Gold Daily | Gold Hits Record High $2,569/oz Amid Weak Dollar and Fed Rate Cut Expectations

【Latest Gold Price and Recent Trends】

Gold prices have hit a record high of $2,569/oz, up 2.7% this week, driven by a weakening dollar and expectations of a US interest rate cut.

【Technical Analysis】

Gold shows a bullish trend, trading above $2,565.80, with resistance at $2,575.54 and support at $2,557.88. The RSI indicates further upward potential.

【Market Sentiment and Economic Background】

Markets expect a 25 basis point Fed rate cut, with some anticipating 50 basis points. The weak labor market and geopolitical tensions, including Middle Eastern conflicts, bolster gold's appeal as a safe haven.

【Analyst Opinions】

Analysts suggest prolonged rate cuts could sustain gold's rally. The IMF supports Fed easing due to reduced inflation risks. Lower rates favor non-yield assets like gold, with expectations of reaching $2,600/oz.