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Gold Price Recovery: Gold prices gained momentum on the rise in Chinese demand. After hitting a low of $2,613, gold is currently trading around $2,675.
China's Gold Purchasing Power: China's central bank, the People's Bank of China (PBOC), has started buying gold again after a six-month break, adding 160,000 fine troy ounces to its reserves. This brings China's total gold holdings to 72.96 million fine troy ounces. The purchase comes as gold prices have risen by nearly 30% in 2024 due to increased demand for safe investments amid global tensions. Analysts believe this move is part of China's strategy to diversify its reserves and reduce dependence on the US dollar. Despite mixed trends in consumer gold demand, the World Gold Council expects strong future demand in China.
Market Expectations for Federal Reserve Rate Cuts: According to the CME FedWatch Tool, the probability of a rate cut by the Fed in December increased to 86.10% from 72.90% just a week ago.
Technical Analysis of Gold Prices: From a technical standpoint, gold prices are currently above both short-term and long-term moving averages, indicating a bearish trend. Immediate support is at $2,600, with potential declines to $2,570, $2,536, and $2,500. Resistance is set at $2,670; if broken, prices could rise towards $2,700, $2,720, and $2,750.
Suggested Trading Strategy: A suggested trading strategy is to buy on dips between $2,600, maintain a stop-loss at $2,570, and aim for a target price of $2,665.
