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MENAFN- Daily Forex)
- At the beginning of this week, the price of gold ounce rose by $50 in a single trading session as the gold price rebounded from the support level of $2565 per ounce to the resistance level of $2615 per ounce in the same trading session.
- Recovering from sharp losses recently, the gold price index recorded its worst weekly performance since 2021.
- Recent gold sales were strong in light of the US Federal Reserve's trend, according to statements by the bank's governor, Powell, to indicate that it will not rush the pace of reducing interest rates.
Why did the price of gold rise again?
According to today's gold analysts' forecasts, the recent strong gains of the US dollar, which moved to its highest level in two years, have eased. This helped the gold price to record its best daily performance since last August. At the same time, as mentioned before, global geopolitical tensions remain an important environment for the recovery of the gold price , which remains one of the most important safe havens. And let's not forget that the gold price recorded gains this year that exceeded 30% and reached a record $2800 per ounce, driven by increasing global geopolitical tensions and easing central bank tightening policies future of the price of gold around $ 3,000
Despite Trump's victory and the subsequent strong gains of the US dollar, which led to strong profit-taking in gold prices, Goldman Sachs is optimistic and confirms its forecasts for the possibility of the gold price rising to $3000 per ounce by the end of 2025. Therefore, the bank's analysts advised investors to "invest in gold." The bank included a bet on gold bullion among its top commodity choices for 2025. Therefore, Goldman Sachs analysts believe that selling operations provide "an attractive entry point to buy gold."
In the same context, analysts regarding gold price expectations in the coming days believe that whether the Federal Reserve cuts US interest rates or not, the price of gold technically seems to want to return to the level of $ 2,700 per ounce.
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According to the performance on the daily chart and today's gold price forecasts, there is a rebound to break the downward channel that formed recently, and this may happen if prices return to the resistance levels of $2655 and $2700 per ounce, respectively, which may strengthen the bulls' control over the trend. Conversely, and on the same time frame, moving around and below the support level of $2550 per ounce will encourage the bears' strength in the trend. Ultimately, by Taking into account that Trump's aggressive trade and political policies may be in favour of a strong return to buying gold.
Any decline in the price of gold may be an opportunity to buy. Without risk, and we always recommend not taking risks, no matter how strong the trading opportunities are, with the activation of profit-limiting and stop-loss orders to ensure the safety of the trading account from any sudden price reversals.
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