During the January 30 session, world gold prices increased to $2,046 and then adjusted down to below $2,030 after the December job vacancy report was higher than expected. Currently, gold is falling slightly to $2,033 as investors wait for the Fed meeting. While the overall outlook for 2024 for gold is bullish, the precious metal will experience more volatility in the first half of the year. Although the Fed has a relatively dovish stance for 2024, the market is overly optimistic, pricing in 5-6 cuts for the year.
Gold's resistance zone is at $2,050, above which is $2,065. In case gold falls below the 50-day SMA, the price target could move back to $2,005, followed by $1,990.
Gold's resistance zone is at $2,050, above which is $2,065. In case gold falls below the 50-day SMA, the price target could move back to $2,005, followed by $1,990.
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TP1: 2035
TP2: 2030
SL: 2050