Gold will rush to 2600 trend analysis!!!!!!!What are the recent news that affect the trend of gold crude oil? How to study and judge the long and short futures of gold?
Spot gold hit a record high of $2,583.44 on Friday, on track for its strongest annual performance since 2020, as safe-haven demand pushed gold up more than 24 percent, driven by geopolitical crisis and economic uncertainty as well as strong central bank buying. It could reach $2,800 by the end of 2024. Last week, the World Gold Council said global physical gold exchange-traded funds saw inflows in August for the fourth straight month. As the Fed's next meeting approaches on September 18, the market is very concerned about the possibility of the first US interest rate cut since 2020. Low interest rates tend to support gold, which pays no interest.
Gold has been one of the best performers among major commodities so far this year. The question for the gold market now is the pace of Fed easing. The latest U.S. jobs data was mixed, adding to the ongoing debate over how much the Federal Reserve will cut interest rates at its September meeting. The market is currently betting that the Fed will opt for a 50 basis point cut, but the outcome could be very different. The main focus for markets next week will be the Fed's interest rate decision, in addition to monetary policy decisions from the Bank of England and the Bank of Japan. Other key economic data include the New York Fed manufacturing survey, U.S. retail sales, housing starts and building permits, and weekly jobless claims. Analysts generally agree that there is no reason to be bearish on gold in the current environment, and despite the high price, the upward momentum has not abated. At the same time, some analysts warned that if the Fed cuts rates less than expected, it could trigger market volatility.
9.16 Gold market trend analysis:
Gold technical analysis: After gold broke through the last historical high on Thursday, gold continued to rise slowly on Friday, there is no decent pullback, in fact, now we are more concerned about gold will continue to rise next week? Where will it go?
Gold on Friday has been slow to rise, there is no strength in the process of correction, but this rise, it is necessary to pay attention to the gold bulls at any time to take profits, and then gold will come to a rapid adjustment, no adjustment of the rise is easy to quickly rush high and fall, just like punching, the first to recover the fist and then attack to have more strength. So next week will not easily chase up, especially if there is news over the weekend, when the gold quickly surged higher on Monday. Gold to do more or wait patiently for an opportunity to adjust, since the current round of gold has risen near 2470, the current increase has reached nearly 110 dollars, next week will ushered in the global attention of the Federal Reserve interest rate resolution, may also be a short-term inventory of gold. Until then, gold is expected to remain strong. If the layout of the short, this time node, can focus on. The Fed is now widely expected to cut interest rates, and gold has now surged. Once the news falls at that time, regardless of whether it falls or not, gold may usher in a wave of profit taking by bulls, the so-called buy expectations to sell facts.