GOLD Set up A New Record!
Hello everyone! Today i want to share some macro analysis with you!
1.
$Gold - main 2408(GCmain)$ Gold stood at $2,450 an ounce, hitting a new record high, up nearly $30, or 1.19%, on the day! There is no longer any effective resistance at the top, and the bull market is upon us! Constant new highs will be made!
2.
$XAU/USD(XAUUSD.FOREX)$ Gold prices hit another record high as market hopes for a Federal Reserve interest rate cut climbed again and again and some traders increased their bets on Trump's re-election as U.S. president. Spot gold at one point hit $2,451.44 an ounce upwards, breaking the previous high set at the end of May.
Signs of slowing U.S. inflation have ignited speculation that the Federal Reserve will soon begin cutting interest rates. Investors across markets are also weighing the odds of Trump's return to the White House, as his candidacy is “energized” after the weekend's assassinations and the dismissal of criminal charges.
3.
On Tuesday (16 July), spot gold surged nearly $47, a rise that shocked many market participants. Early Wednesday morning trading in Asia, spot gold further rose to $2,470 per ounce, a new record high.
Spot gold closed surging $46.55, or 1.92 per cent, at $2468.70 per ounce on Tuesday. Gold prices touched as high as $2,478.04 per ounce in early Asian trading on Wednesday.
US Bloomberg analysis said the gold price hit a record high as hopes for a Fed rate cut heated up, coupled with some traders increasing their bets on Donald Trump winning the US presidential election. In addition, the recent increase in exchange-traded fund (ETF) holdings also fuelled gold's upward momentum.
Technical: Gold continues to make new highs, there is no longer any technical support for the need for gold to fall, the uptrend is unrelenting, new highs will be reached, and the probability is that 2500 will be created today! Things will be reversed, the technical side of the retracement need to pay attention to, 2450 is not broken, gold continues to rise!
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