Today the gold market is waiting for the official speech by the chairman of the Federal Reserve (Fed) Jerome Powell which is scheduled to take place at 12.00 midnight tonight.
The latest trading market sentiment is that the December 2023 FOMC will see interest rates on hold and the implementation of interest rate cuts as early as March 2024.
This sentiment is also supported by the evidence of the release of "Personal Consumption Expenditure (PCE)" data that was published yesterday where it remains unchanged compared to October 2023.
This data is one of the main components of the inflation reading indicator in America.
"Gold Futures" Market Analysis
The value of "open interest" on gold futures trading is seen to have decreased by almost 8700 trades today.
The decrease in trading volume and the value of "open interest" provides an early indication that gold futures market trading remains on the "Uptrend" side.
A decrease of 8700 contracts compared to the total of 65000 shows that trading will continue until the price level of $2,067.
Technical Analysis (Daily Chart)
Any "Dovish" sentiment issued by Fed Powell could support gold prices around $2,080 after the price resistance at $2,052 was successfully broken.
However, if otherwise, $2,022 will be a temporary gold support price before continuing to the price level of $2,022 - $2,012.
