🟡 Simple update on today's gold analysis

Gold prices recorded a significant decline today in early trading in the United States, reaching their lowest levels in two months. These declines were driven by increased risk appetite, the appreciation of the US dollar, and the increase in bond yields. Gold in December contracts fell by $28.20 to reach $2,541 at the bottom of today's trading.

The US producer price report for October, issued today, indicated a 0.2% increase on a monthly basis, which was in line with market expectations. However, some analysts considered the details of the report to be “a bit hot.”

Sellers of December gold futures have gained the technical advantage in the near term, with the bearish trend continuing on the 4-hour chart. The next upside objective for buyers is a close above the strong resistance level at $2,650.00, while sellers aim to push prices below the strong support level at $2,500.00. The first resistance level is at $2,585.80, followed by $2,600.00, while the first support is seen at $2,541.50, followed by $2,525.00, $2,500.00.

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