Gold Analysis – 13.Oct.2024
Gold Analysis:
Gold Price Overview:
Currently, the price of gold is hovering around $2656.99. Recently, gold has seen a slight increase, driven by several factors such as inflation concerns, recent CPI and PPI reports, and geopolitical tensions.
Key Influencing Factors:
- Persistent Inflation : Recent CPI and PPI reports show that inflation remains slightly above expectations, keeping gold in demand as a safe-haven asset.
- Interest Rates: Expectations around interest rate cuts have stabilized, which increases gold’s appeal as a non-yielding asset.
- Geopolitical Tensions: Ongoing global political instability, particularly in regions like the Middle East, is adding upward pressure to gold prices.
Technical Analysis:
- Resistance Level: If gold prices break above $2685, there could be further bullish momentum.
- Support Levels: On the downside, key support zones include $2636-$2642, $2628-$2630, and $2620, which should be closely monitored if the price declines, as strong demand in these areas could lead to a reversal.
Outlook:
Given the economic and geopolitical landscape, gold remains in a bullish trend. Traders should keep an eye on economic reports and geopolitical developments as any increase in uncertainty could further boost gold’s price.
(This Post on TradingView)
Author : Arman Shaban
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