Gold Trends Forecast December 10
🤑Gold Trends Forecast December 10
• Gold prices rose to a two-week high on Monday (December 9), gaining more than 1% as China's central bank resumed buying the precious metal after a six-month hiatus, with optimism growing on expectations the US Federal Reserve will cut interest rates next week.
• "The most important factor is the news that the People's Bank of China (PBOC) announced that it is resuming gold purchases... the market is hoping that we can see other central banks follow suit and we can see a continuation of the record buying," said Bart Melek, head of commodity strategy at TD Securities.
• The US Federal Reserve (Fed) has started its interest rate easing cycle with a 0.5% cut in September 2024, followed by a 0.25% interest rate cut in November 2024. Investors are currently predicting an 87% probability that the Fed will continue to cut interest rates by 0.25% at the meeting on December 17-18. However, if the Fed pauses and the fundamental messages become cautious, this will cause some temporary pressure on gold prices.
🥰Technical analysis:
• Gold broke the downtrend in the h1 frame, breaking through the accumulation sw border, although it has not closed the previous day's candle at 2670, it also shows quite strong buying power.
• Expect Fibo 0.5 – 0.618 to buy back
🕯 Trading plan:
🔼Buy Gold: 2652 – 2650
SL: 2648
TP: 2656 -2662 – 2674
If SL this order buys back
🔼Buy Gold: 2645 - 2643
SL: 2640
TP: 2656 -2662 – 2674 – Open
🔽Sell Gold: 2686 – 2688
SL: 2692
TP: 2679 - 2660
• Gold prices rose to a two-week high on Monday (December 9), gaining more than 1% as China's central bank resumed buying the precious metal after a six-month hiatus, with optimism growing on expectations the US Federal Reserve will cut interest rates next week.
• "The most important factor is the news that the People's Bank of China (PBOC) announced that it is resuming gold purchases... the market is hoping that we can see other central banks follow suit and we can see a continuation of the record buying," said Bart Melek, head of commodity strategy at TD Securities.
• The US Federal Reserve (Fed) has started its interest rate easing cycle with a 0.5% cut in September 2024, followed by a 0.25% interest rate cut in November 2024. Investors are currently predicting an 87% probability that the Fed will continue to cut interest rates by 0.25% at the meeting on December 17-18. However, if the Fed pauses and the fundamental messages become cautious, this will cause some temporary pressure on gold prices.
🥰Technical analysis:
• Gold broke the downtrend in the h1 frame, breaking through the accumulation sw border, although it has not closed the previous day's candle at 2670, it also shows quite strong buying power.
• Expect Fibo 0.5 – 0.618 to buy back
🕯 Trading plan:
🔼Buy Gold: 2652 – 2650
SL: 2648
TP: 2656 -2662 – 2674
If SL this order buys back
🔼Buy Gold: 2645 - 2643
SL: 2640
TP: 2656 -2662 – 2674 – Open
🔽Sell Gold: 2686 – 2688
SL: 2692
TP: 2679 - 2660
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❗️ DISCLAIMER: The content shared in the training program is designed for educational and informational purposes only, so the program is not a financial advice or a solution.
❗️ DISCLAIMER: The content shared in the training program is designed for educational and informational purposes only, so the program is not a financial advice or a solution.
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