Gold Trade Alert: The gold price has fallen below the 100-day moving average, possibly aiming for the 200-day moving average?
On Tuesday (December 31), at the beginning of the Asian market, spot Gold was fluctuating within a narrow range, currently trading around USD 2606.57 per ounce. Gold prices fell by 0.6% on Monday during quiet trading, briefly dropping below the USD 2600 mark to USD 2595.98 per ounce, closing at USD 2605.62 per ounce, below the critical position of the 100-day moving average near USD 2619. The USD index briefly hit a one-week high, putting pressure on Gold prices. However, most traders are waiting for new catalysts, including next week’s USA economic data, which could affect the Federal Reserve's interest rate outlook for 2025, as well as the incoming president.
The three major U.S. stock index futures fell, European stocks were mixed, and Japanese stocks closed with the Nikkei 225 Index rising 19% for the year.
The Europe Stoxx 50 Index fell by 0.46%, the DEGUODAXZHISHU rose by 0.68%, the UK FTSE100 Index fell by 0.36%, and the France CAC40 Index decreased by 0.39%.
Gold's 27% Advance Stands Out in Mixed Year for Metals Markets
Will Gold continue to shine in 2025? A review from five key dimensions.
In 2024, there will be few types of investments that can outperform Gold, which is about to have its strongest year since 2010 and one of the largest annual increases in history. Many Gold bulls on Wall Street believe that the price of Gold is expected to rise further in 2025.
The best-performing major Assets in 2024 will be: Bitcoin, Gold, US stocks, and Chinese long-term bonds.
Huatai Fixed Income states that the leading Assets in 2024 will include Bitcoin, Gold, US stocks, and China long-term bonds, while lagging Assets will include domestic Commodities, Euros, and Crude Oil Product. From the perspective of the Industry and individual stocks, the leading Assets are backed by long-term trends such as changes in the AI Technology Industry Chain, China's emotional Consumer chain, and safe-haven Assets in an uncertain environment.
Gold Trade Reminder: Gold prices are precariously holding the 100-day moving average, and this week will welcome the New Year holiday. Pay attention to the PMI data.
Spot Gold closed down 0.48% last Friday (December 30), ending at $2,620.96 per ounce, barely holding above the 100-day moving average of $2,616.01, due to rising U.S. Treasury yields, which diminished the appeal of non-yielding gold amid thin trading during the holiday. The market is focused on the return of President-elect Trump and the potential impact of his inflationary stimulus policies on the Federal Reserve's outlook before 2025. According to Bob Haberkorn, senior market strategist at RJO Futures, "Treasury yields are now slightly higher, and gold will remain under pressure in the short term... their action".
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