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Monday, December 6, 2021

Spot gold trading at $1,823.59, analysts expect a realistic chance of advancing further

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Gold prices were consistent on Tuesday morning and experts expect yellow metal has a practical shot at progressing further in the day ahead.

Spot gold was trading at $1,823.59 per ounce at 9.10am UAE time.

In the UAE, 24K was trading at Dh220.75 per gram on Tuesday morning, up Dh0.25 from Monday’s nearby. While 22K, 21K and 18K opened at Dh207.5, Dh198.0 and Dh169.75 per gram at the kickoff of the market on Tuesday.

Jeffrey Halley, senior market analyst for the Asia Pacific at Oanda, said a lower US Dollar short-term assisted gold with progressing somewhat higher, empowering it to clutch its considerable increases from the Friday meeting.

“With US bond yields trading on the heavy side and seemingly set to range in the days ahead, and with a downside US dollar correction underway, gold now has a realistic chance of advancing further still in the days ahead. If gold can break and hold above its well-defined resistance zone between $1,832 and $1,835 an ounce, it will trigger an inverse head-and-shoulders pattern that would target a return to $2,000 an ounce,” said Halley.

“Support is at $1,800 and $1,785 an ounce, despite the fact that I presume that a fall through $1,810 will be sufficient to trigger a frantic quick cash run for the leave entryway,” he added.

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