GOLD
Gold is trading in an upward trend in the medium term, which opens the way for higher prices and the formation of new highs. However, if the support level at $3,500 is broken, prices may target the $3,435 level during today’s trading.
|
Support |
3500 | 3435 | 3435 |
| Resistance | 3550 | 3600 |
– |
Gold hit a new all-time high today, climbing past the $3,500 per ounce mark. This surge isn’t just a fleeting move; it reflects a combination of fundamental factors that support gold’s position as a safe haven.
On the fundamental side, this rise is fueled by ongoing geopolitical concerns and increasing expectations of interest rate cuts from major central banks, particularly in the United States. Current market sentiment is largely pricing in a significant chance that the Federal Reserve will cut rates at its next meeting. This directly boosts the appeal of non-yielding assets like gold. Furthermore, continued strong purchasing by central banks around the globe adds a layer of structural support to prices.
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