The Fed took a dovish stance at the latest FOMC meeting held during the previous week. Although a potential increase in interest rates was mentioned, in case that inflation picks up again, still the majority of FOMC members are perceiving interest rates at level of 4.6% in 2024.
This was sort of confirmation for the market that the Fed is slowly moving toward the long awaited pivoting point. Analysts are a bit concerned regarding the course of the US economy next year, in which sense, the current anticipation is that the gold might head toward the all-time highs in 2024. Although this might be one of potential cases, it is still early in time for such predictions.
On a weaker dollar, gold gained during the week, reaching $2.046 as the highest weekly level. The metal is ending the week at $2.018, but still above the $2K line. RSI is still moving above the 50 line, indicating that investors are still not ready to clearly choose the trading side. Moving average of 50 days continues to diverge from MA200 after reaching the golden cross two weeks ago.
Gold will start the week ahead by testing the $2K support line. In case that this line is breached, there is some probability that the gold might move toward the $1.970 next support line. Still, on the opposite side, there is equal probability for the price to move back toward $2.050.
Important news to watch during the week ahead are:
USD: Building Permits preliminary for November, CB Consumer Confidence in December, GDP growth rate final for Q3, Durable Goods Orders for November, PCE Price Index for November, Michigan Consumer Sentiment final for December.
This was sort of confirmation for the market that the Fed is slowly moving toward the long awaited pivoting point. Analysts are a bit concerned regarding the course of the US economy next year, in which sense, the current anticipation is that the gold might head toward the all-time highs in 2024. Although this might be one of potential cases, it is still early in time for such predictions.
On a weaker dollar, gold gained during the week, reaching $2.046 as the highest weekly level. The metal is ending the week at $2.018, but still above the $2K line. RSI is still moving above the 50 line, indicating that investors are still not ready to clearly choose the trading side. Moving average of 50 days continues to diverge from MA200 after reaching the golden cross two weeks ago.
Gold will start the week ahead by testing the $2K support line. In case that this line is breached, there is some probability that the gold might move toward the $1.970 next support line. Still, on the opposite side, there is equal probability for the price to move back toward $2.050.
Important news to watch during the week ahead are:
USD: Building Permits preliminary for November, CB Consumer Confidence in December, GDP growth rate final for Q3, Durable Goods Orders for November, PCE Price Index for November, Michigan Consumer Sentiment final for December.
