Gold Surges to New All-Time High Amid Fed Rate Cut Optimism
Updated
Technical Analysis: Gold
Gold prices recently broke through the all time-high, recording a new peak at 2482, hitting our target perfectly.
Bullish Scenario:
For a sustained bullish trend, the price should stabilize above 2475. If this level holds, the price could reach 2488 and gradually move towards 2500 and 2526. There is also a possibility of a retest if the price stabilizes below 2466, confirmed by closing an hourly candle under this level.
Bearish Scenario:
For a bearish trend, the price must stabilize below 2466. If this occurs, the price could potentially fall to 2450 and then to 2440.
Key Levels:
- Pivot Line: 2466
- Resistance Levels: 2475, 2488, 2502
- Support Levels: 2458, 2450, 2440
Today's Expected Range:
The price is anticipated to fluctuate between the support at 2450 and the resistance at 2502, with a bearish inclination.
Previous idea:
Rising US Rate Cut Optimism Steers Gold to All-Time High
Gold prices hit a record high on Wednesday, driven by increased expectations of a September interest rate cut in the U.S. Traders see a 100% chance of this cut, according to the CME FedWatch Tool. Fed officials, including Chair Jerome Powell, have expressed confidence that inflation is nearing the Fed's target, hinting at potential rate cuts.
Key Drivers:
Gold prices recently broke through the all time-high, recording a new peak at 2482, hitting our target perfectly.
Bullish Scenario:
For a sustained bullish trend, the price should stabilize above 2475. If this level holds, the price could reach 2488 and gradually move towards 2500 and 2526. There is also a possibility of a retest if the price stabilizes below 2466, confirmed by closing an hourly candle under this level.
Bearish Scenario:
For a bearish trend, the price must stabilize below 2466. If this occurs, the price could potentially fall to 2450 and then to 2440.
Key Levels:
- Pivot Line: 2466
- Resistance Levels: 2475, 2488, 2502
- Support Levels: 2458, 2450, 2440
Today's Expected Range:
The price is anticipated to fluctuate between the support at 2450 and the resistance at 2502, with a bearish inclination.
Previous idea:
Rising US Rate Cut Optimism Steers Gold to All-Time High
Gold prices hit a record high on Wednesday, driven by increased expectations of a September interest rate cut in the U.S. Traders see a 100% chance of this cut, according to the CME FedWatch Tool. Fed officials, including Chair Jerome Powell, have expressed confidence that inflation is nearing the Fed's target, hinting at potential rate cuts.
Key Drivers:
- Federal Reserve's Rate Cut Expectations: Traders are confident of a rate cut in September, boosting gold's appeal.
- Inflation Target: Fed officials are optimistic that inflation is approaching the 2% target, which supports the case for rate cuts.
- Geopolitical Risks and Recession Threats: These factors could drive gold prices further to $2,600-$2,700 by the second half of 2024.
Alex Ebkarian of Allegiance Gold highlights that the anticipation of rate cuts and central banks purchasing more gold over U.S. Treasuries are key catalysts driving current price highs. However, he warns of potential volatility as the market confirms these trends.
Trade active
reached the first target and still runningNote
gold tries to get 2450 because already stabilized under 2466 by closing 1h candle 
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