Gold price hits all-time high of $2,532 in Asian trading, signaling more gains ahead. With the US Dollar and Treasury bond yields under pressure, investors are turning to gold amid a risk-off sentiment. The focus now shifts to the upcoming FOMC Minutes and Fed Chair Powell’s speech, which could further boost gold prices to new record levels.
Gold Price Outlook and Market Analysis
As the gold price continues to climb above $2,510, the technical setup remains bullish, supported by ongoing risk aversion and dovish Fed expectations. With Wall Street indices facing profit-taking and geopolitical risks on the horizon, gold remains a safe-haven asset for investors.
Recent reports of strong buying interest in gold, fueled by India’s import tax cut, further support the upward momentum. Market indicators suggest a high likelihood of a Fed rate cut in September, pushing gold prices even higher in the coming months.
Technical Analysis and Price Targets
The daily chart shows a symmetrical triangle breakout, indicating a bullish trend for gold. The RSI remains strong above 50, suggesting more room for upward movement. If gold breaks above $2,532, the next target is $2,550, followed by $2,600. On the downside, support is seen at $2,486, with further levels at $2,470 and $2,450.
What to Watch Out For
Keep an eye on the upcoming FOMC Minutes release, which will provide insights into the Fed’s monetary policy decisions. Fed Chair Powell’s speech at the Jackson Hole Symposium could also impact gold prices. With global economic uncertainty and geopolitical tensions, gold remains a valuable asset for diversifying your portfolio.
Stay informed and make strategic investment decisions to capitalize on the current market trends. Whether you’re a seasoned investor or just starting out, gold offers a safe haven in volatile times. Don’t miss out on the opportunity to benefit from the ongoing gold rally.