Economic Indicators

08：01 UK GfK Consumer Confidence (Dec)‧Fcst-18‧Prev-18
15：00 German Exports (MoM) (Oct)    ‧Fcst-2.0%‧Prev-1.7%
15：00 German Imports (MoM) (Oct)‧Fcst-0.6%‧Prev+2.1%
15：00 German Trade Balance (Oct)‧Fcst16.1B‧Prev17.0B
15：00 German WPI (MoM) (Nov)‧Prev+0.4%
15：00 German WPI (YoY) (Nov)‧Prev-0.8%
15：00 UK GDP (MoM) (Oct)‧Fcst+0.2%‧Prev-0.1%
15：00 UK GDP (YoY) (Oct)‧Fcst+1.6%‧Prev+1.0%
15：00 UK Industrial Production (MoM) (Oct)‧Fcst+0.3%‧Prev-0.5%
15：00 UK Industrial Production (YoY) (Oct)    ‧Fcst+0.2%‧Prev-1.8%
15：00 UK Manufacturing Production (MoM) (Oct)‧Fcst+0.2%‧Prev-1.0%
15：00 UK Manufacturing Production (YoY) (Oct)‧Fcst+0.9%‧Prev-0.7%
15：00 UK Construction Output (MoM) (Oct)    ‧Fcst+0.3%‧Prev+0.1%
15：00 U.K. Construction Output (YoY) (Oct)‧Fcst+0.0%‧Prev-0.4%
15：00 UK Trade Balance (Oct)‧Fcst-15.50B‧Prev-16.32B
15：00 UK Trade Balance Non-EU (Oct)‧Prev-5.31B
15：45 French HICP (MoM) (Nov)‧Fcst-0.1%‧Prev+0.1%
15：45 French HICP (YoY) (Nov)‧Fcst+1.7%‧Prev+1.7%
18：00 EZ Industrial Production (MoM) (Oct)‧Fcst-0.1%‧Prev-2.0%
18：00 EZ Industrial Production (YoY) (Oct)‧Fcst-1.9%‧Prev-2.8%
21：30 US Import Price Index (MoM) (Nov)‧Fcst-0.2%‧Prev+0.3%
21：30 US Export Price Index (MoM) (Nov)‧Fcst-0.2%‧Prev+0.7%

XAU London Gold - Profit-Taking Drives Gold Lower, Focus Shifts to Next Week's Fed Meeting

London gold retreated from highs on Thursday as market participants locked in profits after briefly touching a five-week high at the opening bell and squared positions ahead of the next week's Federal Reserve meeting. Gold prices had briefly touched levels above $2725, the highest since November 6. The dollar rose on Thursday, as a report from the U.S. Labor Department showed a 0.4% month-over-month increase in producer prices in November, surpassing market expectations of a 0.2% increase. Earlier, the U.S. Consumer Price Index for November, released on Wednesday, solidified bets on a rate cut by the Fed next week. The CME FedWatch Tool indicates that the market has almost fully priced in the expectation of a 25 basis point rate cut at the Fed's meeting on December 17-18.

According to technical charts, the RSI is trending upwards, with the 10-day moving average crossing above the 25-day moving average, indicating that gold prices can maintain a stable trend in the medium term. $2678 marks the extension of the downward trend line from late October, which was breached earlier this week. If prices can continue to hold above this level in the short term, it is likely to solidify the upward momentum, with resistance levels at $2725, $2750, $2762, and $2790. Nearby support levels are at $2672, $2657, with a key level at $2636, which serves as both the 25-day moving average and the extension of the upward trend line from November. The next level to watch is the 100-day moving average at $2597, which provided support during the gold price decline in mid-November.

London Gold, December 13
Forecast early range: 2674 - 2698
Resistance: 2706 - 2715 - 2724 - 2741
Support: 2664 - 2656 - 2648 - 2640

SPDR Gold Trust Gold Holdings:
December 2 - 875.96 tons
December 3 - 873.66 tons
December 4 - 873.66 tons
December 5 - 871.94 tons
December 6 - 871.94 tons
December 9 - 870.79 tons
December 10 - 870.79 tons
December 11 - 873.38 tons
December 12 - 868.5 tons

12/12 AM London Gold Fix: $2713.6
12/12 PM London Gold Fix: $2684.35

Any questions? contact our professional analysis team