2023-12-03 20:48:00
peace for all
Gold prices rose strongly during Friday’s trading.
It approached its highest levels ever near the level of $2076 per ounce, benefiting from the weakness of the US dollar due to increasing bets on not raising US interest rates following it succeeded in adding more than $30 per ounce.
During the last day’s trading, December delivery rose by regarding $33.10, or 1.68%, to reach $2,071. Spot contracts also rose by regarding $35 per ounce, or 1.70%, and are currently trading near the level of $2,070 per ounce.
The US dollar was clearly damaged immediately following US Federal Reserve Governor Jerome Powell’s statements on Friday evening, in which he confirmed that the US interest rate is good in the currently restricted area and that the US Federal Reserve has made significant progress in reducing inflation, adding that it welcomes the decline in inflation shown by recent data.
However, the US Federal Reserve needs to see more progress in reducing inflation to 2%, and these statements have strengthened market expectations that the US Federal Reserve will stop raising interest rates during its upcoming meetings, which has strengthened and weakened demand for the dollar.
Selling gold is difficult at this stage
- We have seen recently that the bond markets have a huge impact on where we go, and I think at this point high interest rates will continue to be something that we need to pay close attention to.
- If interest rates in America start rising once more, it will be bad for the gold market.
- On the other hand, we also have geopolitical issues around the world that might continue to keep the gold market somewhat supported, with the idea being that people are looking to protect their wealth. Recession can play a role here as well.
technically:
At this point, it is becoming increasingly clear that gold is in an uptrend, and November has seen more of the same. However, as we enter December, we are at a major roadblock that has caused quite a few problems in the past. Because of this, I think you need to pay close attention to the $2050 level, because if we can hold above there, the gold market might really take off.
Stability above the 2020 level will support the upward trend on the weekly trend
But on the daily chart as long as trades above 2050 have an upward trend until 2100 and corrections are available until 2050 and 2020 on the long time frame
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