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Gold Daily | Gold Prices Consolidate Around $2520 Amid Anticipation of Federal Reserve Rate Cut
Generated by AI AgentAinvest Market Brief
Thursday, Sep 12, 2024 8:00 am ET1min read
【Latest Gold Price and Recent Trends】
Gold prices slightly increased, trading around $2520, reflecting a recent trend of consolidation. Traders are watching upcoming US economic data for signals on the Federal Reserve's expected rate cut next week.
【Technical Analysis】
On the daily chart, gold remains confined within the range of $2480 to $2530, needing a strong catalyst for a breakout. The 4-hour chart shows clearer trading within this range, while the 1-hour chart highlights $2505 as a key level indicative of market sentiment.
【Market Sentiment and Economic Background】
US economic data, including the CPI and upcoming PPI and jobless claims, are pivotal. The recent CPI report showed slight increases, impacting expectations for a 50 basis-point rate cut, now less likely. The Fed is expected to cut rates by 25 basis points next week to mitigate recession risks, which supports gold prices. Geopolitical tensions and low interest rates continue to make gold an attractive investment.
【Analyst Opinions】
Kelvin Wong from OANDA suggests that unless strong US macroeconomic data is released, gold could break above $2532. Adam Hamilton predicts that as US investors shift from stocks to gold due to economic uncertainties, gold prices could continue to rise. Neil Birrell believes the recent CPI data diminishes the likelihood of a significant rate cut next week, influencing gold to remain above $2500. FXStreet analysts note that while gold remains bullish above its 21-day SMA, failure to surpass $2530 could lead to a pullback.
Gold prices slightly increased, trading around $2520, reflecting a recent trend of consolidation. Traders are watching upcoming US economic data for signals on the Federal Reserve's expected rate cut next week.
【Technical Analysis】
On the daily chart, gold remains confined within the range of $2480 to $2530, needing a strong catalyst for a breakout. The 4-hour chart shows clearer trading within this range, while the 1-hour chart highlights $2505 as a key level indicative of market sentiment.
【Market Sentiment and Economic Background】
US economic data, including the CPI and upcoming PPI and jobless claims, are pivotal. The recent CPI report showed slight increases, impacting expectations for a 50 basis-point rate cut, now less likely. The Fed is expected to cut rates by 25 basis points next week to mitigate recession risks, which supports gold prices. Geopolitical tensions and low interest rates continue to make gold an attractive investment.
【Analyst Opinions】
Kelvin Wong from OANDA suggests that unless strong US macroeconomic data is released, gold could break above $2532. Adam Hamilton predicts that as US investors shift from stocks to gold due to economic uncertainties, gold prices could continue to rise. Neil Birrell believes the recent CPI data diminishes the likelihood of a significant rate cut next week, influencing gold to remain above $2500. FXStreet analysts note that while gold remains bullish above its 21-day SMA, failure to surpass $2530 could lead to a pullback.
Ainvest Market Brief
Market Watch column provides a thorough analysis of stock market fluctuations and expert ratings.
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