Gold Daily | Spot Gold Near Four-Week High Amid Weak US Data and Fed Caution on Rate Cuts
Thursday, Jan 9, 2025 7:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices are near a four-week high, with spot gold trading at around $2,665, up 0.15%. Recent weak U.S. private sector employment data has led to speculation that the Federal Reserve may be cautious about rate cuts this year, sustaining gold's upward trend.
【Technical Analysis】
The gold price is experiencing volatility within a narrow range. Analysts suggest that gold needs new catalysts to break its resistance. Technical indicators show the potential for a deeper price correction, with key support levels at $2,644 and $2,632. A bearish crossover in moving averages signals possible further downside.
【Market Sentiment and Economic Background】
Market participants are closely monitoring upcoming U.S. employment data and Federal Reserve policy signals. Speculation over U.S. President Trump's proposed tariffs, which could fuel inflation, is influencing gold markets. The Fed's minutes highlighted increased inflationary risks due to anticipated policy changes, which could affect the gold market as a safe-haven asset.
【Analyst Opinions】
Analysts believe that gold is poised for a paradigm shift, with prices potentially doubling as central banks increase their gold reserves. Despite recent gains, physical and financial market factors might restrain further increases. The BRICS nations are gaining importance in the gold market, which could also support long-term upward trends.
Gold prices are near a four-week high, with spot gold trading at around $2,665, up 0.15%. Recent weak U.S. private sector employment data has led to speculation that the Federal Reserve may be cautious about rate cuts this year, sustaining gold's upward trend.
【Technical Analysis】
The gold price is experiencing volatility within a narrow range. Analysts suggest that gold needs new catalysts to break its resistance. Technical indicators show the potential for a deeper price correction, with key support levels at $2,644 and $2,632. A bearish crossover in moving averages signals possible further downside.
【Market Sentiment and Economic Background】
Market participants are closely monitoring upcoming U.S. employment data and Federal Reserve policy signals. Speculation over U.S. President Trump's proposed tariffs, which could fuel inflation, is influencing gold markets. The Fed's minutes highlighted increased inflationary risks due to anticipated policy changes, which could affect the gold market as a safe-haven asset.
【Analyst Opinions】
Analysts believe that gold is poised for a paradigm shift, with prices potentially doubling as central banks increase their gold reserves. Despite recent gains, physical and financial market factors might restrain further increases. The BRICS nations are gaining importance in the gold market, which could also support long-term upward trends.