GOLD
Gold is trading in a medium-term uptrend, which paves the way for further price gains and the formation of new highs. However, if the $3,990 support level is broken to the downside, prices may target the $3,935 level during today’s session.
|
Support |
3990 | 3935 | 3885 |
| Resistance | 4050 | 4100 |
– |
Gold recorded a strong rally today, surpassing the $4,000 per ounce mark for the first time in its history, supported by growing market expectations that the U.S. Federal Reserve will move to cut interest rates in the coming period a factor that enhances the metal’s appeal as a hedge against inflation and the decline in yields from traditional assets. The rally was further fueled by a weaker U.S. dollar and sustained demand from central banks and investment funds, pushing prices to record highs. Despite the potential for a temporary correction due to overbought momentum indicators, the overall outlook remains positive, driven by increased demand for safe-haven assets amid the ongoing global economic uncertainty.
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