Gold’s Shining Path Amid Market Volatility Key Levels to Watch in 2024

The Supply Chain Report

Gold’s Market Outlook: Key Resistance & Support Levels Ahead!   With gold trading at $2,514, the market is keeping a close watch on key levels and the upcoming US CPI data. How will global economic shifts and potential Federal Reserve rate cuts shape gold’s trajectory? Learn about crucial resistance at $2,550 and support at $2,446, plus the latest insights from China’s trade data and US Treasury yields.   Stay informed with the latest trends and market forecasts! For more insights on gold trading and supply chain trends, visit: https://supplychainreport.org/  See the original article: Gold's Shining Path Amid Market Volatility: Key Levels to Watch in 2024  #GoldMarket #GoldTrading #MarketOutlook #InvestingInGold #SupplyChainTrends #EconomicTrends #CPIData #FederalReserve #USInflation #GoldInvestments #GlobalMarkets #GoldResistanceSupport #GoldETF #SupplyChainInsights #MCXGold #ChinaTrade #USDollar #GoldForecast #TradingStrategy

Transcript

00:00Today, we're diving into the fascinating world of gold trading and exploring the key factors

00:06shaping its path.

00:07As we head into the next few months, gold is showing a subtle yet steady climb.

00:13Spot gold recently traded at $2,514, up 0.2%, while India's MCX contract saw a 0.38% increase.

00:24This rise is linked to a dip in US yields.

00:28And cautious predictions from major banks like JP Morgan and Goldman Sachs, which have

00:33lowered their earnings expectations.

00:36On the global stage, China's trade data was mixed.

00:39While exports were strong, imports lagged behind.

00:43And inflation hit its slowest pace in three years.

00:46Weak domestic demand and deflationary concerns in China are creating a favorable backdrop

00:52for gold.

00:53Meanwhile, U.S. Treasury yields have dropped to new cycle lows.

00:58And the dollar index has edged up slightly.

01:01But despite these shifts, gold remains resilient.

01:05Tomorrow's US CPI data release could be a turning point for gold traders, as inflation

01:10is expected to show a sharp decline.

01:13This could potentially lead to Federal Reserve rate cuts.

01:17Gold ETF inflows continue to rise, reaching their highest level since February, signaling

01:23growing investor confidence in gold.

01:26Recently, Russia has increased its gold reserves, further strengthening gold's role as a safe

01:32haven in uncertain times.

01:34Looking ahead, gold faces key resistance at $2,550, with support at $2,446.

01:43Traders should keep an eye on these levels as global data continues to unfold.

01:47The strategy remains clear.

01:50Buy the dips, but tread cautiously, as gold remains a popular but crowded trade.

01:56Stay tuned as we continue to monitor these evolving trends in the gold market.

02:02For more insights on supply chains and market trends, visit us at supplychainreport.org.

02:08Thank you for watching, and see you next time.

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