Gold prices ended the session at an all-time high
Hello dear friends!
Today, Gold Price reached a new all-time high of 2233 USD continuing its upward trend at alarmingly high levels. Precious metal prices are trending higher despite rising US Treasury yields, strengthening the greenback.
You may wonder why the price has increased so sharply.
Regarding international market information:
This historic increase comes as investors seek safe havens, fearing economic uncertainty and the prospect of interest rate cuts.
Another important factor causing gold prices to increase sharply is that central banks continue to accumulate gold to "save a rainy day".
Result:
On the other hand, investors' optimism is that the US will cut interest rates in June 2024. Lower interest rates will weaken the USD, which is detrimental to world gold prices.
From a technical standpoint, the XAU/USD rally is far from complete. The daily chart shows the bright metal continuing to rise above all of its moving averages, with a Simple Moving Average EMA of 34.89. At the same time, technical indicators developed at a positive level, although the intensity was uneven. Specifically, the Relative Strength Index (RSI) moved into overbought territory with no signs of uptrend exhaustion.
It is expected that the price will rebound to the strong resistance of 2050 USD, followed by a retracement to the support zone of the bullish channel as indicated and retest the EMA 34.89 before any action by the side. bulls can enter this skeptical and exciting market!
Support level: 2,200.00 2,186.20 2,174.50
Resistance: 2,222.80 2,235.00 2,250.00
Today, Gold Price reached a new all-time high of 2233 USD continuing its upward trend at alarmingly high levels. Precious metal prices are trending higher despite rising US Treasury yields, strengthening the greenback.
You may wonder why the price has increased so sharply.
Regarding international market information:
This historic increase comes as investors seek safe havens, fearing economic uncertainty and the prospect of interest rate cuts.
Another important factor causing gold prices to increase sharply is that central banks continue to accumulate gold to "save a rainy day".
Result:
On the other hand, investors' optimism is that the US will cut interest rates in June 2024. Lower interest rates will weaken the USD, which is detrimental to world gold prices.
From a technical standpoint, the XAU/USD rally is far from complete. The daily chart shows the bright metal continuing to rise above all of its moving averages, with a Simple Moving Average EMA of 34.89. At the same time, technical indicators developed at a positive level, although the intensity was uneven. Specifically, the Relative Strength Index (RSI) moved into overbought territory with no signs of uptrend exhaustion.
It is expected that the price will rebound to the strong resistance of 2050 USD, followed by a retracement to the support zone of the bullish channel as indicated and retest the EMA 34.89 before any action by the side. bulls can enter this skeptical and exciting market!
Support level: 2,200.00 2,186.20 2,174.50
Resistance: 2,222.80 2,235.00 2,250.00
Trade active
Comment:
Comment:
Trade active
Comment:
Comment:
In a recent report, the World Gold Council (WGC) said: “Looking back over the past half century, gold prices in USD have increased nearly 8% per year since 1971 when the US gold standard regime fall. During this period, gold's long-term returns were comparable to stocks and higher than bonds. Gold has also outperformed many other major asset classes over the past 3, 5, 10 and 20 years.”
Comment:
FX Empire analyst Christopher Lewis advises investors not to short sell in the current environment but to buy when prices fall. According to him, there are still many factors pushing the price of this precious metal to new highs. Factors include concerns about geopolitical tensions, significant volatility in financial markets, expectations of monetary policy easing and demand from central banks around the world. Lewis believes that all of the above factors could push gold to $2,500/ounce.
Trade active:
Trade active:
Temporary buying profits are achieved
Related Ideas
