Gold Price Today (January 7th): Continuing to Decline
Hello everyone, let’s take a look at the gold price forecast!
The global gold price has slightly decreased, with spot gold dropping by 3.3 USD to 2,637.1 USD/ounce, while gold futures fell by 7.8 USD to 2,646.9 USD/ounce. This decline can be attributed to the rise in the yield of 10-year U.S. Treasury bonds, which has reduced the appeal of gold.
Investors are currently awaiting economic data to determine the Federal Reserve’s interest rate path, especially after the Fed indicated it will cautiously cut interest rates this year.
Additionally, the tariffs and protectionist policies proposed by President-elect Donald Trump could lead to a resurgence in inflation. Important data, such as the non-farm payroll report and the minutes from the Fed’s policy meeting, are set to be released soon and could affect expectations regarding interest rates.
Looking at the technical chart with resistance and support levels at 2,660 and 2,623, I believe that if gold cannot break through the 2,660 USD/ounce resistance, it may continue to adjust down to the support level of 2,623 USD/ounce. If gold breaks through this support level, the downward trend may continue, with the next target being a lower price range.
The global gold price has slightly decreased, with spot gold dropping by 3.3 USD to 2,637.1 USD/ounce, while gold futures fell by 7.8 USD to 2,646.9 USD/ounce. This decline can be attributed to the rise in the yield of 10-year U.S. Treasury bonds, which has reduced the appeal of gold.
Investors are currently awaiting economic data to determine the Federal Reserve’s interest rate path, especially after the Fed indicated it will cautiously cut interest rates this year.
Additionally, the tariffs and protectionist policies proposed by President-elect Donald Trump could lead to a resurgence in inflation. Important data, such as the non-farm payroll report and the minutes from the Fed’s policy meeting, are set to be released soon and could affect expectations regarding interest rates.
Looking at the technical chart with resistance and support levels at 2,660 and 2,623, I believe that if gold cannot break through the 2,660 USD/ounce resistance, it may continue to adjust down to the support level of 2,623 USD/ounce. If gold breaks through this support level, the downward trend may continue, with the next target being a lower price range.
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