Gold Long from 2600 Range.

前天The potential upside is strongly indicating that gold prices are no way going to settle below 2600 $ on immediate basis.

The fundamental cause for this rise is was already portrayed last year on 4th December 2023.

The sharp drop in gold prices on December 4, 2023, was the result of a few key factors converging to drive significant market volatility.

Profit Taking: Gold had reached an all-time high in early December due to geopolitical tensions, especially in the Middle East, which drove safe-haven demand. When gold touched this high, it triggered a wave of profit-taking, as many investors sought to lock in gains, leading to a sell-off. This marked a major pivot from the price surge​(
Interest Rate Expectations: Around that time, there were shifting market expectations regarding U.S. interest rates. The U.S. Federal Reserve had previously hinted at potential interest rate cuts in 2024, which initially supported gold prices. However, as markets began reassessing the timeline and pace of those rate cuts, sentiment changed. Investors became more cautious, and the anticipation of delayed cuts led to a stronger U.S. dollar, which inversely impacts gold prices, contributing to the fall​

Economic Data: Economic indicators released around the same period were not showing signs of the expected weakness. This further dampened investor optimism about an imminent rate-cutting cycle, causing a reassessment of risk positions and leading to additional selling pressure on gold​.

The combination of profit-taking, shifting interest rate expectations, and economic data that did not support continued bullish sentiment drove the significant decline in gold prices starting on December 4.

Now as we are today at Sept 20th, 2024, we can see the first interest rate cut from Fed has clearly been on rise for GOLD. Gold is currently on the rise due to fresh investing and this may continue for a pottential longer time than usual previous movements.