XAU/USD Hits Record High at $2,555.11: ECB Cuts Rates, US PPI Rises
- ECB reduces interest rates, stays data-dependent
- US Producer Price Index exceeds expectations in August
- XAU/USD maintains bullish strength, near all-time high
Spot Gold reached a new high of $2,555.11 following the ECB’s rate cut and US economic data. Despite limited impact on the FX market, XAU/USD continued to rise, supported by a weaker performance in US indexes.
The ECB lowered rates as expected, while the US PPI rose less than anticipated. These factors suggest a possible Fed rate cut, impacting the US Dollar negatively.
Asian and European equities saw gains, but US indexes struggled. XAU/USD remains bullish, with technical indicators signaling further upside potential.
XAU/USD Short-Term Outlook
XAU/USD is trading near its record high, with strong support levels and bullish technical indicators. Resistance levels indicate potential for further gains.
Support levels: 2,535.10 2,521.85 2,507.20
Resistance levels: 2,555.10 2,570.00 2,585.00