Gold Price Rises to near $2,650 [09-12-2024]

Gold Price Rises to near $2,650 [09-12-2024]

Gold price (Yellow Metal) trades with mild gains around $2,645 during the early Asian session on Monday. The renewed geopolitical tensions in the Middle East and Federal Reserve (Fed) rate cut expectations support the yellow metal. The US Consumer Price Index (CPI) for November will be in the spotlight on Wednesday. 

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Gold price awaits US NFP report on Friday for some meaningful impetus

Gold price News: Expectations for a less dovish Federal Reserve (Fed) trigger a modest bounce in the US Treasury bond yields and cap the upside for the non-yielding Gold price. In fact, comments from several FOMC members on Wednesday, including Fed Chair Jerome Powell, suggested that the US central bank will adopt a cautious stance on cutting rates. This warrants some caution before placing aggressive directional bets around the Gold as traders await the US Nonfarm Payrolls (NFP) report on Friday.

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Monthly Trading Plan for XAUUSD (Gold)

Monthly Trading Plan for XAUUSD (Gold)

Gold Price forecast and trading plan: The risk of consolidation is increasing, and the primary objective is to accurately predict the trading range. The channel between $2,547 and $2,737 per ounce seems suitable. If the price of gold breaks the resistance level of $2636, it would be advisable to buy the asset with a target at the upper limit of $2,737. Conversely, a rebound towards the lower limit of $2,547 would be a reason to sell.

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Downside Momentum likely to Accelerate Gold Below $2600

Downside Momentum likely to Accelerate Gold Below $2600

Gold Outlook: “The momentum break experienced on election day typically marks the end of such moves. But if that is the case, what can we expect from here? The melt-up has created a notable margin of safety for macro fund positions, which now hold significant paper profits on their extremely bloated length. Large scale selling activity from CTAs will only kick off below $2600/oz.”

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