GOLD Weekly Outlook from 16/12 to 20/12/24:GOLD Weekly Outlook from 16/12 to 20/12/24:
Gold has corrected lower this past week as the Dollar and Treasury yields have rebounded as traders are worried that the Fed will cut rates less next year following higher-than-expected manufacturing PPI data, although the odds of a 25bp cut by the Fed in the middle of this week are unchanged.
Currently, selling pressure is still on Gold due to concerns about rising inflation and fewer rate cuts... but fundamentally, if the Fed cuts rates by another 25bp, Gold will become even cheaper and the "opportunity cost" will be even cheaper... so the trend will remain bullish... The decline is just a short-term effect of news and traders' expectations.
This week, traders will receive many important economic data from the US, but the most important is the FED's Interest Rate Decision in the middle of this week... In addition, traders will also pay attention to the Interest Rate Decision of the Bank of Japan (BoJ) in the middle of the week, and of the People's Bank of China (PBOC) on Friday. The prediction will be more bullish, if there is a decrease, it is better to Buy...
In today's trading session, Gold has decreased quite a lot and this morning swept down to near the 2,642 - 40 area and then bounced back quickly despite no news... it is predicted that the Buy force has begun to appear to probe the bottom to welcome the FED... Therefore, I will prioritize long-term Buy.
🟢 BUY Scap 2635.x Sl 2632
SL: 2630
TP: 2641 – 2655
🟢 BUY 2620.x Sl 2618
SL: 2614
TP: 2643 – 2655 - 2668
🔴 SELL 2672 – 2674
SL 2677
TP: 2664 - 2655
