Gold still reluctant to push below $2,600
Gold’s reaction to the news of only two likely cuts next year was pretty typical. Demand is likely to be at least somewhat lower than in the first three quarters of 2024 now that rates will probably remain higher for longer. However, demand for havens is unlikely to decrease significantly in the near future amid turbulence in Syria and Donald Trump’s upcoming inauguration.
The initial reaction to the Fed’s meeting seems to have been somewhat excessive, with the price retracing around half of the loss on 19 December. There’s been no clear increase in the volume of selling. $2,600 seems like a moderately strong area of support based on the bounces from there in late November and around 6 December.
However, the main strong support in focus is the 100% weekly Fibonacci extension around $2,545. The next movement might be either back to the value area between the 50 and 100 SMAs or a retest of $2,550 depending on momentum and sentiment in the next few days, but a clear longer term direction now seems unlikely to develop before the new year.
This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
The initial reaction to the Fed’s meeting seems to have been somewhat excessive, with the price retracing around half of the loss on 19 December. There’s been no clear increase in the volume of selling. $2,600 seems like a moderately strong area of support based on the bounces from there in late November and around 6 December.
However, the main strong support in focus is the 100% weekly Fibonacci extension around $2,545. The next movement might be either back to the value area between the 50 and 100 SMAs or a retest of $2,550 depending on momentum and sentiment in the next few days, but a clear longer term direction now seems unlikely to develop before the new year.
This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
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