This is a long term trade which may take longer time to develop and contingent on positive price action through key resistance levels.
First level to watch is the 30 handle, which is currently being tested. Break above 30 should take us close to the most recent high in Oct-2024, just below the 35 handle.
Assuming price action advances past the 35 handle, we'd likely see a quick move to new highs around the 52 handle.
Additional rate cuts in 2025, as well as increased deficit spending would likely be the fundamental monetary catalyst to drive prices higher.
First level to watch is the 30 handle, which is currently being tested. Break above 30 should take us close to the most recent high in Oct-2024, just below the 35 handle.
Assuming price action advances past the 35 handle, we'd likely see a quick move to new highs around the 52 handle.
Additional rate cuts in 2025, as well as increased deficit spending would likely be the fundamental monetary catalyst to drive prices higher.
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