A good start! Entering the European market on Monday, spot gold maintained its upward trend. Earlier, the price of gold once exceeded 2,010 US dollars, setting a new 6-month high to 2018 US dollars. There are no major stimulating factors in the fundamentals. However, last week the Fed has ended raising interest rates. The tone continues to In the new week, the U.S. dollar remains weak, with market focus turning to this week's U.S. economic data and Federal Reserve Chairman Powell's speech.
The Fed has now ended its tightening cycle and data is likely to deteriorate further, so on a forward-looking basis gold should continue to be supported, with an all-time high of 2078 being a natural target.
Gold is testing recent highs above $2010 on the day, but its bullish bias continues to be supported by expectations of interest rate cuts as U.S. economic data weakens. Bulls should target the all-time high area near $2,076. On the other hand, bears will need some key downside breakout to rush in, as there is no resistance before the all-time high.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.