Gold Price Surges to $2424/oz as Fed Policymakers Hint at Rate Cuts
Despite a stronger US Dollar, gold prices continued their upward trend, reaching a daily peak of $2424/oz. The rate cut narrative, geopolitical tensions, robust ETF flows, and central bank buying all support the precious metal’s outlook.
Technical analysis shows a bullish engulfing candle, signaling further upside potential. The price is challenging a key resistance level at 2432, with a possible reach between 2440 and 2450 during the US session. Support is around 2414, with the psychological 2400 mark also providing a buffer.
Overall, the positive sentiment from Fed policymakers and jobless claims data, along with the ongoing factors driving gold prices, indicate a favorable environment for gold investors. Stay tuned for potential market movements ahead of the weekend.
In summary, gold prices surged to $2424/oz driven by Fed comments and jobless claims data. The rate cut narrative, geopolitical tensions, and other factors support further upside potential. Technical analysis points to resistance at 2432 and a possible range between 2440 and 2450 during the US session. Watch for support levels around 2414 and 2400. Stay informed for potential market movements.