As of January 17, 2025, gold (XAU/USD) is maintaining a bullish trend, trading near a five-week high at $2,711.63 per ounce, marking a 1% weekly gain.
This upward momentum is supported by expectations of multiple interest rate cuts from the Federal Reserve, following recent U.S. inflation data. A weaker U.S. dollar, influenced by softer-than-expected core inflation figures, is also contributing to gold’s strength.
Technical analysis indicates that gold is testing a major range resistance area, suggesting potential for further gains if this level is surpassed.
Analysts forecast that gold prices could reach $2,900 per ounce by early 2025, driven by significant inflows into exchange-traded funds (ETFs) and anticipated interest rate cuts from central banks, including the U.S. Federal Reserve.
In summary, the current trend for gold remains bullish, supported by favorable economic indicators and technical factors. Traders should monitor key resistance levels and stay informed about economic developments that could influence gold prices.
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