Gold Reaches New High at 3,486 Amid Rising Rate-Cut Expectations📊 Market Overview:
Gold surged to a new high at $3,486/oz, surpassing earlier levels around $3,470, driven by elevated expectations of a Fed interest rate cut this month.
A weaker USD—amid dovish Fed comments and a court ruling limiting Trump-era tariffs—further underpinned gold’s appeal.
📉 Technical Analysis:
• Key resistance: $3,490–$3,495 (psychological barrier before $3,500).
• Nearest support: $3,460–$3,465 (EMA 09 + technical zone).
• EMA 09: Gold is trading above EMA 09 → bullish momentum.
• Candles / Volume / Momentum: Continuous rally with strong demand; however, a pullback is likely near resistance.
📌 Outlook:
Gold may continue climbing in the short term if Fed cut expectations remain firm and USD stays weak.
However, stronger US data (such as this week’s NFP) could dampen rate-cut bets and trigger a short-term correction.
💡 Suggested Trading Strategy
🔻 SELL XAU/USD : ~$3,492–$3,495
🎯 TP: 40/80/200 pips
🛑 SL: ~$3,498
🔺 BUY XAU/USD : ~$3,462–$3,465
🎯 TP: 40/80/200 pips
🛑 SL: ~$3,459
