Gold is trading at $2,650, the highest in eight days, as safe-haven demand rises amid geopolitical tensions between Russia and Ukraine.
Mixed signals from the US Federal Reserve are keeping markets cautious, with a 52% chance of a December rate cut. Meanwhile, a weaker US Dollar and lower Treasury yields are adding to Gold’s appeal.
Key Levels:
Resistance: $2,660: A critical level for further gains. Above $2,660: $2,680 and $2,700 are the next targets.
Support: $2,600: Key to maintaining current levels. Below $2,600: Support at $2,550.
Indicators: The RSI slightly favors buyers but lacks momentum. A Bear Cross (21-day and 50-day SMA) could signal further downside risks.
Outlook: Gold could continue recovering if it breaks $2,660, but failure to hold $2,600 may lead to further losses.
Technicals for the day:
- Buy Levels 2653-2650
- Higher Highs Invalidated, showing signs for further upside
- Aiming for sells around 2670-2675
- Potential for Gold to give a final push today and to correct bearish tomorrow before the week closes.
