Welcome to our latest market update! In this video, we dissect the Short-Term Gold Outlook as of January 8, 2024. Gold prices experienced a turbulent journey last week, reacting to non-farm payrolls and the ISM Services PMI release. The metal initially dipped to $2,024.53, rebounded to $2,064.04, and closed the week at 2,045.63/oz with a 0.85% weekly loss.
Amidst escalating tensions in the Middle East, the failure of gold to rally signals a potential downward trend. We explore the ongoing retreat from the all-time high of $2,145.00/oz on December 4, 2023, anticipating a possible extended fall towards the lower $1,900 levels. Keep a close watch on the $1,973.00/oz mark, as a close below could solidify this short-term bearish outlook.
Timestamps:
0:00 - Introduction
0:45 - Gold Price Swings
1:30 - Influence of Non-Farm Payrolls and ISM Services PMI
2:15 - Middle East Tensions and Gold's Reaction
3:00 - Unraveling the Retreat from the December High
3:45 - Significance of $1,973.00/oz
4:30 - Conclusion
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Short-Term XAU/USD Outlook – Monday, January 8, 2024