Breaking: The price of gold rises to an all-time high of $2,440.
Early on Monday during Asian trading hours, gold prices (XAU/USD) surged to a record high above $2,440.
Renewed expectations of US Federal Reserve (Fed) interest rate cuts are a major factor supporting the bullish movement of the precious metal. Traders had priced in almost two quarter-point reductions from the Fed this year, with November most likely serving as the launchpad.
Gold traders will be watching the Federal Reserve's (Fed) speeches later on Monday, particularly those by Bostic, Barr, Waller, Jefferson, and Mester, as they may provide some guidance on the direction of monetary policy in the future. The potential gains for precious metals may be restricted by the Fed's cautious stance or hawkish remarks.
Technical Analysis: The gold price maintains its bullish position.
Gold breaks through the previous high it has formed since April 12. Technically, because the precious metal is above the 72 moving average, the positive outlook remains intact on the four-hour chart. For XAU/USD, the all-time high of $2,440 serves as an immediate resistance level. A clear break above this level will trigger a rally towards the psychological $2,500 level, which may act as an upside hurdle.
On the reverse side, the first target on the precious metal's downside will be the resistance level that has turned into a support level at $2,415. There is a low at $2,380 and a critical conflict level at the psychological level of $2,400.
Renewed expectations of US Federal Reserve (Fed) interest rate cuts are a major factor supporting the bullish movement of the precious metal. Traders had priced in almost two quarter-point reductions from the Fed this year, with November most likely serving as the launchpad.
Gold traders will be watching the Federal Reserve's (Fed) speeches later on Monday, particularly those by Bostic, Barr, Waller, Jefferson, and Mester, as they may provide some guidance on the direction of monetary policy in the future. The potential gains for precious metals may be restricted by the Fed's cautious stance or hawkish remarks.
Technical Analysis: The gold price maintains its bullish position.
Gold breaks through the previous high it has formed since April 12. Technically, because the precious metal is above the 72 moving average, the positive outlook remains intact on the four-hour chart. For XAU/USD, the all-time high of $2,440 serves as an immediate resistance level. A clear break above this level will trigger a rally towards the psychological $2,500 level, which may act as an upside hurdle.
On the reverse side, the first target on the precious metal's downside will be the resistance level that has turned into a support level at $2,415. There is a low at $2,380 and a critical conflict level at the psychological level of $2,400.