Gold Daily | Spot Gold Rebounds After Declines; US CPI Data and Fed Meeting Minutes Influence Outlook
Thursday, Oct 10, 2024 8:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Spot gold is around $2615, maintaining a rebound. Recent trends show six consecutive days of decline, driven by a stronger dollar and anticipation of US CPI data.
【Technical Analysis】
Gold has dipped below the 21-day moving average. Key support is at $2600; a drop below may target $2585. Resistance is at $2623. A break above $2635 could shift to a bullish trend with targets at $2650 and $2670.
【Market Sentiment and Economic Background】
The US Federal Reserve's meeting minutes suggest a split on interest rate cuts, impacting gold. A 25 basis points rate cut in November has an 82% probability. CPI data is crucial; lower-than-expected inflation could fuel hopes for more rate cuts, boosting gold. Conversely, higher CPI might strengthen the dollar and hit gold prices.
【Analyst Opinions】
Analysts are optimistic about gold’s long-term prospects despite recent declines. Factors like geopolitical tension and central bank purchases support this view. UBS forecasts gold reaching $2800 by 2024, citing global monetary easing and dollar weakening. However, some caution that gold might be "overheated," suggesting potential short-term corrections.
Spot gold is around $2615, maintaining a rebound. Recent trends show six consecutive days of decline, driven by a stronger dollar and anticipation of US CPI data.
【Technical Analysis】
Gold has dipped below the 21-day moving average. Key support is at $2600; a drop below may target $2585. Resistance is at $2623. A break above $2635 could shift to a bullish trend with targets at $2650 and $2670.
【Market Sentiment and Economic Background】
The US Federal Reserve's meeting minutes suggest a split on interest rate cuts, impacting gold. A 25 basis points rate cut in November has an 82% probability. CPI data is crucial; lower-than-expected inflation could fuel hopes for more rate cuts, boosting gold. Conversely, higher CPI might strengthen the dollar and hit gold prices.
【Analyst Opinions】
Analysts are optimistic about gold’s long-term prospects despite recent declines. Factors like geopolitical tension and central bank purchases support this view. UBS forecasts gold reaching $2800 by 2024, citing global monetary easing and dollar weakening. However, some caution that gold might be "overheated," suggesting potential short-term corrections.