Gold Market Faces Selling Pressure and Price Decline
The gold market is currently struggling to maintain the support level of 2,600 USD/ounce, facing increased selling pressure as the U.S. housing market stabilizes. Data from the National Association of Realtors (NAR) shows that the Pending Home Sales Index increased by 2.2% in November, exceeding expectations.
Gold prices are also down due to technical selling by short-term futures traders and the rise of the US dollar. Although January is typically the best month for gold, this year, several factors are limiting the metal's outlook.
Looking at the technical chart, we can see that gold has experienced several periods of sideways movement and slight declines this week, so the current drop in gold prices is not surprising. With resistance at 2,628 USD, gold has dropped to the support level of 2,609 USD. If the gold market remains sluggish, gold may fall further to the support level of 2,592 USD and possibly lower.
Gold prices are also down due to technical selling by short-term futures traders and the rise of the US dollar. Although January is typically the best month for gold, this year, several factors are limiting the metal's outlook.
Looking at the technical chart, we can see that gold has experienced several periods of sideways movement and slight declines this week, so the current drop in gold prices is not surprising. With resistance at 2,628 USD, gold has dropped to the support level of 2,609 USD. If the gold market remains sluggish, gold may fall further to the support level of 2,592 USD and possibly lower.
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