Gold Aiming for $2,100 After Record Close at $2,070

Dec 28, 2023

Following a record close at $2,070, gold is pushing towards $2,100 in the Asian trading session. The dovish Fed stance and strong US bond auctions are impacting Treasury yields and the US dollar. The 14-day RSI provides support, but a recent dip suggests a potential pullback to the 21-day SMA at $2,032, with $2,050 acting as a key level. To sustain the upward momentum, a solid breakthrough above $2,079 is essential for a continued recovery towards $2,100, with a target of $2,144. Market dynamics call for vigilance around support and resistance levels, defining the trajectory of gold prices in the near term.