GOLD's all-time high is still within touching distance
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Gold’s recent rally accelerated last Friday, driven higher by weak US economic data, and the rally back towards a new all-time high has continued this week with the precious metal posting a $2,141.8/oz. peak yesterday. This left gold just $3 short of printing a new ATH. The technical outlook for gold remains positive and suggests that the precious metal will continue to move higher.
The drivers for the latest move higher in gold remain the same, the upcoming series of US interest rate cuts – three 25 basis point moves seen this year, starting at the June FOMC meeting – ongoing haven buying on geopolitical fears in Ukraine and the Middle East, and heavy central bank buying as bankers diversify away from the US dollar.
Later today, Fed Chair Jerome Powell will testify to the House Financial Services Committee (15:00 UK). Mr. Powell is not expected to lay out any timetable for interest rate cuts just yet, although any discussions about inflation, or the US labor market, will be keenly followed. The next FOMC meeting is on March 20th and this may be a more appropriate setting for official rate cut discussions.
The daily gold chart remains positive with a prior level of resistance at $2,081/oz. now turning into support. Before that, the $2,114/oz level may act as a buffer after closing there on Monday and opening there on Tuesday. The CCI indicator at the bottom of the chart does show gold to be extremely overbought although this reading is starting to move lower. There may be a short period of consolidation ahead but overall the path of least resistance for gold is higher.
The drivers for the latest move higher in gold remain the same, the upcoming series of US interest rate cuts – three 25 basis point moves seen this year, starting at the June FOMC meeting – ongoing haven buying on geopolitical fears in Ukraine and the Middle East, and heavy central bank buying as bankers diversify away from the US dollar.
Later today, Fed Chair Jerome Powell will testify to the House Financial Services Committee (15:00 UK). Mr. Powell is not expected to lay out any timetable for interest rate cuts just yet, although any discussions about inflation, or the US labor market, will be keenly followed. The next FOMC meeting is on March 20th and this may be a more appropriate setting for official rate cut discussions.
The daily gold chart remains positive with a prior level of resistance at $2,081/oz. now turning into support. Before that, the $2,114/oz level may act as a buffer after closing there on Monday and opening there on Tuesday. The CCI indicator at the bottom of the chart does show gold to be extremely overbought although this reading is starting to move lower. There may be a short period of consolidation ahead but overall the path of least resistance for gold is higher.
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One beneficiary of recent US dollar weakness is gold, with the precious metal posting a fresh all-time high earlier today. Gold has rallied by nearly 9% since the February 14th low and looks set to move higher in the weeks ahead although a heavily overbought CCI reading may see the precious metal consolidate recent gains before pushing further ahead.İşlem aktif
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The price of gold continues to rise to a new peak despite February employment data in the US being quite positive compared to forecasts.Yorum
The price of gold continues to rise to a new peak despite February employment data in the US being quite positive compared to forecasts. Domestic gold also follows the world trend.
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