Richard Perry
Independent Analyst
Gold
After the breakout of Monday, gold has spent the following time in consolidation around the breakout support at $1642. The bulls have taken their foot off the gas, but they remain in the driving seat. A strong, now three week uptrend comes in to support at $1629 and any retreat towards there will be seen as a chance to buy. They may have lost a certain degree of upside impetus, but momentum indicators remain positively configured and near term corrections are still a chance to buy. The hourly chart shows a band of underlying demand between $1625/$1642 is now a near term buy zone. Holding on to hourly RSI above 40 would help maintain a positive configuration that weakness remains a chance to buy. We favour pressure on $1671 (Tuesday’s high) and maintaining a position above the 23.6% Fibonacci retracement (of $1445/$1702) at $1642 maintains the bullish bias for a retest of the $1702 high in due course. On a near to medium term basis, we remain bullish whilst above $1562 and see near term weakness as a chance to buy.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD stays weak near 1.0400 as trading conditions thin out
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD consolidates below 1.2550 on stronger US Dollar
GBP/USD consolidates in a range below 1.2550 on Tuesday, within striking distance of its lowest level since May touched last week. The sustained US Dollar rebound and the technical setup suggest that the pair remains exposed to downside risks.
Gold holds above $2,600, bulls non-committed on hawkish Fed outlook
Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
IRS says crypto staking should be taxed in response to lawsuit
In a filing on Monday, the US International Revenue Service stated that the rewards gotten from staking cryptocurrencies should be taxed, responding to a lawsuit from couple Joshua and Jessica Jarrett.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.