International News
Gold remains firm at $4,140
The move above $4,100 confirmed that the bearish correction from the November peak is over, and bulls have shifted their focus to the November 14 high, at $4,210, on track for November’s peak, at $4,245.
A gentle uptick in US Treasury yields has breathed some life back into the US Dollar, putting a soft brake on the precious-metals rally. Even so, gold continues to edge upward. Spot gold is poised to end the week with a solid 2.7% gain, supported by growing conviction that the Federal Reserve is nearing an easing cycle.
Earlier on Friday, gold briefly stalled near the $4,190 mark as the Dollar steadied during the quiet Thanksgiving trading hours. Yet selling pressure has been shallow, with buyers consistently defending the $4,140 zone.
Meanwhile, the US Dollar Index is lifting off recent lows, helped by the modest rebound in yields, though the gauge is still heading toward one of its steepest weekly declines in several months.
The move above $4,100 confirmed that the bearish correction from the November peak is over, and bulls have shifted their focus to the November 14 high, at $4,210, on track for November’s peak, at $4,245.
On the downside, the mentioned $4,140 support (November 27 low) keeps the bullish trend in play. A bearish reaction below here brings the November 25 low, near $4,100, to the focus, ahead of the November 21 and 24 lows between $4.025 and $4,040.
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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