Hello everyone, Ben here!
Last week, we witnessed a significant drop in gold prices. At one point, gold prices fell to a low of $2,583. Currently, gold is trading around $2,627, stabilizing over the week.
It is clear that the hawkish signal from the Federal Reserve (Fed) last week, indicating that they will slow the pace of rate cuts in 2025, supported the US Dollar (USD) to remain near its two-year high and acted as a drag on the non-yielding gold metal. Additionally, a positive risk trend contributed to limiting the gains of this precious metal.
However, geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East, along with fears of a trade war, continue to provide some support for gold as a safe-haven asset. Furthermore, a modest pullback in US Treasury yields has supported a mild buying tone amid thin trading volumes during Christmas Eve.
Therefore, it would be wise to wait for some follow-through buying before positioning for any further recovery from last week’s one-month low.
The projected price increase is expected to reach $2,650. What do you think about this?
Sincerely,
Bentradegold!
Last week, we witnessed a significant drop in gold prices. At one point, gold prices fell to a low of $2,583. Currently, gold is trading around $2,627, stabilizing over the week.
It is clear that the hawkish signal from the Federal Reserve (Fed) last week, indicating that they will slow the pace of rate cuts in 2025, supported the US Dollar (USD) to remain near its two-year high and acted as a drag on the non-yielding gold metal. Additionally, a positive risk trend contributed to limiting the gains of this precious metal.
However, geopolitical risks stemming from the prolonged Russia-Ukraine war and tensions in the Middle East, along with fears of a trade war, continue to provide some support for gold as a safe-haven asset. Furthermore, a modest pullback in US Treasury yields has supported a mild buying tone amid thin trading volumes during Christmas Eve.
Therefore, it would be wise to wait for some follow-through buying before positioning for any further recovery from last week’s one-month low.
The projected price increase is expected to reach $2,650. What do you think about this?
Sincerely,
Bentradegold!
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