Gold eyes @2763 as Major Banks seeks to Cut interest Rates we have been seeing gold gain positive traction for the fourth successive day from the past week or so and climbing beyond the $2,700 mark, hitting a fresh record high during the Asian session on Friday. Major central banks have been cutting interest rates and are expected to ease monetary policy further. This, along with persistent geopolitical risks stemming from the ongoing conflicts in the Middle East and the uncertainty surrounding the US Presidential election, turn out to be key factors driving flows towards the precious metal. thus said here are my predictions for the next few days
Trading Implications:
Bullish Scenario: If the price breaks above the 2,714 resistance level, it could indicate a continuation of the bullish trend, and new highs could be tested.
Bearish Scenario: If the price fails to break above 2,714 and reverses downward, a pullback to the 2,691 or 2,677 support zones is likely, where bulls might regroup for another attempt upward.my take profit for the few coming days will be @2763 so for now am with the bulls as banks seeks to cut interest rates
