Gold Surges to All-Time Highs: Outlook and Support Levels
Updated
Last week, gold experienced a powerful price surge, reaching record highs and extending to today, with a leap to $2257 USD, up approximately $24 USD in the early hours of Monday trading.
Gold is propelled by strong price momentum, benefiting from lower bond yields and a weaker USD. News of potential Fed rate cuts in the near future adds further impetus to this precious metal.
Regarding today's and this week's gold trends, the long-term outlook remains bullish. However, gold may encounter resistance and undergo minor corrections after its vigorous ascent, requiring adjustments to solidify its upward trajectory. Anticipated support levels are around $2215 - $2222 USD.
Wishing everyone a pleasant and prosperous trading week!
Gold is propelled by strong price momentum, benefiting from lower bond yields and a weaker USD. News of potential Fed rate cuts in the near future adds further impetus to this precious metal.
Regarding today's and this week's gold trends, the long-term outlook remains bullish. However, gold may encounter resistance and undergo minor corrections after its vigorous ascent, requiring adjustments to solidify its upward trajectory. Anticipated support levels are around $2215 - $2222 USD.
Wishing everyone a pleasant and prosperous trading week!
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I think gold will create a new peak and then drop sharplyNote
Note
good ideas
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