Dear friends,
Today, gold ended the trading session with a significant price increase. This precious metal is currently trading at $2027, highlighting a 0.18% increase for the day.
You may wonder why the price has risen so sharply.
Regarding international market information:
The US dollar is influenced by increasing speculation that the Federal Reserve (Fed) will maintain high interest rates for a longer period. Therefore, the potential for gold price increases could be generated from a depreciation of the USD if Fed officials are hesitant to cut interest rates.
Outcome:
This precious metal will be driven by strong demand from central banks and economic downturns. From this, it can be argued that it has the potential to reach new record levels by the end of 2024.
Regarding technical analysis and gold price predictions in the near future:
The exponential moving average (EMA) continues to support an upward trend. It has surpassed the price resistance levels around $2015 and $2010, indicating that in the short term, it may soon retrace to this breakout zone before resuming its upward movement.
Currently, gold is operating near the $2030 price resistance level, with $2040 being a psychological level. Breaking above this resistance level will open up opportunities for price increases in this precious metal.
Today, gold ended the trading session with a significant price increase. This precious metal is currently trading at $2027, highlighting a 0.18% increase for the day.
You may wonder why the price has risen so sharply.
Regarding international market information:
The US dollar is influenced by increasing speculation that the Federal Reserve (Fed) will maintain high interest rates for a longer period. Therefore, the potential for gold price increases could be generated from a depreciation of the USD if Fed officials are hesitant to cut interest rates.
Outcome:
This precious metal will be driven by strong demand from central banks and economic downturns. From this, it can be argued that it has the potential to reach new record levels by the end of 2024.
Regarding technical analysis and gold price predictions in the near future:
The exponential moving average (EMA) continues to support an upward trend. It has surpassed the price resistance levels around $2015 and $2010, indicating that in the short term, it may soon retrace to this breakout zone before resuming its upward movement.
Currently, gold is operating near the $2030 price resistance level, with $2040 being a psychological level. Breaking above this resistance level will open up opportunities for price increases in this precious metal.
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