Gold Daily | Spot Gold Rises 0.76% as China's Purchases and Fed Outlook Bolster Market
Monday, Dec 9, 2024 7:00 am ET
1min read 【Latest Gold Price and Recent Trends】
International gold prices rose, supported by China's central bank resuming gold purchases after a six-month pause. Spot gold increased by 0.76%, or $20, to around $2,652. Despite recent declines, the market awaits U.S. inflation data this week for clues on the Federal Reserve's next move.
【Technical Analysis】
On the daily chart, gold continues to consolidate near the main trendline, a key area for buyers. The 4-hour chart shows a range between $2,660 and $2,620, with potential for false breakouts. If prices fall below the $2,600 support, it would confirm a downside breakout.
【Market Sentiment and Economic Background】
Geopolitical tensions, such as the Syrian government's fall, have bolstered gold as a safe haven. The Federal Reserve's dovish stance and expectations of rate cuts are also influencing gold's bullish outlook. China's central bank's gold purchase adds to demand.
【Analyst Opinions】
Analysts suggest that the market could see an upside if inflation data is lower than expected, while higher data might suppress prices. With stable geopolitical tensions, gold's future gains may not be as robust as in past years, but ongoing uncertainties keep it a favorable asset.
International gold prices rose, supported by China's central bank resuming gold purchases after a six-month pause. Spot gold increased by 0.76%, or $20, to around $2,652. Despite recent declines, the market awaits U.S. inflation data this week for clues on the Federal Reserve's next move.
【Technical Analysis】
On the daily chart, gold continues to consolidate near the main trendline, a key area for buyers. The 4-hour chart shows a range between $2,660 and $2,620, with potential for false breakouts. If prices fall below the $2,600 support, it would confirm a downside breakout.
【Market Sentiment and Economic Background】
Geopolitical tensions, such as the Syrian government's fall, have bolstered gold as a safe haven. The Federal Reserve's dovish stance and expectations of rate cuts are also influencing gold's bullish outlook. China's central bank's gold purchase adds to demand.
【Analyst Opinions】
Analysts suggest that the market could see an upside if inflation data is lower than expected, while higher data might suppress prices. With stable geopolitical tensions, gold's future gains may not be as robust as in past years, but ongoing uncertainties keep it a favorable asset.
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