Article by: ETO Markets
The dovish remarks made by policymakers at central banks provide the yellow metal with support. The US Federal Reserve is "not far" from having enough confidence in inflation to hit its 2% objective to start cutting interest rates, according to Fed Chair Jerome Powell. The Non-Farm Payroll report on Friday gave us the clue, 275,000 jobs had been added to the US economy. The better-than-expected figures, meanwhile, might strengthen the US dollar and put some selling pressure on the price of gold.
The price of gold continues to rise for the eighth trading day. After surpassing the horizontal resistance line drawn from the high on December 4 near $… , the precious metal has once again reached record highs above $...
It is anticipated that the gold price would continue to trend bullishly despite being in unfamiliar territory. Significantly above the 70 mark, the 14-period Relative Strength Index has reached 83, indicating overbought conditions and suggesting an impending downturn.
The highs on December 4 at $… and December 28 at $… will serve as significant support levels on the downside. The immediate resistance awaits at $…, the highest from the last trading day.
