12.10 US market gold XAUUSD latest trend analysis💙
News:
1. Federal Reserve rate cut expectations support: The market's probability of a 25 basis point rate cut by the Federal Reserve in December is as high as 87.4%. A rate cut will reduce the opportunity cost of holding gold, attracting funds into the precious metals market, which is the current core bullish support for gold prices. Despite the possibility of a 'hawkish rate cut', the expectations for a rate cut itself have already attracted buying on dips, providing a fundamental basis for intraday long positions.
2. Weak dollar index oscillation: On December 10, the dollar index reported 99.2, maintaining a narrow oscillation and overall at a nearly 1.5-month low. The weakening dollar directly enhances the attractiveness of gold priced in dollars, compounded by the global trend of 'de-dollarization', which is beneficial for gold valuation in the long term and also provides exchange rate support for long positions in the short term.
3. Precious metals sector linkage uplift: Spot silver surged over 4% on Tuesday and broke through the historical high of $60/ounce. The strong performance of silver boosted the overall sentiment in precious metals, with gold as the core variety, further enhancing the bullish atmosphere.
Technical analysis:
From the 1-hour level, after the intraday price dropped to 4187.84, it quickly rebounded, making this position a key short-term support. Looking at the 1-hour candlestick chart, the price showed a candlestick pattern of stopping the decline and rebounding near this support level, indicating that buying power is beginning to show below, and there is a technical rebound demand. After the intraday adjustment of rising and falling, the price has deviated from the short-term moving average, with a motivation for a corrective rebound in the technical aspect. Currently, the quoted price is at the low end of the intraday fluctuation range, and there is potential for further observation.
Operation suggestion
Big yellow seen near 4190-4180 going north⬆️
🎯 Target to see: around 4220-4230
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