GOLD
Gold is trading around the $3,700 resistance zone, and if this level is broken to the upside, prices may continue their upward trend and form new highs. However, it is likely that the mentioned resistance area will slow down the pace of the rally during today’s trading.
|
Support |
3620 | 3570 | – |
| Resistance | 3700 | 3800 |
– |
Gold prices recorded fresh gains today, with spot prices touching $3,709 per ounce, nearing their recent record highs, while December futures rose to around $3,743. This move reflects continued strong demand for the yellow metal as a safe haven, supported by expectations of further U.S. interest rate cuts in the coming period.
From a financial perspective, supportive factors remain in place: the Federal Reserve’s accommodative policy, declining real yields, and growing central bank interest in gold reserves. However, the dollar’s recovery remains a potential headwind that could limit the metal’s ability to set new highs in the short term.
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