Gold prices fell but remained near their recent record highs, supported by a weaker US dollar and rising expectations of a rate cut at the September meeting following dovish comments from Federal Reserve Chairman Jerome Powell.
Traders have now fully priced in a rate cut next month, with a 64% chance of a 25 basis point cut and a 36% chance of a 50 basis point cut, according to the CME FedWatch tool.
Zaner Metals senior metals strategist Peter A. Grant said that rate expectations and safe-haven demand due to concerns about Middle East tensions could push gold prices higher in the short term, and forecasted that XAU/USD could move towards $2,600/ounce.
Traders have now fully priced in a rate cut next month, with a 64% chance of a 25 basis point cut and a 36% chance of a 50 basis point cut, according to the CME FedWatch tool.
Zaner Metals senior metals strategist Peter A. Grant said that rate expectations and safe-haven demand due to concerns about Middle East tensions could push gold prices higher in the short term, and forecasted that XAU/USD could move towards $2,600/ounce.
Note
SELL XAU 2508 TP1: 2501
TP2: 2493
SL: 2515
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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.