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Gold has been a real battle this week as it consolidates around $4000 but it’s taken a quick trip to the best levels since Monday. It quickly rose to $4025 from $3990 in the past few minutes. It needs to get above the Oct 30 high of $4047 (call it $4050) to clear this consolidation zone but this is a better finish to the week if it can hold here.There wasn’t any real catalyst for this but the US dollar is soft and Treasury yields are near the lows of the day. The market could be sniffing out a Fed cut in December as the US government shutdown drags on and we miss another non-farm payrolls report. The UMich consumer sentiment data today was also poor, is it fell to the lowest since June 2022.
This article was written by Adam Button at investinglive.com.
💡 DMK Insight
Gold’s recent bounce to $4025 is a critical moment for traders looking to capitalize on volatility. With the price hovering near key resistance at $4047, a breakout could signal a bullish trend, attracting both retail and institutional buyers. If gold can maintain momentum above this level, it might trigger a wave of buying, pushing prices higher and potentially impacting correlated assets like silver and precious metal ETFs. On the flip side, if it fails to break through, we could see a retracement back towards the $3990 support level, which would be a signal for short positions. Keep an eye on the daily chart for volume spikes around these levels, as they could indicate market sentiment shifts. Also, monitor the broader economic indicators, especially any shifts in interest rates or inflation data, which could further influence gold’s trajectory in the coming weeks.
📮 Takeaway
Watch for gold to break above $4047; a failure to do so could lead to a drop back to $3990.
