Gold Breaks To All Time Highs Amidst Rate Cut Optimism – Latest Updates

Hello Traders,

This week has been an interesting and eventful one with Gold being the main highlight, breaking to new all time highs above the latest peak from 20.08.2024 breaking 2532 area towards 2566.

XAUUSD 4HR – RSI Channel Breakout Followed By Price

XAUUSD Break to new all time high reaching 2566

 

The move has been mainly fueled by rate cut optimism for next Wednesday’s FOMC meeting with the US Federal Reserve looking to cut interest rates by a minimum of 25 basis points. In addition, we have seen yesterday the ECB cutting rates by 60 basis points which was another reason for gold to break higher as it reacts with optimism whenever we have dovish monetary policies in play as rate cuts represent.

US CPI this week showed lower but Core CPI higher and yesterday’s jobless claims higher, thus allowing XAUUSD to find that support for the move,

Technically, Gold has respected the support trendlines and managed to find support for the latest move. The question now remains whether the market has been reacting ahead and pricing in these rate cuts or whether it has still the power to grind higher and any small dips to find support.

In the short term, traders need to be aware of the above as it will be a key week next week to see whether the markets have already reacted in anticipation of the rate cuts and in that scenario we might see volatility, contradicting this week’s moves. Or whether the market has still support and room for more upside.

We will go through the next week’s outlook and technical analysis on Monday.

If you are new here and you do not already have a trading account you can sign up at: https://www.oneroyal.com/en/

Risk Disclaimer: The information provided on this page, including market analysis, forecasts, and opinions, is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any financial instruments. Investing in financial instruments involves significant risk, including the potential loss of the principal amount invested. Leveraged products, such as CFDs and forex, carry a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The firm does not guarantee the accuracy or completeness of the information provided and shall not be liable for any losses or damages arising from reliance on this content. By using this page, you acknowledge and accept these risks.

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on email
Email
  • All
  • Blog
  • Economic Events
  • Featured Articles
  • Learn to Trade
  • Market Analysis
  • Market Analysis
  • News
  • News
  • OneRoyal News
  • Press Releases
  • Uncategorized
  • أخبار OneRoyal
  • الأحداث الاقتصادية
  • تحليل الأسواق
  • تصريحات صحفيه
  • تعلم كيف تتداول
  • غير مصنف
  • غير مصنف
  • مقالات مميزة
Trading Charts
Blog

Use Of The Trend-Based Fibonacci Extension Tool – Examples With GBPUSD

Read More →

Newest From Category

Newest from