Gold Prices Rise Supported by Short Position Covering

Forex - Gold rose this morning with support from buying aimed at closing short positions following the losses experienced last week due to the Fed's cautious stance on interest rate cuts next year. Gold reached as high as $2,627.52 this morning and is currently at $2,625.25, up 0.1%. Ajay Kedia, director of Kedia Commodities, stated, “We are entering holiday mode, and gold has primarily received support from short position closing activities that began on Friday, along with some technical support. I see $2,595 as a good support level for gold, and resistance will be at $2,664.”