Gold Daily | Prices Hit Record High Amid Central Bank Buys, Fed Rate Cut Speculation Boosts Demand
Wednesday, Sep 18, 2024 8:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices have reached an all-time high, hovering around $2,570. Despite weak traditional drivers like inflation-linked bonds, central bank purchases and geopolitical risks boost demand.
【Technical Analysis】
Gold is slightly below key resistance levels. A support level at $2,532 aligns with a 50% Fibonacci retracement. Breaking below could target $2,482. If prices hold above $2,560, momentum may push towards $2,590.
【Market Sentiment and Economic Background】
The Fed's potential rate cut influences market dynamics. A dovish expectation of a 50 basis point cut supports gold. Strong U.S. retail sales and geopolitical tensions, especially involving Lebanon, impact prices.
【Analyst Opinions】
Analysts note divided opinions on the Fed's rate cut magnitude. A 25 basis point cut might pressure gold, while a 50 basis point cut could renew bullish momentum. Long-term forecasts suggest potential targets of $2,826 to $4,406, despite short-term volatility risks.
Gold prices have reached an all-time high, hovering around $2,570. Despite weak traditional drivers like inflation-linked bonds, central bank purchases and geopolitical risks boost demand.
【Technical Analysis】
Gold is slightly below key resistance levels. A support level at $2,532 aligns with a 50% Fibonacci retracement. Breaking below could target $2,482. If prices hold above $2,560, momentum may push towards $2,590.
【Market Sentiment and Economic Background】
The Fed's potential rate cut influences market dynamics. A dovish expectation of a 50 basis point cut supports gold. Strong U.S. retail sales and geopolitical tensions, especially involving Lebanon, impact prices.
【Analyst Opinions】
Analysts note divided opinions on the Fed's rate cut magnitude. A 25 basis point cut might pressure gold, while a 50 basis point cut could renew bullish momentum. Long-term forecasts suggest potential targets of $2,826 to $4,406, despite short-term volatility risks.
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