Gold prices (XAU/USD) have capitalized on recent momentum, touching a new record high around $2,152 on Wednesday. This surge came amid expectations of an imminent policy shift by the Federal Reserve. Fed Chair Jerome Powell's comments bolstered these expectations, indicating a potential cut in benchmark interest rates by year's end. However, Minneapolis Fed President Neel Kashkari tempered speculation about a more aggressive easing policy, lending some support to the US Dollar (USD) and preventing further lows since February. Consequently, this limited gold's additional rise, especially considering the overextension seen in daily charts.
Ongoing geopolitical tensions seem to curb any significant corrections in gold prices. Moreover, concerns about China's economic downturn, as the world's second-largest economy, continue to bolster this safe-haven metal. Investors might also exercise caution ahead of Powell's second testimony before the Senate Banking Committee and the highly anticipated US monthly employment data release.
Personal Insight:
Gold has reached a record-breaking level above $2,160. With substantial buying pressure, the next target is $2,180.
Ongoing geopolitical tensions seem to curb any significant corrections in gold prices. Moreover, concerns about China's economic downturn, as the world's second-largest economy, continue to bolster this safe-haven metal. Investors might also exercise caution ahead of Powell's second testimony before the Senate Banking Committee and the highly anticipated US monthly employment data release.
Personal Insight:
Gold has reached a record-breaking level above $2,160. With substantial buying pressure, the next target is $2,180.
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