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MTrading Team • 2023-12-29

After Trading Flat, Gold Price Remain on the Elevated Level

After Trading Flat, Gold Price Remain on the Elevated Level

After trading flat, gold prices returned to an elevated level. Spot gold hit its all-time closing record earlier on Wednesday. What’s more, the yellow metal continued to trade at its higher highs back on Thursday

The US housing sector appeared to be disappointing in November. It was the main reason why gold prices kept on treading water. Despite positive forecasts, a few consumers are involved in the process of purchasing the asset. It was all due to US home sales being worse than expected. October readings revealed the lowest record in the last 13 years.

On the other hand, spot gold made its way to the all-time daily record back on Wednesday. What’s more, the asset price managed to hold elevated positions the following day featuring a rally above $2,100. Meanwhile, market participants are still in doubt whether to get involved in the buying process. This is mainly due to thinner liquidity conditions.

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As for spot gold, it dropped by 0.41% trading at $2,068.37. However, it showed an overall uptrend of 1.8% over the last week. Some experts believe the price will follow two possible scenarios.

The first one supposes the yellow metal to hit fresh record highs in the New Year. The second scenario suggests a notable squeeze lower without letting bulls reload on the long position. One thing is clear, January is very unlikely to be slow for gold.

If we take into account other concerns like geopolitical, macroeconomic, and other conditions that greatly affect the liquidity, we may suggest the gold price to continue strengthening its position. Moreover, some analytics predict the asset will hit new all-time highs as soon as January. We might see the yellow metal to be traded at $2,100 per ounce, which is the initial target.

May the trading luck be with you!