Gold Daily | Gold Retreats from Highs, Geopolitical Tensions and Rate Cuts Boost Safe-Haven Appeal

Generado por agente de IAAinvest Market Brief
sábado, 28 de septiembre de 2024, 8:00 am ET1 min de lectura
【Latest Gold Price and Recent Trends】

Gold prices have retreated from weekly highs despite expectations of further Fed rate cuts, recently trading at $2,652/oz. Lower rates and geopolitical tensions boost gold's safe-haven appeal.

【Technical Analysis】

Gold's price remains in an uptrend, nearing resistance at $2,700/oz. Technical indicators suggest overbought conditions, signaling potential short-term corrections.

【Market Sentiment and Economic Background】

Expectations of Fed rate cuts and global geopolitical tensions drive gold's rise. The U.S. core PCE inflation data is awaited for more insights on Fed actions. Lower rates reduce gold's opportunity cost, enhancing its appeal amid economic uncertainties.

【Analyst Opinions】

Analysts predict further gold appreciation due to rate cut prospects and geopolitical factors. Technical patterns indicate bullish momentum, but caution is advised due to possible corrections.

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