GOLD Ready to create new peaks at any time
💥GOLD information
Gold has just set a new all-time high, as investor demand across the entire market skyrocketed due to growing confidence that the US will cut interest rates this year.
Gold bars rose 1.1%, reaching $2,450/oz early in the European session, surpassing the previous record set in April. This price increase is said to be due to traders becoming increasingly confident that the Fed may reduce interest rates as early as September this year.
The dollar fell and US government bonds rose sharply last week, after data released on Wednesday showed April inflation fell more than expected. This is supportive for gold, a precious metal that does not yield interest and is priced in USD.
Geopolitical risks in Russia and the Middle East continue to return after a Ukrainian drone attacked a small Russian oil refinery, causing the plant's operations to stall. At the same time, an oil tanker en route to China was attacked by Houthi missiles in the Red Sea on Saturday. Precious metals are one of the assets that often benefit from the need to find a safe haven during such unrest.
The 2450 resistance level may hold today as the profit-taking mentality of some short-term investors will push gold back to around 2420. That is a short-term vision, but in the long term, the 2450 resistance area may not be. Must be an all-time high for a long time and broken soon for gold to head towards 2500.
💥GOLD plan
SELL price range 2453 - 2455 stop 2459
BUY price range 2420 - 2422 stop 2386
Gold has just set a new all-time high, as investor demand across the entire market skyrocketed due to growing confidence that the US will cut interest rates this year.
Gold bars rose 1.1%, reaching $2,450/oz early in the European session, surpassing the previous record set in April. This price increase is said to be due to traders becoming increasingly confident that the Fed may reduce interest rates as early as September this year.
The dollar fell and US government bonds rose sharply last week, after data released on Wednesday showed April inflation fell more than expected. This is supportive for gold, a precious metal that does not yield interest and is priced in USD.
Geopolitical risks in Russia and the Middle East continue to return after a Ukrainian drone attacked a small Russian oil refinery, causing the plant's operations to stall. At the same time, an oil tanker en route to China was attacked by Houthi missiles in the Red Sea on Saturday. Precious metals are one of the assets that often benefit from the need to find a safe haven during such unrest.
The 2450 resistance level may hold today as the profit-taking mentality of some short-term investors will push gold back to around 2420. That is a short-term vision, but in the long term, the 2450 resistance area may not be. Must be an all-time high for a long time and broken soon for gold to head towards 2500.
💥GOLD plan
SELL price range 2453 - 2455 stop 2459
BUY price range 2420 - 2422 stop 2386
Trade active:
Gold is continuing to maintain its bullish position
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