Latest analysis of US market, 2070/2064 supportOn Thursday (December 28), the market insisted that the Federal Reserve would not relax its expectations of a faster interest rate cut. The U.S. dollar and U.S. bond yields were further put under pressure. Gold rebounded and once touched $2,088, approaching the 2,100 mark. Gold prices climbed to more than three-week highs on Thursday as the dollar and U.S. Treasury yields hit multi-month lows as bets grew that the Federal Reserve would begin cutting interest rates as early as March next year.
Technical aspect: On the daily line, the market volatility on the previous trading day was relatively small, and the small positive line closed, indicating that the short-term gold price is relatively strong. In terms of indicators, the market is still running above the 20-day moving average, and bulls still have the upper hand.
The market outlook will focus on the first-line pressure of $2,088 at the top, and the first-line support at $2070/2064 at the bottom.
