Gold prices extended gains on last Friday (December 18) after US economic data showed slowing inflation, supported by a weaker dollar and US Treasury yields. But so far last week, the Fed's hawkish rate outlook has sent gold down 0.9%.
JPMorgan said in a note that since physical demand is currently at a bottom, this means we are now entering 2025, when the expectation of a Fed rate cut is relatively low, and if inflation fears turn out to be overblown, this could drive gold higher, giving the Fed more leeway.
Spot gold rose 1.31% to $2,628.51 an ounce.
Operation suggestion: The lowest gold weekly line to the position of 2582.6 after the end of the market pull up, the final weekly line in the 2622.8 position after the market with a very long type of hammer line, and after the end of this form, the weekly line knead and finish, the point position.
long near 2603, stop loss 2597, target 2625-2643.
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