Gold prices surged to a record high last week after the US Federal Reserve cut interest rates and have largely continued to rally
Moreover, gold rose as markets priced in a doubling of the Fed’s chances of cutting rates before Christmas. The probability of another 50 basis points (0.50%) cut at the next meeting in November now stands at 51.6%, compared with 48.4% for a 25 basis points cut, according to the CME FedWatch tool.
Moreover, gold rose as markets priced in a doubling of the Fed’s chances of cutting rates before Christmas. The probability of another 50 basis points (0.50%) cut at the next meeting in November now stands at 51.6%, compared with 48.4% for a 25 basis points cut, according to the CME FedWatch tool.
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SELL XAU 2638TP1: 2630
TP2: 2620
SL: 2646
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