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Gold Remains Close to $1,800 for 2022 Despite US Data

Haiden Holmes

Dec 08, 2022 11:51

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Gold bulls seem intent on ending the year at or over $1,800 per ounce. Economic data from the United States that is proving better than anticipated as 2022 draws to a close might be cause for alarm.


In spite of expectations that the Federal Reserve will slow the pace of monetary tightening for the first time in six months when it meets on December 14, bullish U.S. data this week on factory orders and non-manufacturing have reignited rumors that the central bank could become more aggressive in 2023 regarding rate hikes.


Nonetheless, gold bulls look eager to preserve the market momentum of the past two weeks, which has returned the price to over $1,800. The yellow metal's price has reached $1,600 after around 15 weeks of either sideways trading or outright meltdown.


While the October U.S. macroeconomic statistics released this week were stronger than anticipated, the dollar, which is the primary beneficiary of such data and increasing interest rates, has not yet skyrocketed, allowing gold bulls to maintain their position.


The Dollar Index, which measures the U.S. dollar to the euro, yen, pound, Canadian dollar, Swedish krona, and Swiss franc, declined 0.4% on Wednesday after gaining almost 1% in the previous two days. Last week, it reached a near six-month low of 103.935.


According to Ed Moya, an analyst at the online trading platform OANDA, "safe-haven flows look to be the trend of the new year, creating a favorable environment for gold." Gold would want to fluctuate through the $1,800 threshold.


Gold futures for February delivery settled $2 short of the $1,800 level on Wednesday, closing at $1,798 after rising $15.60, or 0.9%. In post-settlement trading, the price reached $1,803.


At 15:50 ET (20:50 GMT), the spot price of gold, which is followed more closely than futures by some traders, was $1,787.26 per ounce (20:50 GMT).


Technically, spot gold was in a strong position to hit $1,800 or higher before the end of the year, SKCharting.com said in a forecast shared with Investing.com.


Spot gold would consolidate below the 100-week Simple Moving Average of $1,800 and above the 5-week Exponential Moving Average of $1,760, according to SKCharts.com.


"However, the positive trend is expected to continue so long as prices remain over $1,760." Sustenance above $1,777 might be the first indicator of a resumption of the uptrend toward $1,800, with $1,810 and $1,825 as the next immediate targets."

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