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Gold price rallies over 2% on Monday as investors increases bets on a Federal Reserve (Fed) rate cut at the December meeting. Meanwhile, news of a possible reopening of the US government pushed the Greenback higher, yet the yellow-metal buyers remain reluctant to give way to earlier gains.
💡 DMK Insight
Gold’s 2% rally signals strong investor sentiment amid rate cut speculation, but the dollar’s rebound complicates the outlook. With the Fed’s December meeting on the horizon, traders are eyeing potential shifts in monetary policy that could further impact gold prices. The recent uptick in gold suggests a flight to safety as uncertainty looms, but the dollar’s strength from potential government reopening news could cap gold’s gains. If gold can hold above key support levels, it might attract more buyers, especially if the Fed hints at a dovish stance. Watch for resistance around recent highs, as a break could lead to further upside. However, there’s a flip side: if the dollar continues to strengthen, it could pressure gold prices back down. Traders should keep an eye on the dollar index and any Fed commentary leading up to the meeting, as these will be crucial in shaping market sentiment. The immediate focus should be on gold’s ability to maintain momentum in the face of a potentially stronger dollar.
📮 Takeaway
Watch gold’s ability to hold above key support levels as the Fed’s December meeting approaches; a stronger dollar could limit upside potential.
