The price action of gold is expected to remain bullish next week, driven by expectations of Federal Reserve rate cuts, central bank buying, and ongoing geopolitical tensions. Analysts predict gold prices could reach $4,575 and potentially $5,000 per ounce in the coming weeks.¹ ²
*Key Support and Resistance Levels:*
- _Support_: $4,380, $4,300, and $4,250
- _Resistance_: $4,500, $4,670, and $5,000
The US dollar is weakening, with the Dollar Index falling to a one-week low, as investors anticipate a Federal Reserve interest rate cut in December. This could impact major currency pairs like EUR/USD and USD/JPY.³
*Major Currency Pairs to Watch:*
- _EUR/USD_: The euro may strengthen if the Fed cuts interest rates, with a potential target of 1.17-1.18.
- _USD/JPY_: The yen may weaken if the Bank of Japan maintains its dovish stance.
- _USD/INR_: The Indian rupee is expected to remain volatile, with support levels around 89.61 and resistance at 90.
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