GOLD PRICE FORECAST: XAU/USD BUYERS NOT READY TO GIVE UP YET

Tina Collins

13 Dec 2024 — 1 min read

GOLD PRICE FORECAST: XAU/USD BUYERS NOT READY TO GIVE UP YET

Gold price rebounded early Friday after correcting from five-week highs of $2,726 on Thursday.

Hot US Producer Price Index (PPI) data led to expectations of a hawkish December Fed rate cut, strengthening the US Dollar and Treasury bond yields.

Gold price aims to regain $2,700 and higher, supported by a bullish RSI and the 50-day SMA.

Markets anticipate a 25 basis points rate cut by the Fed in December, fueling the dollar's strength and limiting gold's uptrend.

Gold finds fresh demand as China’s retaliation against US tariffs creates uncertainty around the US-Sino trade war.

Gold price movement will depend on market sentiment and positioning ahead of the upcoming Fed policy decision next week.

CHINA: RETAIL SALES AND INDUSTRIAL PRODUCTION BEAT EXPECTATIONS

CHINA: RETAIL SALES AND INDUSTRIAL PRODUCTION BEAT EXPECTATIONS Grew 4% YoY in February, matching expectations and improving from January's 3.7%. Increased by 5.9% YoY, surpassing the 5.3% forecast but slower than January’s 6.2% growth.

GOLD PRICE SITS NEAR RECORD HIGH, CONTINUES TO DRAW SUPPORT FROM THE GLOBAL FLIGHT TO SAFETY

Gold price is near its highest level ever. People are buying gold because of global economic worries. Traders expect the U.S. Federal Reserve to cut interest rates in 2025. The U.S. dollar is weak, which helps gold stay strong. Investors see gold as a safe place to keep

CHINA FEBRUARY 2025 NEW HOME PRICES FALL 4.9% YoY, 0.1% MoM

CHINA FEBRUARY 2025 NEW HOME PRICES FALL 4.9% YoY, 0.1% MoM New home prices fell 4.9% YoY and 0.1% MoM in February. The housing sector remains under pressure, with January showing a 5% YoY decline. PBOC set USD/CNY reference rate at 7.1688, the strongest

WEEK AHEAD – CENTRAL BANKS IN FOCUS AMID TRADE WAR TURMOIL

Federal Reserve (Fed): Will decide on interest rates while worrying about a possible recession. Bank of Japan (BoJ): Traders are watching for signs that Japan might raise interest rates. Swiss National Bank (SNB): Expected to cut interest rates by 0.25%. Bank of England (BoE): Likely to keep rates the

Read more

CHINA: RETAIL SALES AND INDUSTRIAL PRODUCTION BEAT EXPECTATIONS

GOLD PRICE SITS NEAR RECORD HIGH, CONTINUES TO DRAW SUPPORT FROM THE GLOBAL FLIGHT TO SAFETY

CHINA FEBRUARY 2025 NEW HOME PRICES FALL 4.9% YoY, 0.1% MoM

WEEK AHEAD – CENTRAL BANKS IN FOCUS AMID TRADE WAR TURMOIL