GOLD

Gold is trading above the support zone of $4,000, and prices are likely to rise and retest the resistance zone of $4,150. This scenario would be invalidated if the aforementioned support zone is broken to the downside during today’s trading.
|
Support |
4000 | 3900 |
| Resistance | 4150 |
4275 |
Gold recorded a strong rise today, extending its gains above $4,050 per ounce, supported by a weaker U.S. dollar and growing expectations of a Federal Reserve rate cut in the December meeting. This upward move comes as a continuation of the positive momentum that began late last week amid improving risk appetite and declining U.S. bond yields. The overall outlook remains positive, supported by both economic and political factors related to the ongoing U.S. government shutdown situation.
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