Gold Daily | Gold Near Historic Highs as Fed Rate Cuts and Geopolitical Tensions Drive Surge
Thursday, Sep 26, 2024 8:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold is trading around $2,678/oz, nearing historic highs. Recent price surges driven by Fed rate cuts and geopolitical tensions are expected to push it beyond $3,000/oz soon.
【Technical Analysis】
Gold continues upward, nearing resistance at $2,670.40/oz. A symmetrical triangle suggests potential breakout, with major support at $2,652.41/oz.
【Market Sentiment and Economic Background】
Gold's rise is fueled by Fed's dovish stance and weaker dollar. Central banks' demand and geopolitical tensions add support. Recent weak U.S. data increases rate cut expectations, enhancing gold's safe-haven appeal.
【Analyst Opinions】
Analysts predict gold's bullish phase is just beginning, driven by changing market factors. Rosenberg Research sees minimal correction risk and strong momentum, targeting $3,000/oz. Industrial and emerging market demand further supports prices.
Gold is trading around $2,678/oz, nearing historic highs. Recent price surges driven by Fed rate cuts and geopolitical tensions are expected to push it beyond $3,000/oz soon.
【Technical Analysis】
Gold continues upward, nearing resistance at $2,670.40/oz. A symmetrical triangle suggests potential breakout, with major support at $2,652.41/oz.
【Market Sentiment and Economic Background】
Gold's rise is fueled by Fed's dovish stance and weaker dollar. Central banks' demand and geopolitical tensions add support. Recent weak U.S. data increases rate cut expectations, enhancing gold's safe-haven appeal.
【Analyst Opinions】
Analysts predict gold's bullish phase is just beginning, driven by changing market factors. Rosenberg Research sees minimal correction risk and strong momentum, targeting $3,000/oz. Industrial and emerging market demand further supports prices.
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