Gold Price Today, December 24: Unexpected Reversal and Decline
Hello everyone, Merry Christmas!
Let's update the gold price for today: Gold is currently at $2,616 per ounce, down by $16 from the highest point of $2,629 per ounce during yesterday’s trading session.
Gold is under pressure from the strengthening USD and rising U.S. bond yields, as investors await signals regarding the potential for U.S. interest rate cuts in 2025. In my view, the rate-cutting path may pause in January or March.
At the moment, the USD Index has risen by 0.4%, reaching 108.08 points, which has reduced gold’s appeal. U.S. bond yields have also increased to 4.58%, attracting capital into bonds and decreasing the flow of funds into the gold market. As a result, the gold price continues to decline today.
Looking at the technical chart, the EMA 89 has crossed below the EMA 34, indicating a clear downtrend. With resistance at $2,626, the price of gold has been pushed down to $2,610, and maintaining support at this level seems challenging. If there are no significant changes, the price is likely to break through the support and continue falling to the previous support level at $2,585. If this trend persists, gold could decline further and potentially break through the $2,585 support level.
Let's update the gold price for today: Gold is currently at $2,616 per ounce, down by $16 from the highest point of $2,629 per ounce during yesterday’s trading session.
Gold is under pressure from the strengthening USD and rising U.S. bond yields, as investors await signals regarding the potential for U.S. interest rate cuts in 2025. In my view, the rate-cutting path may pause in January or March.
At the moment, the USD Index has risen by 0.4%, reaching 108.08 points, which has reduced gold’s appeal. U.S. bond yields have also increased to 4.58%, attracting capital into bonds and decreasing the flow of funds into the gold market. As a result, the gold price continues to decline today.
Looking at the technical chart, the EMA 89 has crossed below the EMA 34, indicating a clear downtrend. With resistance at $2,626, the price of gold has been pushed down to $2,610, and maintaining support at this level seems challenging. If there are no significant changes, the price is likely to break through the support and continue falling to the previous support level at $2,585. If this trend persists, gold could decline further and potentially break through the $2,585 support level.
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