Gold Daily | Prices Rise to $2662 as China Resumes Purchases and Rate Cuts Anticipated
Tuesday, Dec 10, 2024 7:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices continue to rise, currently trading around $2662, driven by China's resumption of gold purchases and anticipated U.S. rate cuts. The People's Bank of China has added gold to its reserves after a six-month pause, enhancing gold's appeal amid geopolitical uncertainties in the Middle East.
【Technical Analysis】
Gold remains bullish, supported above the pivot point at $2657.20, with immediate resistance at $2685.80. The price must stay above the 50-day EMA at $2668/oz for continued recovery. A break above could see targets at $2700/oz.
【Market Sentiment and Economic Background】
The market anticipates significant fiscal stimulus and rate cuts from China, while traders await U.S. inflation data, which could influence the Federal Reserve's rate decisions. The ECB is also expected to cut rates, which supports gold as a non-yielding asset.
【Analyst Opinions】
Analysts remain optimistic about gold's long-term prospects, citing the global economic slowdown and rising demand for ETFs. The anticipation of "de-dollarization" and increased global debt levels further support this outlook. Citibank maintains a bullish forecast for gold, targeting $2800/oz in 3 months and $3000/oz in 6-12 months.
Gold prices continue to rise, currently trading around $2662, driven by China's resumption of gold purchases and anticipated U.S. rate cuts. The People's Bank of China has added gold to its reserves after a six-month pause, enhancing gold's appeal amid geopolitical uncertainties in the Middle East.
【Technical Analysis】
Gold remains bullish, supported above the pivot point at $2657.20, with immediate resistance at $2685.80. The price must stay above the 50-day EMA at $2668/oz for continued recovery. A break above could see targets at $2700/oz.
【Market Sentiment and Economic Background】
The market anticipates significant fiscal stimulus and rate cuts from China, while traders await U.S. inflation data, which could influence the Federal Reserve's rate decisions. The ECB is also expected to cut rates, which supports gold as a non-yielding asset.
【Analyst Opinions】
Analysts remain optimistic about gold's long-term prospects, citing the global economic slowdown and rising demand for ETFs. The anticipation of "de-dollarization" and increased global debt levels further support this outlook. Citibank maintains a bullish forecast for gold, targeting $2800/oz in 3 months and $3000/oz in 6-12 months.
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