GOLD
Gold is trading above the $4,130 support level, and prices are likely to retest the $4,250 resistance level. This scenario becomes invalid if the aforementioned support level is broken to the downside.
|
Support |
4130 | 4000 |
| Resistance | 4250 |
4360 |
Gold showed a clear upward movement in today’s trading, supported by a weaker dollar and rising expectations of a U.S. interest rate cut before year end. Buying momentum was evident as safe-haven demand increased, especially amid ongoing geopolitical tensions and signs of economic slowdown reflected in previous U.S. data both of which reinforce expectations of monetary easing.
From a technical perspective, the breakout above nearby resistance levels restored confidence among buyers, opening the door for higher price targets as long as trading holds above newly established support areas. The continuation of this bullish momentum will largely depend on the Federal Reserve’s stance over the coming weeks, while any strong economic data that challenges the rate cut scenario may temporarily slow the rally without changing the broader trend as long as sentiment remains positive.
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