Gold Price Today: The Uptrend Is Not Over Yet!
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At the close of trading on December 11, gold prices continued to maintain the upward momentum from many previous days, however, the momentum was hindered as it faced resistance at $2,716, causing the precious metal to correct back early today with prices fluctuating around $2,710 with a decline of 0.26% on the day.
If this correction continues, gold will soon touch the 0.618 Fibonacci level to consolidate the upward momentum as the EMA 34, 89 has reversed.
On the other hand, all attention is now on PPI data, expected to be released on Thursday to clarify the Fed's interest rate cut roadmap. The prediction is 96% likely that the Fed will cut another 25 basis points at the meeting on December 17 and 18, compared to about 86% before the inflation report was released. If true, gold will continue to rise.
Wish you happy trading and lots of profit. Don't forget to like to support Kevinn!
If this correction continues, gold will soon touch the 0.618 Fibonacci level to consolidate the upward momentum as the EMA 34, 89 has reversed.
On the other hand, all attention is now on PPI data, expected to be released on Thursday to clarify the Fed's interest rate cut roadmap. The prediction is 96% likely that the Fed will cut another 25 basis points at the meeting on December 17 and 18, compared to about 86% before the inflation report was released. If true, gold will continue to rise.
Wish you happy trading and lots of profit. Don't forget to like to support Kevinn!
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