The gold market got off to a strong start this week, with the precious metal reaching a record high of $2150 on Monday. Gold was unable to sustain above the Triple top resistance of $2080 this week and create an Engulfing bearish candlestick chart pattern this week.
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Gold is currently trading between $2020 and $2050 per ounce, after temporarily rising to record highs above $2100 at the start of the week. Traders were now focused solely on nonfarm payroll data for November, which was coming today, for any additional labour market clues.
According to the most recent data from private-sector payroll processor ADP, the gold market is seeing increased purchasing interest as the US labour market lost considerable momentum last month.
The gold price fell for the second day in a row after reaching an all-time high above Rs 64000, and it has dropped more than Rs 2000/10 gm in the last two days. Even though a risk-off impulse is a key engine and normally boosts appetite for gold, traders are migrating to the Dollar in the short term.
Gold prices reached new highs of $2150 yesterday as investors bet on a March Fed rate cut and new geopolitical tensions between the Yemeni Houthis and the US. Profit booking followed and took the prices to touch $2040 on the downside. One should be cautious and wait for new trading opportunities.
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Gold prices are consolidating around the resistance level of $2045 (Rs 62300). Once the prices sustain above these levels, the next target is $2080 (Rs 63000).
After a sharp runup this week, gold and silver prices are trying to build a base at these higher levels, which is necessary for a bullish run to continue further. Gold prices have cleared the resistance of $2020 (Rs 61800) to touch the level of $2045 (Rs 62300). Once the prices sustain above these levels, the next target is $2080 (Rs 63000).
The biggest trigger of gold crossing 62000 was the De-Dollarization seismic shift. As the UAE announced that they have stopped using Dollars in Oil trades, this gave a boost to the safe-heaven asset Gold. Once the prices sustain above these levels, the next target is $2080 (Rs 63000).
Gold prices are trading just below the important resistance zone of $2015-2020 (Rs 61500-61800). Once the prices trade above these levels, the next target would be $2080 (Rs 63000). Silver has cleared strong resistance of $24 (Rs 73500), the next short-term target is $25 (Rs 76000).
