{"id":144848,"date":"2024-12-23T10:28:12","date_gmt":"2024-12-23T10:28:12","guid":{"rendered":"https:\/\/kinesis.money\/?p=144848"},"modified":"2024-12-23T10:28:19","modified_gmt":"2024-12-23T10:28:19","slug":"gold-late-gains-pare-lossses","status":"publish","type":"post","link":"https:\/\/kinesis.money\/nl\/market-analysis\/gold-news\/gold-late-gains-pare-lossses\/","title":{"rendered":"Gold Price News: Gold Makes Late Gains to Pare Weekly Losses"},"content":{"rendered":"\n

Gold prices moved back above the $2,600 an ounce mark on Friday, showing a moderate recovery from a mid-week slump.<\/p>\n\n\n\n

Prices rose as high as $2,630 an ounce on Friday, up from around $2,595 an ounce in late trades on Thursday.<\/p>\n\n\n

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\"gold
Gold KAU\/USD \u2013 1hr view \u2013 Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

US rate cut drives dollar higher<\/h2>\n\n\n\n

Gold prices fell as low as $2,585 an ounce on Wednesday after the US Fed cut interest rates by 25 basis points as expected. The rate cut helped to drive the US dollar up to a two-year high against other major currencies, and this put downward pressure on dollar-denominated gold prices.<\/p>\n\n\n\n

Gold showed a modest recovery from the lows on Wednesday, to post week-on-week losses of just under 1%.<\/p>\n\n\n\n

Technical analysis<\/h2>\n\n\n\n

On the technical charts, gold bounced off oblique minor support at around $2,575 to $2,585 an ounce during the week and was trading on Friday a little below its 20-day moving average at $2,644. On the upside, any further gains from here could encounter oblique minor resistance at $2,698 an ounce. Should gold move lower, prices could re-test horizontal trend-line support at $2,550 an ounce, followed by oblique major support, currently at $2,529 an ounce.<\/p>\n\n\n\n

Upcoming data<\/h2>\n\n\n\n

Looking ahead, Monday will bring a monthly update on Canadian GDP figures, followed by US consumer confidence figures for December. A further update on the US economy will come on Tuesday in the form of durable goods orders for November. Beyond that, the markets will be winding down for the seasonal break, and while this may leave gold prices open to temporary volatility, trading volumes are likely to tail off until the New Year.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience<\/a> covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices moved back above the $2,600 an ounce mark on Friday, showing a moderate recovery from a mid-week slump. Prices rose as high as $2,630 an ounce on Friday, up from around $2,595 an ounce in late trades on Thursday. US rate cut drives dollar higher Gold prices fell as low as $2,585 an […]<\/p>\n","protected":false},"author":50,"featured_media":144880,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[215],"tags":[],"class_list":["post-144848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: Gold Makes Late Gains to Pare Weekly Losses | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover the recent gold price movements and understand the factors influencing them. 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