Gold Daily | Gold Prices Climb Amid Lower Inflation, Eye Resistance at $2,633 with Geopolitical Support

【Latest Gold Price and Recent Trends】

Gold prices continued to rise, reaching around $2,625, driven by lower-than-expected U.S. inflation data, rekindling hopes for further monetary easing by the Federal Reserve next year. The gold price has increased for three consecutive trading days.

【Technical Analysis】

Gold is supported by an uptrend line near $2,583, with resistance at $2,633. If it breaks through $2,633, further upward movement is limited by the 50 EMA at $2,637. The next major resistance is around $2,674, with support at $2,583 and $2,537 crucial for maintaining the bullish trend.

【Market Sentiment and Economic Background】

U.S. inflation data showed moderate monthly price increases, easing concerns about the Federal Reserve's potential rate cuts in 2025. The PCE price index rose 0.1% month-on-month, with core PCE showing the smallest increase in six months. The Fed's hawkish stance supports rising U.S. Treasury yields and limits gold's upward potential. Meanwhile, geopolitical tensions in the Middle East and mixed U.S. economic data continue to affect gold's outlook, with recent geopolitical risks providing key support.

【Analyst Opinions】

Ajay Kedia of Kedia Commodities notes that gold is mainly supported by short-covering and technical factors. Vasu Menon of OCBC Bank warns that stubborn U.S. inflation could increase market volatility. Michael Langford of Scorpion Minerals points to potential volatility from new policies under Trump's presidency as a factor influencing gold prices.