Gold continues to increase strongly following the trend
With the likelihood of the Fed reversing its monetary policy in 2024, the pressure on the USD is increasing. Gold prices are rising due to the tendency of oil prices to increase.
In addition, there has been an increase in demand for precious metals recently, and it is forecasted to continue to rise during the upcoming peak consumption season for gold in Asia.
However, for now, the USD is still supported by the possibility of the Fed raising interest rates once again. The greenback is also rising due to the weakness of many economies around the world, including China and Japan.
In the near future, the chart is inclined towards an upward trend, although momentum has somewhat faded. Immediate support is at $1,956. A decrease below $1,947 will shift the trend towards neutral/downward. On the other hand, as long as XAU/USD remains above $1,957, it could increase to test recent highs. Breaking above $1,975 will lead to an acceleration towards $1,980 and beyond.
Support levels: $1,956, $1,943, $1,933
Resistance levels: $1,971, $1,982, $1,993
In addition, there has been an increase in demand for precious metals recently, and it is forecasted to continue to rise during the upcoming peak consumption season for gold in Asia.
However, for now, the USD is still supported by the possibility of the Fed raising interest rates once again. The greenback is also rising due to the weakness of many economies around the world, including China and Japan.
In the near future, the chart is inclined towards an upward trend, although momentum has somewhat faded. Immediate support is at $1,956. A decrease below $1,947 will shift the trend towards neutral/downward. On the other hand, as long as XAU/USD remains above $1,957, it could increase to test recent highs. Breaking above $1,975 will lead to an acceleration towards $1,980 and beyond.
Support levels: $1,956, $1,943, $1,933
Resistance levels: $1,971, $1,982, $1,993
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