Gold Price Touches $2,150
Seems like there’s no stopping in XAU/USD as buyers keep pushing the Gold price higher every day, breaking one level after another. Today it reached another milestone after breaking above $2,100 earlier this week, as Gold touched $2,150, before pulling lower to $2,142. The Federal Reserve Chairman Jerome Powell, refrained from giving a date for the first rate cut to come, which might have been considered as hawkish, but that didn’t help the US dollar much.
Gold Chart H1 Timeframe – The 20 SMA Acting As Support
Despite earlier concerns that Federal Reserve Chair Powell might dampen the enthusiasm for gold following weak numbers from the ADP employment and JOLTS job openings, which suggested a weakening economy, Powell’s remarks remained consistent with previous statements. He reiterated the need to await “a little bit more data” before making definitive decisions. Consequently, the market continued its “buy everything” sentiment, with stocks, bonds, and commodities all exhibiting strength. Powell’s decision not to announce a rate cut preserved the positive market sentiment.
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Recent economic data has fueled traders’ expectations for a potential for an aggressive rate cut period by global central banks and propelled GOLD prices to new highs, but they’re not starting to ease the policy yet. Nonetheless, Gold and cryptocurrency prices have surged this week, with Gold climbing for more than a week and experiencing an almost 1% increase today, partly due to a weaker USD.
The technical resistance is non-existent now, as Gold prices reached as high as $2,140 per troy ounce a while ago. Over the past month, gold has risen by approximately 5.5%, and over the past year, it has surged by 15%. So, the demand for Gold remains robust, with investors continuing to acquire it as a hedge against inflation. We are trying to buy the dips, but they have been minimal so far.
Gold Live Chart
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