Today's Gold Forecast

Gold on the fundamental side

Gold prices rose more than 3% to around $4135 per ounce so far this week, supported by expectations of an imminent interest rate cut by the Federal Reserve amid signs of a weakening US economy.

US data last week pointed to job losses in October, particularly in the government and retail sectors, while consumer confidence fell to a 3-1/2-year low in early November.

Traders estimate a 64% probability that the Fed will cut interest rates by 25 basis points in December.

Meanwhile, the US Senate passed a bill to reopen the federal government after a 40-day shutdown, which could reduce demand for precious metals as a safe haven.

The bill still has to be approved by the US House of Representatives before it can be sent to President Donald Trump.

Gold on a technical level

Gold prices rose today, achieving a peak at $ 4148 per ounce before retreating slightly, but we expect the bullish momentum to continue towards 4160/85 levels, from which it is possible to consider a downward correction to reposition buying again if it corrects near the uptrend levels and support near $ 4045 levels.