Gold Daily | Gold Hits Record High $2,569/oz Amid Weak Dollar and Fed Rate Cut Expectations
Friday, Sep 13, 2024 8:00 am ET
1min read 【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.
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.
