Gold Futures Hit Record High on Fed Rate-Cut Hopes

20 авг.

Gold Futures Hit New Record on Rate-Cut Speculation and Central Bank Demand

Rising expectations that the U.S. Federal Reserve will ease monetary policy have driven gold prices to new highs.
Prospects of rate cuts and expanded quantitative easing have boosted safe-haven demand for gold, while a weaker U.S. dollar has increased its appeal to both domestic and international investors. The CME FedWatch tool shows a 24.5% chance of a 50 basis-point rate cut in September and a 75.5% probability of a 25 basis-point cut, making gold more attractive as a non-interest-bearing asset.

Technical Analysis: Gold

Current Outlook:
The price has reached the level mentioned yesterday, with a break above 2,525 potentially leading to a new all-time high (ATH) at 2,558.

Bullish Scenario:
A break above 2,525 would trigger the next bullish wave, with targets at 2,543 and 2,558.

Bearish Scenario:
While the bearish trend appears distant, a correction toward 2,509 or 2,500 is possible before the bullish trend resumes, provided the price remains above 2,475.

Key Levels:
Pivot Line: 2,525
Resistance Levels: 2543, 2558, 2567
Support Levels: 2510, 2500, 2484

Today's Expected Trading Range:
The price is expected to fluctuate between 2,500 and 2,558.

Note:
A 1-hour or 4-hour candle close above 2,525 could signal a strong bullish move towards 2,558. Be cautious of potential volatility.