Gold Prices Reach $2,660 Amid Strong Uptrend – Key Resistance Levels to Watch

Gold has seen consistent gains, with prices hitting $2,660.94 as of September 26, 2024.

The precious metal has been moving within a strong ascending channel, testing the upper boundary. This upward trend reflects a broader market sentiment driven by economic uncertainties and inflation concerns, positioning gold as a haven asset.

The current price action puts gold near a critical pivot point of $2,653.17, underpinned by a solid 50-day Exponential Moving Average (EMA) at $2,635.92. Investors and traders are keenly watching these technical levels, which could signal either further bullish momentum or a potential pullback.

Gold reaches a new record high at $2,660/oz, marking six straight days of gains. The surge is fueled by expectations of lower US rates weakening the dollar. Key events ahead: US GDP release, Fed Chair Powell’s speech, and US PCE data. #Gold #Markets #Trading #cfdtrading

— CFD and Futures Trading (@CFDandFutures) September 26, 2024

Key Technical Levels to Watch

Gold’s price movement is highly influenced by well-defined support and resistance levels. Immediate resistance is currently at $2,670.38. Should the bullish momentum continue, the next significant resistance levels to target are $2,684.70 and $2,699.20. These levels represent key price points where traders may take profits, and breaking them could spark additional buying pressure.

On the flip side, immediate support is holding firm at $2,653.17, with further downside supports at $2,639.82 and $2,625.46. As long as prices remain above the 50-EMA, the uptrend is likely to stay intact, offering traders opportunities to capitalize on dips.

Economic Factors Shaping Gold’s Future

The broader macroeconomic landscape also plays a crucial role in gold’s trajectory. On the same day, the U.S. reported various data points:

• Unemployment Claims: 224K, slightly higher than the forecast of 219K, hinting at a slower labor market recovery.
• Final GDP q/q: Stagnant at 3.0%, reflecting steady economic growth without much acceleration.
• Durable Goods Orders m/m: Plunged by -2.8% after a previous surge of 9.8%, indicating volatility in demand for large-ticket items.

Israel To Consider Limitation Of Ownership Of Precious Metals : Such As Gold, Silver, And Coins

Current GOLD Price Is $2.660
Current SILVER Price Is $29

Kobeissiletter 🗣️ Silver Price Performances During The Last 2 Years Is Better Than Gold.

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These data points, combined with Fed Chair Powell’s remarks later in the day, will likely influence gold prices as investors gauge the Federal Reserve’s stance on inflation and monetary policy.

Summary Bullet Points:

• Gold is trading near $2,660.94, testing key resistance at $2,670.38.
• Immediate support lies at $2,653.17, with the 50-EMA at $2,635.92 providing solid backing.
• U.S. unemployment claims and GDP data will play a pivotal role in shaping gold’s next moves.