Gold Daily | Spot Gold Dips but Weekly Gain Driven by Fed Rate Cuts and Chinese Stimulus
Friday, Sep 27, 2024 8:00 am ET
1min read 【Latest Gold Price and Recent Trends】
Spot gold fell over $10, trading at $2660, slightly below the historic peak of $2685.42. Despite this, gold is up 1.8% this week, supported by Fed rate cuts and Chinese stimulus weakening the dollar.
【Technical Analysis】
Gold shows an uptrend with resistance at $2686 and support at $2623. Overbought conditions suggest potential for a pullback, but the bullish trend remains strong with RSI indicating accelerating momentum.
【Market Sentiment and Economic Background】
The Fed's recent rate cut and potential further cuts in November are driving gold's appeal as a safe haven amid geopolitical tensions. The focus is on the upcoming U.S. core PCE data, a key inflation metric. A strong PCE could lessen Fed rate cut expectations, strengthening the dollar.
【Analyst Opinions】
Analysts expect gold prices to continue rising, potentially exceeding $2700 due to the weakening dollar and geopolitical tensions. Concerns about industrial demand may affect silver's momentum, although it remains one of the best-performing commodities.
Spot gold fell over $10, trading at $2660, slightly below the historic peak of $2685.42. Despite this, gold is up 1.8% this week, supported by Fed rate cuts and Chinese stimulus weakening the dollar.
【Technical Analysis】
Gold shows an uptrend with resistance at $2686 and support at $2623. Overbought conditions suggest potential for a pullback, but the bullish trend remains strong with RSI indicating accelerating momentum.
【Market Sentiment and Economic Background】
The Fed's recent rate cut and potential further cuts in November are driving gold's appeal as a safe haven amid geopolitical tensions. The focus is on the upcoming U.S. core PCE data, a key inflation metric. A strong PCE could lessen Fed rate cut expectations, strengthening the dollar.
【Analyst Opinions】
Analysts expect gold prices to continue rising, potentially exceeding $2700 due to the weakening dollar and geopolitical tensions. Concerns about industrial demand may affect silver's momentum, although it remains one of the best-performing commodities.
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