Gold continues a calmer trend
Following sharp movements and record levels seen on the first trading day of the week, the direction of gold prices remains a subject of interest. A calmer trend has been observed in gold for the remainder of the week. Economic data coming from the US, in particular, is determining the direction in the markets.
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Money and commodity markets continue to be priced based on expectations regarding the US Federal Reserve's (Fed) interest rate policy. With the latest data, while it is considered certain that the Fed will keep interest rates steady in December, the markets are pricing in a potential interest rate cut in the first quarter of 2024.
Although the ADP private sector employment figures announced yesterday in the US strengthened expectations that the Fed will end interest rate hikes and move toward a rate cut in the first half of next year, ounce gold continues its horizontal trend.
Starting the fourth trading day of the week at 2026 dollars, ounce gold is currently trading at its opening level, maintaining a horizontal course. During the day, ounce gold tested a low of 2024 dollars and a high of 2030 dollars.
WATCH THESE LEVELS FOR OUNCE GOLD
Analysts state that all eyes are on the non-farm payroll data to be announced in the US on Friday, and they expect the price to remain above the 2019 dollar support level until the data is released.
Stating that the resistance level is at 2033 dollars, analysts predict that if this level is surpassed, the 2058 dollar level will be targeted. In downward movements, support levels are at 2003 and 1980 dollars.
GRAM GOLD FOLLOWS A HORIZONTAL TREND
Starting the day at 1883 liras, gram gold is currently following a calm trend and trading at 1884 liras. During the day, gram gold saw a low of 1877 liras and a high of 1888 liras.