Rate Cut Expectations Push Gold to New Highs
Gold prices have hit new highs after the Fed cut interest rates, weakening the dollar and reducing US Treasury yields. The gold market is awaiting more information from the Fed, especially Chairman Jerome Powell's speech and PCE price index data.
Technical analysis shows that gold is at a key resistance level, supported by the 34-EMA and 89-EMA. Gold could continue to rise if monetary policies are further loosened. If the current resistance is broken, the next target is $2,700/ounce.
Technical analysis shows that gold is at a key resistance level, supported by the 34-EMA and 89-EMA. Gold could continue to rise if monetary policies are further loosened. If the current resistance is broken, the next target is $2,700/ounce.
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