FX168 Financial News (Hong Kong) - In the Asian market on Tuesday, spot gold traded around the level of 1221 dollars. The recent decline of the US index has provided some support for gold, but the market Gold price The bullish sentiment of is not too high. Analysts said that gold has now approached the resistance position again, and the risk of short-term fall of gold price has increased.
IC Markets analysts pointed out that the preliminary support for gold's upward movement was near $1228, and the strong resistance was near the $1234.20 level, which was 61.8% Fibonacci expansion and 78.6% Fibonacci retreat. Further resistance is around $1243.81.
(One hour chart of spot gold, source: tradingview, FX168 financial network)
On the downside, if gold retreats further, it will first test the support around $1215.80, which is the 50% Fibonacci retreating position. In addition, the KD index is currently at an overbought level. Once this index starts to fall, the gold price is expected to fall.
In terms of fundamentals, Williams, the third head of the Federal Reserve, said in his overnight speech that we are not on the preset path. We will adjust the implementation mode of monetary policy and do our best to keep the economy strong under the condition of low inflation. After Williams' speech, the expectation of the Federal Reserve to raise interest rates in December fell again, to 67%.
Earlier, Federal Reserve Chairman Powell and Vice Chairman Clarida both expressed some concerns about economic risks. This also made the market waver to the path of the Federal Reserve to increase interest rates.
Checked by: TIER
