Gold price analysis December 3
Atualizado
Fundamental Analysis
The focus now appears to have shifted to the Fed policy outlook following the latest speeches from several Fed policymakers and ahead of Friday's Non-Farm Payrolls (NFP) data. Trump threatened to impose 100% tariffs on Brazil, Russia, India, China and South Africa if they create a new currency or support another one to replace the Greenback.
However, a rebound in safe-haven demand for the USD early on Tuesday kept gold buyers on their toes. Persistent concerns about China's economy and Trump's threat of global tariffs remain a drag on investor sentiment.
Gold's next move will likely depend on upcoming US jobs data and its impact on Fed rate cut expectations. Meanwhile, gold traders remain wary of geopolitical tensions between Russia and Ukraine, between Israel and Iran, which could have a strong impact on the traditional safe haven asset, gold.
Technical analysis
The immediate price range that gold is facing is the 2633 and 2652 zones. The 2633 zone has been relatively weak as the Asian session tested this zone once. If the 33 zone fails to hold, 2629 will become a buffer for gold before finding the main support zone of 2618. The US port zone of 2652 last night is also relatively strong at the moment and it is relatively difficult for gold to overcome and reach 2662 today.
The focus now appears to have shifted to the Fed policy outlook following the latest speeches from several Fed policymakers and ahead of Friday's Non-Farm Payrolls (NFP) data. Trump threatened to impose 100% tariffs on Brazil, Russia, India, China and South Africa if they create a new currency or support another one to replace the Greenback.
However, a rebound in safe-haven demand for the USD early on Tuesday kept gold buyers on their toes. Persistent concerns about China's economy and Trump's threat of global tariffs remain a drag on investor sentiment.
Gold's next move will likely depend on upcoming US jobs data and its impact on Fed rate cut expectations. Meanwhile, gold traders remain wary of geopolitical tensions between Russia and Ukraine, between Israel and Iran, which could have a strong impact on the traditional safe haven asset, gold.
Technical analysis
The immediate price range that gold is facing is the 2633 and 2652 zones. The 2633 zone has been relatively weak as the Asian session tested this zone once. If the 33 zone fails to hold, 2629 will become a buffer for gold before finding the main support zone of 2618. The US port zone of 2652 last night is also relatively strong at the moment and it is relatively difficult for gold to overcome and reach 2662 today.
Trade ativo
The resistance zone of 2652 still holds its role in the European session when the price has not been able to break this price zone. The price zone that broke Dow this morning combined with the small trend line around 2640 has created a trading range in the European session.Trade fechado: objetivo atingido
Gold has broken the resistance zone of 2645 and jumped more than 10 prices and is heading towards the resistance of 2660-2662
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