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Gold shines again and achieves a remarkable rise

Technical Analysis
By Mostafa Mahmoud
Gold shines again and achieves a remarkable rise
0 9

GOLD

الذهب

Gold is trading above the support level of $2655 and is likely to move sideways between the resistance level of $2690 and the aforementioned support level.

Support

 2655 2615 –
Resistance 2690 2720

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Gold experienced a significant rise globally on December 10, 2024, with its prices increasing due to heightened demand for safe-haven assets amid economic uncertainties and geopolitical tensions. This increase saw the ounce price reach $2,659, driven by a weaker US dollar and declining US bond yields, which enhanced the appeal of the precious metal. From a technical perspective, gold surpassed a key resistance level at $2,655, indicating upward momentum that could push prices to higher levels in the coming days, with expectations of stabilizing within the $2,670-$2,700 range if strong demand persists.

Financial analysis shows that investors are betting on gold as a hedge against inflation, which remains elevated in many major economies. Additionally, statements from central banks regarding a slowdown in interest rate hikes supported gold’s performance. In the short term, traders are advised to monitor support levels at $2,655 and resistance at $2,690 to determine the next trend.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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