Gold price: Active trading
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Hello dear friends! Gold is currently becoming the focus of the market this week as it trades at a high level compared to last year! Let's explore with Karina!
Currently, the precious metal is trading around $2041 and has slightly decreased since the early morning hours, with an impressive figure of $2052.
Regarding news impacting the price of gold:
The DXY index has dropped from 103.7 points in the previous session to 103.1 points at the beginning of the trading session on November 28 in the US market.
There is an expectation that the Fed has completed its interest rate hike cycle, with over 90% certainty that the Fed will maintain interest rates in the next two meetings. After that, the Fed may reverse course and start reducing interest rates, which would help alleviate pressure on gold and lead to increased buying by investors.
Regarding the outlook:
With the downward trend of the USD, gold reaching an all-time high is "just a matter of time." However, the possibility of a correction before a new price increase cannot be ruled out.
The Relative Strength Index (RSI) indicator in 14 days has entered the overbought zone, indicating the potential for a decrease in gold prices. In such a case, immediate support can be seen at the highest level in mid-September at 2,022, which is a significant resistance level previously.
The next important price decline is expected to be the lowest level of the previous day at $2,008. The final defense line for gold buyers will be the 34 EMA line with a close level.
On the other hand, accepting above the highest level in several months at $2,052 will push for a new upward trend towards the static resistance level at $2,070. The all-time high of $2,079 will be the next target for gold buyers.
And you, what do you think about the price of gold?
Currently, the precious metal is trading around $2041 and has slightly decreased since the early morning hours, with an impressive figure of $2052.
Regarding news impacting the price of gold:
The DXY index has dropped from 103.7 points in the previous session to 103.1 points at the beginning of the trading session on November 28 in the US market.
There is an expectation that the Fed has completed its interest rate hike cycle, with over 90% certainty that the Fed will maintain interest rates in the next two meetings. After that, the Fed may reverse course and start reducing interest rates, which would help alleviate pressure on gold and lead to increased buying by investors.
Regarding the outlook:
With the downward trend of the USD, gold reaching an all-time high is "just a matter of time." However, the possibility of a correction before a new price increase cannot be ruled out.
The Relative Strength Index (RSI) indicator in 14 days has entered the overbought zone, indicating the potential for a decrease in gold prices. In such a case, immediate support can be seen at the highest level in mid-September at 2,022, which is a significant resistance level previously.
The next important price decline is expected to be the lowest level of the previous day at $2,008. The final defense line for gold buyers will be the 34 EMA line with a close level.
On the other hand, accepting above the highest level in several months at $2,052 will push for a new upward trend towards the static resistance level at $2,070. The all-time high of $2,079 will be the next target for gold buyers.
And you, what do you think about the price of gold?
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