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Gold Rises Strongly, Moving Within a Sensitive Range
Gold prices rose significantly during today's trading, with the precious metal climbing by approximately 1% to reach nearly $4,196 per ounce. This increase was supported by improved investor sentiment and a growing demand for safe-haven assets amidst the prevailing uncertainty in global markets.
These recent movements reflect a clear return of buying momentum after a period of relative calm, particularly following the declines that ensued after gold reached record highs last month. This rise comes as investors closely monitor monetary policy indicators in the United States, amid expectations that the Federal Reserve will cut interest rates in December. Such a cut typically supports gold due to the lower opportunity cost of holding it.
Despite this rise, gold continues to trade within a delicate range, encompassing strong resistance near $4,245 and a pivotal support level at $4,000. This makes the coming days' trading crucial in determining the next direction. Current technical data shows that gold remains above its short- and medium-term moving averages, and is also within positive territory according to momentum indicators, providing relative support for the upward trend.
Analysts also suggest that the current period of volatility may be part of a consolidation phase before a larger move, especially after gold previously reached a record high of $4,381. However, the decline in trading volumes at certain times also reflects a noticeable caution among traders, particularly given the conflicting signals between support for the upward trend and the emergence of signs of selling pressure at recent highs.
On the economic front, markets are awaiting important inflation and interest rate data in the coming days, which could play a key role in determining gold's direction. While the precious metal remains one of the most prominent safe havens for investors, any signal from central banks could quickly change the landscape.
In short, gold is currently moving in a delicate zone, characterized by a clear appetite for buying on one hand, and caution and anticipation on the other, leaving markets awaiting a stronger signal to determine the precious metal's next path.
