Gold Daily | Gold Falls Below $2600 Amid Strong Dollar and Rising U.S. Yields, Key Support at $2601
Tuesday, Nov 12, 2024 7:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices have slipped below $2600 per ounce, currently at approximately $2592, marking the lowest since October 10. The recent decline is attributed to the strengthening dollar buoyed by Trump's election victory, impacting gold’s appeal for international buyers.
【Technical Analysis】
Gold has breached the 50-day moving average, with further declines anticipated if it continues below $2600. Analysts highlight $2601 as a key support level; a breakthrough could test the 100-day MA around $2538. For upside, resistance is seen at $2632-$2635.
【Market Sentiment and Economic Background】
Trump's policies, including tariffs and tax cuts, are expected to boost inflation, potentially affecting the Fed's rate decisions. The robust dollar dampens gold demand, with U.S. yields rising amid inflation concerns. Key economic data and Fed speeches this week could further influence gold prices.
【Analyst Opinions】
Analysts suggest that while gold has a bullish path overall, the strong dollar and rising yields are immediate pressures. Tim Waterer from KCM Trade notes that moderate inflation reports could increase the likelihood of a December rate cut, offering relief to gold. Meanwhile, some support the idea of a correction as a healthy pullback within a broader uptrend.
Gold prices have slipped below $2600 per ounce, currently at approximately $2592, marking the lowest since October 10. The recent decline is attributed to the strengthening dollar buoyed by Trump's election victory, impacting gold’s appeal for international buyers.
【Technical Analysis】
Gold has breached the 50-day moving average, with further declines anticipated if it continues below $2600. Analysts highlight $2601 as a key support level; a breakthrough could test the 100-day MA around $2538. For upside, resistance is seen at $2632-$2635.
【Market Sentiment and Economic Background】
Trump's policies, including tariffs and tax cuts, are expected to boost inflation, potentially affecting the Fed's rate decisions. The robust dollar dampens gold demand, with U.S. yields rising amid inflation concerns. Key economic data and Fed speeches this week could further influence gold prices.
【Analyst Opinions】
Analysts suggest that while gold has a bullish path overall, the strong dollar and rising yields are immediate pressures. Tim Waterer from KCM Trade notes that moderate inflation reports could increase the likelihood of a December rate cut, offering relief to gold. Meanwhile, some support the idea of a correction as a healthy pullback within a broader uptrend.
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