Gold price forecast: The yellow metal is preparing for a new round of gains
Gold prices closed higher by more than 1% last Friday, amid the scarcity of economic data, yet traders stuck to expectations of a reduction Interest rates in America during the next meeting of the Federal Reserve.
The yellow metal exceeded the level of 4200 $an ounce for the first time in the past ten days, closing on Friday at $4,215, and its total gains during the month of November reached about 7.5%. "Federal"
Policy makers at the US central bank are still divided on the possible path of monetary policy, but recent comments from John Williams, a member of the Federal Reserve Bank of New York, and his colleague Christopher Waller, disappointed the advocates of conservatism and strengthened the position of supporters of lowering interest rates before the meeting scheduled for December 9 and 10.
Under these circumstances, gold prices may continue their gradual rise, but talks Peace between Russia and Ukraine, currently underway, may restrict the progress of the precious metal, amid a clear shift in sentiment.
Gold Price Forecast
In the new week, gold is preparing to test the $4,245 level before reaching $4,250 with rising buying momentum, as indicated by the Relative Strength Index (RSI), according to the technical analysis of the platform "FX Street" Further up.
In light of these circumstances, if the gold price exceeds $4,300, the next resistance will be its record high at $4,381.
On the other hand, if the gold price falls below $4,200, the next support will be the November 25 low of $4,109, followed by the 20-day simple moving average at $4,078.
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