- Gold Slips After Nearly 6% Rally as Geopolitical Tensions Ease and US Dollar Strength Persists
- Hawkish Fed Outlook and Upcoming US Data Could Exert Pressure on Gold Prices
- Key Technical Levels to Watch: Resistance at $2708-$2725 and Support at $2668
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The recent appointment of Scott Bessent as US Treasury Secretary by President-elect Donald Trump has caused a stir in the markets. Bessent is viewed as a stable choice, which has led to a surge in US index futures, European indices, and bond prices. While this news has had a somewhat bearish impact on gold, it has contributed to a weakening of the US dollar, primarily due to a relief bounce in the euro exchange rate.
Gold Eases After Near 6% Rally Last Week
Today, gold experienced a 1.5% drop following a significant rally last week, driven by ongoing geopolitical tensions. Despite a nearly 6% increase last week, gold fell short of reaching a record high due to the prevailing strength of the US dollar. Meanwhile, investors flocked to cryptocurrencies, which set new records nearing $100K, fueled by optimism surrounding Trump’s election victory.
Hawkish Shift in US Rates Could Undermine Gold
The recent hawkish repricing of US interest rates and expectations of rising yields could pose a threat to gold prices in the coming weeks. Historically, the US dollar plays a crucial role in determining gold prices, making it a key variable to monitor.
Key US Data to Come in Mid-Week Ahead of Thanksgiving
Upcoming economic data releases in the US mid-week could influence the markets, particularly impacting gold prices. Investors will closely watch the second estimate of Q3 GDP, the Federal Reserve’s preferred inflation gauge, and other key indicators to gauge the health of the US economy.
Gold Technical Analysis and Trade Ideas
While gold’s overall trend remains bullish, a potential correction phase may be on the horizon. Key resistance levels to monitor are between $2708 to $2725, while support levels lie around $2660 and $2580. Monitoring these levels could provide valuable insights for traders.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing in any asset carries inherent risks, and all investment decisions should be made with caution.
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