Gold Prices Continue to Increase But Face Pressure From USD
Updated
In the first trading session of the week on January 6, the world gold price continued to increase, reaching 2,647 USD/ounce, up about 8 USD compared to the end of last week. This increase was mainly driven by the strong demand for physical gold in Asian markets, especially at the end of the year.
However, gold has not been able to break back to the resistance level of 2,700 USD/ounce, partly due to the strength of the USD being maintained. Currently, the USD Index fluctuates around 108.7 points, only slightly down from the highest peak in the past 2 years of 109 points.
With the USD still maintaining a strong position, I see that gold is unlikely to achieve a strong breakthrough in the short term. However, if the USD index weakens further or there are unexpected economic events, gold prices may have the opportunity to return to the resistance level of 2,700 USD and beyond.
However, gold has not been able to break back to the resistance level of 2,700 USD/ounce, partly due to the strength of the USD being maintained. Currently, the USD Index fluctuates around 108.7 points, only slightly down from the highest peak in the past 2 years of 109 points.
With the USD still maintaining a strong position, I see that gold is unlikely to achieve a strong breakthrough in the short term. However, if the USD index weakens further or there are unexpected economic events, gold prices may have the opportunity to return to the resistance level of 2,700 USD and beyond.
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