Gold held near record highs this week as weaker U.S. inflation data and growing Fed rate-cut bets kept real yields under pressure, drawing fresh ETF inflows and sustaining safe-haven demand. Overall sentiment stays bullish unless upcoming U.S. FOMC meet challenge the current easing expectations.
Comex Gold has continued its upside momentum for 4th consecutive week, breached its previous week’s high and posted incline of +15% in past week, closed at $3643 / ounces. Price has continued to sustain over 20-DEMA level placed at $3513.
Gold price has made its another all-time high level at 109,840 in past week, closed on a bullish note at 109,356. On Weekly chart, price has moved upward with Bullish candle formation for past four consecutive weeks. Price has remained within Rising channel, continued to trail over 20-DEMA level placed at 105,298 which will be crucial support to look for. Daily SAR is placed at 105,862. Gold price has closed near to Rising channel’s resistance and breakout over ATH level will continue upside momentum in Gold price. However, we can observe a decline in OI levels in recent sessions to 15,960 lots which makes a cautions marks for any new bullish position for traders. RSI are already in overbought zone, in range over 75 – 80 levels, on Daily and Weekly chart.
The overall trend in Gold price is expected to be Moderately Bullish in the coming week, and traders should keep an eye on key US economic data such as Retail Sales, and Unemployment claims alongside Fed rate which are scheduled to be in next week.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
105,298 | 107,000 | 109,356 | 109,840 | 111,000 |
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Prediction given by Technical Research Team - Choice.