Gold prices soared to record highs on Friday (Sept. 13) in anticipation of a rate cut in United States next week as the dollar weakened.
With the Fed’s next interest rate meeting approaching on September 18, the market is now focused on the upcoming rate cut in the United States for the first time since 2020.
With the easing of monetary policy by major central banks around the world and fierce competition in the United States presidential election, gold bulls are firmly bullish that gold prices will soar to new records and are expected to hit the $3,000 / oz milestone.
Spot gold hit an all-time high of $2,583.44 an ounce on Friday and is on track for its strongest annual performance since 2020, with gold likely to reach $3,000 an ounce by mid-2025.
On the technical side, after hitting a record high yesterday, gold prices continued to rise today and broke through the $2,580 mark, with strong overall upward momentum.
The moving averages in the daily chart show a bullish arrangement, indicating that the market is dominated by bullish forces. In the KD indicator, the double line is above the 50 level, but the double line is running upward, and the price of gold will continue to rise.
Gold prices as a whole maintain an upward trend, and the market may continue to fluctuate upwards and approach $3,000 in the future.
Initial resistance to gold to the upside is at 2600, further resistance is at 2650, and key resistance is at 2700;
Initial support for gold to the downside is at 2500, further support is at 2450, and more critical support is at 2400.
At 22:24 Hong Kong time, spot gold was at $2578.50 an ounce.
Author: Zhou Tong (Analyst) 13-09-2024
#The above is only the author’s personal opinionand has nothing to do with the company’s position.
#The policy recommendations are for informational purposes only, entering the market is risky, and investment needs to be cautious.