Gold Daily | Gold Prices Decline Amid Strong Dollar and Rising Yields; Long-term Outlook Remains Strong
Monday, Dec 30, 2024 7:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices recently declined in light trading, hovering around $2,610, amid rising U.S. Treasury yields and strengthened U.S. dollar, reducing gold's appeal. 2024 has seen a 27% increase in gold prices due to global geopolitical risks and central bank purchases.
【Technical Analysis】
Gold is consolidating within a symmetrical triangle, with strong support near $2,580 indicated by the 100-day moving average. A breakout from this triangle may dictate the next significant move. On the four-hour chart, gold shows a bearish trend below a descending line, signaling potential further downside.
【Market Sentiment and Economic Background】
The market is cautious ahead of the new year with mixed U.S. economic data and anticipation of policy changes under President Trump, which could affect global trade dynamics. Rising Treasury yields and a robust dollar continue to challenge gold's upward momentum.
【Analyst Opinions】
Analysts foresee sustained support for gold from continued central bank purchases and potential U.S. policy shifts under Trump. Some expect gold to potentially reach $3,000 by summer 2025, despite near-term fluctuations. The long-term outlook remains strong due to persistent geopolitical tensions and inflation concerns.
Gold prices recently declined in light trading, hovering around $2,610, amid rising U.S. Treasury yields and strengthened U.S. dollar, reducing gold's appeal. 2024 has seen a 27% increase in gold prices due to global geopolitical risks and central bank purchases.
【Technical Analysis】
Gold is consolidating within a symmetrical triangle, with strong support near $2,580 indicated by the 100-day moving average. A breakout from this triangle may dictate the next significant move. On the four-hour chart, gold shows a bearish trend below a descending line, signaling potential further downside.
【Market Sentiment and Economic Background】
The market is cautious ahead of the new year with mixed U.S. economic data and anticipation of policy changes under President Trump, which could affect global trade dynamics. Rising Treasury yields and a robust dollar continue to challenge gold's upward momentum.
【Analyst Opinions】
Analysts foresee sustained support for gold from continued central bank purchases and potential U.S. policy shifts under Trump. Some expect gold to potentially reach $3,000 by summer 2025, despite near-term fluctuations. The long-term outlook remains strong due to persistent geopolitical tensions and inflation concerns.
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