MARKET VISION: GOLD

GOLD

Gold remained steady at approximately $2,040 per ounce on Tuesday following heightened volatility in the previous session. In that session, the price of gold surged by over 5% to surpass $2,140 before undergoing a dramatic reversal and ultimately closing down by 2% around $2,030. These fluctuations occurred as market expectations increased, anticipating that the U.S. Federal Reserve would maintain interest rates at their current level during this month's meeting and potentially initiate rate cuts in the upcoming year. Traders initially doubled down on their bets despite Federal Reserve Chair Jerome Powell's rejection of “premature” monetary easing talks, before abruptly unloading those positions. Investors now await Friday's US monthly jobs report, which could provide clues about the future path of interest rates.

VISION OF THE ANALYSTS

Without a doubt, yesterday was a unique day for gold that has led it to a perfect retracement in the fibonacci, reaching 38.2 and we now hope that this retracement can deepen a little more for the coming days due to the large bearish candle and in especially with the non-agricultural report for Friday, which could come out high. For now we see strong resistance in the area of $2,070 usd for the instrument while the most marked supports are in the area of $2,020 and if it breaks that area strongly it could go looking for $1,982 which would mark the 50% retracement while that 61.8 would be in the area of $1,941. Although the conflict in Palestine persists, it is not giving as much relevance at this time to the movements of gold, which are rather market reactions to the future of interest rates in the United States due to the low CPI data in the country, as at a global level, in recent times.