GOLD Breaks Through The Historic Milestone of $3500
And Hit a RECORD HIGH of 3508.75
Why?
* The Sep Fed Rate Cut Expectations are Getting Stronger -
* The possibilities of a min of 25 bps cannot be rejected
* Powell will blame weaker labor markets for the rate cuts as inflation are already high and sticky.
Technical Analysis
Gold breached the ascending wedge formation on a Daily TF
While also breaking the previous all-time high of 3500
A close above the 3500 level today will raise the probabilities of a further upward rally till at least the 3520 -3530 zone.
A failure to sustain above the 3500 level might witness some strong corrections in gold due to profit bookings from ATH level
And Hit a RECORD HIGH of 3508.75
Why?
* The Sep Fed Rate Cut Expectations are Getting Stronger -
* The possibilities of a min of 25 bps cannot be rejected
* Powell will blame weaker labor markets for the rate cuts as inflation are already high and sticky.
Technical Analysis
Gold breached the ascending wedge formation on a Daily TF
While also breaking the previous all-time high of 3500
A close above the 3500 level today will raise the probabilities of a further upward rally till at least the 3520 -3530 zone.
A failure to sustain above the 3500 level might witness some strong corrections in gold due to profit bookings from ATH level
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Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.