Gold Soars to New High, Target $3,700 in Sight
Gold prices hit a new record on Tuesday (September 9), driven by a weakening dollar and falling bond yields amid growing speculation of a Fed interest rate cut this month. Spot gold rose 0.4% to $3,651.38 per ounce, while December futures rose to $3,690.90.
The market now rates an 89.4% chance of a 25 bps interest rate cut next week, and a 10.6% chance of a 50 bps rate cut, according to CME FedWatch. Weak US labor data and a surge in the unemployment rate are the main drivers of these expectations.
The gold price at the time of writing was $3,645/Toz.
- Buy if the price moves within the $3,652 range
- Sell if the price moves within the $3,638 range
Resistance 2: $3,666
Resistance 1: $3,659
Support 1: $3,631
Support 2: $3,624
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
