Gold Price Opens 2025 With Strong Gains
Updated
On the first day of 2025, gold prices recorded an increase to $2,625/ounce, $25 higher than the lowest level of the last session of 2024. This move took place in the context of the US stock market falling, forcing many investors to sell stocks and shift capital to gold, a safe-haven asset.
January is usually the time when gold prices increase the most in the year, thanks to strong buying from Asian countries, especially China, as the Lunar New Year approaches. However, the increase may be restrained by the strengthening of the USD - a major barrier for gold.
On the 1-hour chart, gold prices have broken through the EMA lines, confirming the uptrend. The next resistance may be located at the $2,650/ounce area, while the nearest support is at the $2,615/ounce area. A break of these levels will determine the direction of gold prices next.
I believe that the upward trend of gold in January is positive, thanks to increased demand from Asian markets. However, the continued strength of the USD could put downward pressure, limiting the upside of gold.
January is usually the time when gold prices increase the most in the year, thanks to strong buying from Asian countries, especially China, as the Lunar New Year approaches. However, the increase may be restrained by the strengthening of the USD - a major barrier for gold.
On the 1-hour chart, gold prices have broken through the EMA lines, confirming the uptrend. The next resistance may be located at the $2,650/ounce area, while the nearest support is at the $2,615/ounce area. A break of these levels will determine the direction of gold prices next.
I believe that the upward trend of gold in January is positive, thanks to increased demand from Asian markets. However, the continued strength of the USD could put downward pressure, limiting the upside of gold.
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