Gold Prices Soar Despite Positive US Employment Data
Despite the release of better-than-expected US employment figures, the global gold market has seen a significant surge, reaching new record highs during weekend trading sessions. This marks the third consecutive week of gains for the precious metal.
Recent developments, including the robustness of the economy and inflation data, prompted Federal Reserve Chairman Jerome Powell to reiterate the stance that the US central bank has ample time to deliberate on the timing of its first interest rate cut. According to CME FedWatch, traders are currently indicating a 60% probability of a rate cut in June.
In conclusion, I hold a strong optimistic outlook on the potential for gold prices to reach $2500 per ounce. With central banks continuing to bolster their gold reserves for diversification purposes, higher US bond yields or a stronger US dollar are unlikely to impede gold's upward trajectory.
Recent developments, including the robustness of the economy and inflation data, prompted Federal Reserve Chairman Jerome Powell to reiterate the stance that the US central bank has ample time to deliberate on the timing of its first interest rate cut. According to CME FedWatch, traders are currently indicating a 60% probability of a rate cut in June.
In conclusion, I hold a strong optimistic outlook on the potential for gold prices to reach $2500 per ounce. With central banks continuing to bolster their gold reserves for diversification purposes, higher US bond yields or a stronger US dollar are unlikely to impede gold's upward trajectory.
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The ELLIOTT wave shows that the buying force is still strong, the price is still moving within the price channel. I think in the short term Gold will still maintain its price.
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Gold is going exactly as I predicted
