Gold Heads for a New Record!
Global gold prices (loco gold) rose at the start of this week, driven by growing expectations that the Federal Reserve (The Fed) will cut interest rates at its meeting next month, as well as escalating geopolitical tensions between the United States and China.
Market participants have begun to increase speculation that the Fed will cut interest rates by 25 basis points at its upcoming November meeting. Recent inflation data showed a gradual slowdown, while weaker employment data last week reinforced the belief that price pressures are easing. These rate cut expectations have put downward pressure on the US dollar and Treasury yields, increasing gold's appeal as a non-interest-bearing asset.
At the time of writing, the gold price is at $4,050.
- Buy if the price moves within the $4,055 range.
- Sell if the price moves within the $4,045 range.
Resistance 2: $4,078
Resistance 1: $4,065
Support 1: $4,037
Support 2: $4,018
Disclaimer:
This article is analytical in nature and not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
