Daily analysis
Gold - inflation data almost confirms that the Federal Reserve will cut interest rates next week, and gold will rise steadily.
Gold has been rising all the way this week. The inflation data just released on Wednesday is in line with expectations, increasing the possibility of the Federal Reserve cutting interest rates next week. According to data from the U.S. Department of Labor, U.S. consumer prices rose 0.3% month-on-month in November, up 2.7% year-on-year, and 2.6% in October. CME’s FedWatch tool shows that traders predict that the Federal Reserve is 98% likely to further cut interest rates by 25 basis points at the meeting on December 17-18, compared with a probability of about 86% before the release of the inflation report. And the U.S. Producer Price Index (PPI) data to be released tonight may provide further clues for monetary policy. The price of gold is currently rising to the level of 2720, and on October 31, the price of gold reached a record high of $2,790.15 per ounce.
According to the technical chart, after a narrow range of holdings for about two weeks, the gold price fluctuated significantly at the end of Monday, and there were signs of a preliminary test of the recent top. The gold price fell to $2,613 last Friday, but soon pulled back the decline to the level of 2632 at the end of the day. In the morning session on Wednesday, it hit the 2700 threshold again, which was the highest level after the gold price fell nearly 100 yuan in a single day on November 25, when the daily high reached the level of 2,721. At present, both the RSI index and the stochastic index have shown an increase, and it is estimated that the gold price will continue to stabilize in the short term. $2,680 is the position of the downward trend line extending from the end of October, which has just been initially broken on Tuesday. If the short-term line can continue to be held above this area, it is expected to further consolidate the upward trend of the gold price. The upward resistance is expected to be 2721 and 2750, and then point to $2,762 and $2,790. The larger support level is expected to be $2,657 and $2,627, and the next level refers to $2,600 and 100-day averages of $2,590. The fall in gold prices in mid-November also happens to be supported at the 100-day average. Gold December 12th
Resistance 2741 – 2754 – 2778
Support 2708 – 2700 – 2694
Gold has been rising all the way this week. The inflation data just released on Wednesday is in line with expectations, increasing the possibility of the Federal Reserve cutting interest rates next week. According to data from the U.S. Department of Labor, U.S. consumer prices rose 0.3% month-on-month in November, up 2.7% year-on-year, and 2.6% in October. CME’s FedWatch tool shows that traders predict that the Federal Reserve is 98% likely to further cut interest rates by 25 basis points at the meeting on December 17-18, compared with a probability of about 86% before the release of the inflation report. And the U.S. Producer Price Index (PPI) data to be released tonight may provide further clues for monetary policy. The price of gold is currently rising to the level of 2720, and on October 31, the price of gold reached a record high of $2,790.15 per ounce.
According to the technical chart, after a narrow range of holdings for about two weeks, the gold price fluctuated significantly at the end of Monday, and there were signs of a preliminary test of the recent top. The gold price fell to $2,613 last Friday, but soon pulled back the decline to the level of 2632 at the end of the day. In the morning session on Wednesday, it hit the 2700 threshold again, which was the highest level after the gold price fell nearly 100 yuan in a single day on November 25, when the daily high reached the level of 2,721. At present, both the RSI index and the stochastic index have shown an increase, and it is estimated that the gold price will continue to stabilize in the short term. $2,680 is the position of the downward trend line extending from the end of October, which has just been initially broken on Tuesday. If the short-term line can continue to be held above this area, it is expected to further consolidate the upward trend of the gold price. The upward resistance is expected to be 2721 and 2750, and then point to $2,762 and $2,790. The larger support level is expected to be $2,657 and $2,627, and the next level refers to $2,600 and 100-day averages of $2,590. The fall in gold prices in mid-November also happens to be supported at the 100-day average. Gold December 12th
Resistance 2741 – 2754 – 2778
Support 2708 – 2700 – 2694
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.