Gold Daily | Gold Hits One-Week High at $2634 Amid Dollar Weakness and Geopolitical Tensions
Tuesday, Nov 19, 2024 7:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices rose for a second consecutive day, reaching a one-week high at $2634 per ounce, due to a declining dollar and geopolitical tensions. Investors remain focused on Federal Reserve comments regarding interest rate cuts.
【Technical Analysis】
Gold has broken above key trendlines, indicating a bullish outlook. In the daily chart, prices have surpassed $2600, suggesting further gains with the next target at $2655. Short-term resistance is noted at $2630, and sustained movement above this level is crucial for the continued recovery from recent lows.
【Market Sentiment and Economic Background】
Market expectations remain for three rate cuts before the end of 2025, despite higher-than-expected US inflation data and a steady stance from Fed Chairman Powell. A weaker dollar and geopolitical uncertainties, particularly the escalation in the Russia-Ukraine conflict, have renewed safe-haven demand for gold. Additionally, recent geopolitical developments, such as the US's policy shift allowing Ukraine to use American weapons against Russia, have intensified gold's appeal as a safe asset.
【Analyst Opinions】
Analysts suggest that the current pullback in gold has lost momentum, attracting potential buyers. Technical indicators hint at a potential rise to $2700 per ounce. The geopolitical situation, including the ongoing Russia-Ukraine conflict, remains a significant factor driving gold prices. Analysts also note that the weakening dollar and anticipation of Fed interest rate cuts could further support gold.
Gold prices rose for a second consecutive day, reaching a one-week high at $2634 per ounce, due to a declining dollar and geopolitical tensions. Investors remain focused on Federal Reserve comments regarding interest rate cuts.
【Technical Analysis】
Gold has broken above key trendlines, indicating a bullish outlook. In the daily chart, prices have surpassed $2600, suggesting further gains with the next target at $2655. Short-term resistance is noted at $2630, and sustained movement above this level is crucial for the continued recovery from recent lows.
【Market Sentiment and Economic Background】
Market expectations remain for three rate cuts before the end of 2025, despite higher-than-expected US inflation data and a steady stance from Fed Chairman Powell. A weaker dollar and geopolitical uncertainties, particularly the escalation in the Russia-Ukraine conflict, have renewed safe-haven demand for gold. Additionally, recent geopolitical developments, such as the US's policy shift allowing Ukraine to use American weapons against Russia, have intensified gold's appeal as a safe asset.
【Analyst Opinions】
Analysts suggest that the current pullback in gold has lost momentum, attracting potential buyers. Technical indicators hint at a potential rise to $2700 per ounce. The geopolitical situation, including the ongoing Russia-Ukraine conflict, remains a significant factor driving gold prices. Analysts also note that the weakening dollar and anticipation of Fed interest rate cuts could further support gold.
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