Gold remains hopeful for a future rally
Gold prices decreased slightly after the Christmas holiday, fluctuating around $2,633 on Friday. However, the precious metal may still receive positive support from expectations regarding signals related to the U.S. economy under the upcoming Trump administration and the Federal Reserve's interest rate outlook for 2025.
Additionally, the appeal of gold as a safe haven is further strengthened by rising geopolitical risks, especially the ongoing conflict between Russia and Ukraine, along with escalating tensions in the Middle East, leading many to anticipate a potential recovery in gold's value.
Based on technical analysis, gold may experience a dip toward the support level of $2,623 to gather momentum before a potential upward move. It is forecasted that gold could break through the $2,629 support level and advance toward the $2,636 resistance zone.
Traders should closely monitor key support and resistance levels such as $2,623 and $2,636. If gold tests the $2,623 support level and shows signs of recovery, this could be an opportunity to open a buy position. On the other hand, if gold prices continue to drop further, traders may need to reassess their strategies.
Additionally, the appeal of gold as a safe haven is further strengthened by rising geopolitical risks, especially the ongoing conflict between Russia and Ukraine, along with escalating tensions in the Middle East, leading many to anticipate a potential recovery in gold's value.
Based on technical analysis, gold may experience a dip toward the support level of $2,623 to gather momentum before a potential upward move. It is forecasted that gold could break through the $2,629 support level and advance toward the $2,636 resistance zone.
Traders should closely monitor key support and resistance levels such as $2,623 and $2,636. If gold tests the $2,623 support level and shows signs of recovery, this could be an opportunity to open a buy position. On the other hand, if gold prices continue to drop further, traders may need to reassess their strategies.
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