Gold Hits Two-Week High as Hopes for Fed Rate Cut Increase

Gold Surges to Two-Week High Amid Anticipation of Federal Reserve Rate Cuts

Gold climbed to its highest level since the late April downturn, buoyed by growing optimism for potential Federal Reserve interest rate reductions, declining treasury yields, and a weakening U.S. dollar. Investor sentiment has been uplifted by a surge in U.S. initial jobless claims, reaching their highest point in several months, which has fueled hopes for an imminent Fed rate cut.


Technical Analysis of Gold:
The price has rebounded and settled within a bullish zone, influenced by the significant impact of declining interest rates. The current trajectory suggests an attempt to reach the levels of 2388 and 2397, representing formidable resistance. Surpassing this resistance zone could trigger further bullish momentum, potentially elevating the price towards approximately 2420. Additionally, there is potential for a retest down to 2357. Overall, the expected price movement will fluctuate between 2357 and 2388.


Pivot Price: 2372
Resistance Levels: 2385, 2388, 2397
Support Levels: 2357, 2342, 2327

Today's anticipated trading range is between the support level at 2357 and the resistance level at 2397.