Gold buyers light up with potential seasonal tailwind on the horizon ...Middle East

The precious metal endured a poor start to the week but has recovered quite nicely since. The drop on Monday didn't even touch $2,600 before buyers stepped in around the 38.2 Fib retracement level of the rebound in the week before. That led to a bit of a tussle around the key hourly moving averages after. But today, buyers are finding renewed conviction in chasing a move higher:With the push higher today, we're seeing price action nudge back above both its 100 (red line) and 200-hour (blue line) moving averages. That suggests a more bullish near-term bias once again for gold.On the month itself, gold is down by just 3% now. And that sets up its biggest monthly drop since September last year.

Hence then, the article about gold buyers light up with potential seasonal tailwind on the horizon was published today ( Friday 29/11/2024 - 09:09 AM ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

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