Gold price snaps five day winning streak; heavily offered below $2,700 mark
GOLD ANALYSIS & NEWS
Gold price snaps five day winning streak; heavily offered below $2,700 mark
~Gold made a high of $2721 on market opening and then dropped.
~Gold prices dropped heavily almost 2% today ($63) on following reasons.
REASONS WHY GOLD PRICES DROPPED TODAY
1. Trump Nominates Scott Bessent as Treasury Secretary: Clears market uncertainty, providing clarity on financial leadership.
2. Israel-Hezbollah Ceasefire Talks: Reports suggest a ceasefire is near, boosting investor confidence and reducing geopolitical risk.
3. US Fed policy : Hawkish remarks from Fed officials raise the likelihood of keeping rates on hold in December, with some probability of a 25bps rate cut.
4. Bets for slower Fed rate cuts also drive flows away from the non-yielding yellow metal.
WHAT'S EXPECTED IN GOLD TODAY?
1. Gold is forming consolidation range now in between $2658 to $2674.
2. If Gold breaks the immediate resistance at $2676 and sustains there, Then it can go again to $2690-2695 range.
3. Potentially Gold is in Bearish Zone now, And If Gold manages to Break the support at $2658 and sustained there. Then we can expect $2623 will be Next Target.
4. SELL on RISE is expected today, SELL area would be $2678-84.
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