Gold reaches an all-time high resistance level

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Source: Dukascopy Bank SA
Gold has recently reached an all-time high resistance level of 2790.00, marking a significant milestone in its price movement. However, the lower-than-expected U.S. GDP numbers for Q4 2024 could have a considerable effect on the continuation of its bullish momentum. Economic data often plays a key role in shaping market sentiment, and disappointing GDP growth could raise concerns about the strength of the broader economy, potentially causing some investors to rethink their positions in gold. If gold does not face rejection at this all-time high resistance level, it could continue its upward trajectory, possibly advancing toward the 3000.00 level. This would suggest a strong bullish trend, driven by factors such as inflation concerns, geopolitical risks, or ongoing economic uncertainty.



If gold does face a rejection at this resistance level, it could signal a shift in market sentiment, increasing the likelihood of bearish momentum. In such a scenario, gold prices could begin to decline, potentially falling below important support levels, including the simple moving averages, which could serve as a key indicator of further weakness in the market. If this happens, a more sustained bearish trend could develop, leading to a correction in gold's price in the coming months.
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