Gold: Critical Support and Resistance Levels to Watch Ahead of Fed Next Week
Gold Price Trades With Positive Bias; Remains Below $2,700 on Fed Rate Cut Expectations
Gold Price Forecast: XAU/USD Attracts Some Buyers to Near $2,700, Traders Brace for Fed Rate Decision
Gold Trade Reminder: USA PPI intensifies long positions taking profits, with Gold price falling nearly 50 dollars from a five-week high.
On Friday (December 13), the spot price of Gold in the Asian market showed narrow fluctuations, currently trading at $2680.80 per ounce. Gold fell over 1% on Thursday, as investors took profits after briefly hitting a five-week high of $2726 at the beginning of the trading session, and closed positions ahead of next week's Federal Reserve meeting. After the stronger-than-expected PPI data in the USA, the price of Gold briefly dropped to $2675.08, closing at $2680.55 per ounce. MarketPulse by OANDA Analyst Zain Vawda stated: "Bullish momentum remains, but a pullback may occur before the Federal Reserve meeting."
Gold Slips as Traders Turn Focus to Next Year's US Rate Outlook
The analysis of the short-term trend of spot Gold on December 12: the gold price surged then fell back, has the uptrend ended?
On Thursday (December 12), in the Asian market, spot Gold surged and then retreated. Supported by the rising expectations of a Federal Reserve interest rate cut and geopolitical tensions, the gold price initially continued the previous night's upward momentum, reaching a more than one-month high of $2726.05 per ounce. However, it quickly fell back and touched the $2700 mark, mainly due to some bullish investors taking profits. The gold price has risen consecutively over the past four trading days, increasing by nearly $90 this week, with a rise of over 3%. After hitting a one-month high, there is some demand for profit-taking. However, the gold price is still supported by the integer level and buy orders at lower prices, currently trading at 2705.