Historic Turning Point: Gold Takes New High
Gold has continued to rally, hitting new highs on the back of the Fed’s rate cut, which has weakened the US dollar and lowered bond yields. Gold is currently trading at $2,625.00, up slightly by 0.14%. Markets are expecting another rate cut by the Fed later this year, which continues to support gold prices.
Technically, gold is currently above both the 34-EMA and 89-EMA, indicating a clear bullish bias. Traders should keep an eye on the next resistance level at $2,630. A successful break above this level could pave the way for further gains.
However, if a correction occurs, the key support level to watch is $2,590. A pullback could be an opportunity for investors to buy, especially if the fundamentals remain bullish.
Technically, gold is currently above both the 34-EMA and 89-EMA, indicating a clear bullish bias. Traders should keep an eye on the next resistance level at $2,630. A successful break above this level could pave the way for further gains.
However, if a correction occurs, the key support level to watch is $2,590. A pullback could be an opportunity for investors to buy, especially if the fundamentals remain bullish.
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