Gold and its direction this week
Updated
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After closing for the Christmas holiday, the price of gold experienced a modest increase on its reopening day due to the weakening of the US dollar and a decrease in bond yields. This was driven by expectations that the US Federal Reserve will lower interest rates next year.
The US Dollar Index reached its lowest level in 5 months, while the yield on 10-year US Treasury bonds slightly decreased. The weaker US dollar made gold more attractive for those holding other currencies.
-Resistance level: $2068 - $2070
-Support level: $2056 - $2052
After closing for the Christmas holiday, the price of gold experienced a modest increase on its reopening day due to the weakening of the US dollar and a decrease in bond yields. This was driven by expectations that the US Federal Reserve will lower interest rates next year.
The US Dollar Index reached its lowest level in 5 months, while the yield on 10-year US Treasury bonds slightly decreased. The weaker US dollar made gold more attractive for those holding other currencies.
-Resistance level: $2068 - $2070
-Support level: $2056 - $2052
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