Traders watching gold and USOIL for opportunities, potential rise in gold demand

From Investing.com: 2024-12-19 11:02:00

As the year comes to a close, traders are closely watching gold and USOIL for trading opportunities. Gold is currently priced at $2,658 per ounce, with support at $2,600. Potential Fed rate cuts could boost gold demand, while a hawkish stance may limit price increases. Traders should consider buying near $2,600 with stop-loss orders. On the other hand, oil is below $70 amid concerns over Chinese demand. Support is at $65, and resistance at $70. Traders must stay cautious and monitor economic indicators for informed decisions. Overall, gold offers buying opportunities, while oil may see short positions if it fails to rise above $70.



Read more at Investing.com: Speculating on Gold and Crude Oil