According to Deep Tide TechFlow news on December 2, as reported by Jin10 data, gold prices continued to fall on Tuesday, while silver retreated from the record high set yesterday.
“External analyst Carlo Alberto De Casa from Swissquote Bank said: 'We have seen some traders take profits after the gold price rebounded from $4000 to $4250 in the past two weeks.'”
Data released on Monday showed that U.S. manufacturing shrank for the ninth consecutive month in November. Investors are currently focused on Wednesday's release of the November ADP employment report and the delayed September PCE index for clues regarding potential interest rate cuts at the Federal Reserve's meeting next week. Additionally, the market is awaiting U.S. President Trump to announce the new Federal Reserve chair nominee, with reports indicating that White House National Economic Council Director Hassett is the leading candidate. Like Trump, Hassett tends to favor lower interest rates.
De Casa predicts: “In the coming weeks, gold prices will consolidate sideways between 4000 and 4400 dollars.” He added that the Federal Reserve's interest rate cuts could open up space for further increases in gold prices.
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