GOLD - Gold hits highest since August as Fed's slow the pace of rate hikes

Gold hits highest since August as Fed's slow the pace of rate hikes

Gold rose 2% on Thursday, as Fed is slower pace of interest rate hikes by the Federal Reserve and signs of cooling U.S. inflation. Powell said on Wednesday that now was the time to slow the pace of rate hikes, but added that keeping inflation in check "will require keeping policy at restrictive levels for some time." The dollar fell more than 1 percent to its lowest level in nearly four months, making gold less expensive for overseas buyers. Market participants have priced in a 91% probability that the Fed will raise interest rates by 50 basis points on December 14.

For the gold trend, calculated by the gold ratio, the 38.2% take-back range is 1721 US dollars, it is estimated that the short-term gold price may still have room to fall; if it is further expanded to 50% and 61.8% range, it will be 1700 and 1681 US dollars. The resistance level continues to pay attention to the $1,800 points and a similar position nearby is also the 250-day moving average. Gold prices have also been below this indicator since July. In addition, if calculated based on the cumulative decline from the high of 2069.90 in March this year to the low of 1613.60 at the end of September, the rebound of 38.2% can be seen at 1788, and the range of expansion to 50% and 61.8% is 1841 and 1895 US dollars.
                            
SPDR Gold Trust Gold Holdings:
November 21 – 906.06 tons
November 22 – 906.93 tons
November 23 – 906.93 tons
November 24 – 906.93 tons
November 25 – 908.96 tons
November 28 – 908.09 tons
November 29 – 908.09 tons
November 30 – 908.09 tons
December 1 – 906.64 tons

Fixing price on the morning of December 1: 1779.60
Dec. 1 afternoon fixing price: 1803.15

London Gold December 2
Forecasting early swings: 1794–1808
Resistance levels: 1821 – 1831 – 1849
Support: 1784 – 1770 – 1756

 

 

 

 

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