronger US economic performance under Trump.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Fed policies and the gold market
There is no doubt that the current gold prices were negatively affected by the recent signals from US Federal Reserve officials. from the governor of the bank, Jerome Powell, that the US central bank will not rush to reduce interest rates in light of the distinguished and strong performance of the US economy, especially when compared to the economic performance of other global economies. This week, we will have a new round of statements from US central bank officials to further clarify the future of the bank's decisions in the coming months. At the present time, financial markets estimate the chances of a 25-basis point cut in US interest rates in December at about 65%.Gold Price Analysis Today:
According to the performance on the daily chart attached, the losses that occurred are a clear break of the general upward trend of gold. Approaching the support level of $ 2,500 per ounce enhances the bears' control over the trend and at the same time warns of a strong downward movement to come. Especially, if the US dollar resumes its gains and the US Federal Reserve continues to confirm stopping the pace of reducing interest rates. However, in return, if global geopolitical tensions increase again, it may be a good environment for a recovery in gold prices. The price position will remain neutral until something happens to move the next shift. The bulls' control of the trend technically over that period of time requires a rebound to the resistance level of $ 2,650 per ounce again.
EURUSD Chart by TradingViewGold Price Signals Today:
You can seize opportunities to buy gold with close targets and at the same time place profit limit and stop loss orders to ensure that the trading account is protected from any surprises in the market. Currently, the closest support levels for buying gold are $2548, $2520 and $2485 per ounce, respectively.
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