Fundamental Analysis
Gold prices rose above $2,700, hitting a fresh record high on Friday amid expectations of interest rate cuts and an easing monetary policy environment from major central banks. Moreover, persistent geopolitical risks stemming from ongoing conflicts in the Middle East, coupled with uncertainty surrounding the US presidential election, appeared to be boosting demand for the safe-haven precious metal.
The supportive factors have, to a large extent, offset the recent rally in the US Dollar (USD) to its highest since August, bolstered by growing acceptance that the Federal Reserve (Fed) will proceed with a modest rate cut. A stronger dollar tends to dampen demand for USD-denominated commodities, including Gold, which is still on track to post strong weekly gains and looks set to rise further.
Technical Analysis
Good morning traders. Gold continues to be at an all-time high. It is quite difficult to determine where the SELL zone is at the moment. We can only Scalp at the psychological port areas around 2720-2730. The important BUY zone is more clearly considered at
2675-2673. Before that, we cannot ignore the 2685 zone, the temporary all-time high for more than a month. Wish you a successful trading day
Gold prices rose above $2,700, hitting a fresh record high on Friday amid expectations of interest rate cuts and an easing monetary policy environment from major central banks. Moreover, persistent geopolitical risks stemming from ongoing conflicts in the Middle East, coupled with uncertainty surrounding the US presidential election, appeared to be boosting demand for the safe-haven precious metal.
The supportive factors have, to a large extent, offset the recent rally in the US Dollar (USD) to its highest since August, bolstered by growing acceptance that the Federal Reserve (Fed) will proceed with a modest rate cut. A stronger dollar tends to dampen demand for USD-denominated commodities, including Gold, which is still on track to post strong weekly gains and looks set to rise further.
Technical Analysis
Good morning traders. Gold continues to be at an all-time high. It is quite difficult to determine where the SELL zone is at the moment. We can only Scalp at the psychological port areas around 2720-2730. The important BUY zone is more clearly considered at
2675-2673. Before that, we cannot ignore the 2685 zone, the temporary all-time high for more than a month. Wish you a successful trading day
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
JOIN OUR FREE TELEGRAM GROUP t.me/+7rqP7ECMjpUxMzBl
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
MESSAGE US FOR VIP SIGNALS🏆 t.me/Leilani8597
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.