Gold rate today: Before the beginning of the US Fed meeting, gold prices opened flat on Tuesday. Gold futures contract on MCX for February 2024 expiry opened upside at ₹77,090 per 10 gm and touched an intraday high of ₹77,199 per 10 gm within a few minutes of the Opening Bell.
Spot Gold
At Gold Silver Reports, we provide real-time updates on Spot Gold (XAUUSD) with live prices, expert analysis, and daily trading insights. Stay ahead with accurate forecasts, support & resistance levels, and global gold market trends to guide your trading strategies.
Gold Price Rises to near $2,650 [09-12-2024]
Gold price (Yellow Metal) trades with mild gains around $2,645 during the early Asian session on Monday. The renewed geopolitical tensions in the Middle East and Federal Reserve (Fed) rate cut expectations support the yellow metal. The US Consumer Price Index (CPI) for November will be in the spotlight on Wednesday.
Gold price awaits US NFP report on Friday for some meaningful impetus
Gold price News: Expectations for a less dovish Federal Reserve (Fed) trigger a modest bounce in the US Treasury bond yields and cap the upside for the non-yielding Gold price. In fact, comments from several FOMC members on Wednesday, including Fed Chair Jerome Powell, suggested that the US central bank will adopt a cautious stance on cutting rates. This warrants some caution before placing aggressive directional bets around the Gold as traders await the US Nonfarm Payrolls (NFP) report on Friday.
Monthly Trading Plan for XAUUSD (Gold)
Gold Price forecast and trading plan: The risk of consolidation is increasing, and the primary objective is to accurately predict the trading range. The channel between $2,547 and $2,737 per ounce seems suitable. If the price of gold breaks the resistance level of $2636, it would be advisable to buy the asset with a target at the upper limit of $2,737. Conversely, a rebound towards the lower limit of $2,547 would be a reason to sell.
Gold Defends Key $2,547 Support; What’s Next?
Spot Gold Price Forecast: The short-term technical outlook for Gold price remains more or less the same, with any recovery attempts likely to be short-lived as long as the 14-day Relative Strength Index (RSI) stays bearish.
Gold Investors Await Fed’s Response and US Inflation Report
Spot Gold Forecast For Today: Stock markets in the US will remain open on Veterans Day on Monday but bond markets will be closed, limiting the market volatility at the beginning of next week.