Gold dipped below the key $2,000 level yesterday after Fed minutes signalled a willingness to stay aggressive on rates. This hawkish stance has made investors cautious. However, a mixed dollar post-rebound has lent some support.
The yellow metal now faces stiff resistance at $2,010 despite recovering above $2,000. Speculation about possible 2024 rate cuts has kept the dollar’s gains in check following its recovery against major currencies since late August.
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Moving forward, gold’s trajectory will hang on incoming data releases. Key indicators like jobless claims, durable goods orders and Michigan consumer sentiment will be monitored to gauge economic direction and policy implications. Their readings could determine whether gold manages to solidify its tenuous $2,000 foothold in the near term.
With the United States preparing to wind down for the Thanksgiving holiday at the end of this week, gold is poised to remain relatively stable over the coming days.
