Warm greetings, beloved traders! Let's strategize for the gold market this week!
Last week, gold experienced an impressive and strong upward trend, reaching its all-time high. Today, we see this precious metal surging to $2,263, marking a $31 increase in the early hours of Monday's trading session.
The rise in gold is primarily driven by lower bond yields and a weakened US dollar, along with anticipated interest rate cuts by the Fed, which serve as strong catalysts for this vibrant recovery.
Looking at the trajectory of gold today and this week, the long-term prospects remain optimistic. However, a slight consolidation may occur after the recent sharp increase as the metal seeks a healthy correction to solidify its upward journey. The support zone to monitor fluctuates between $2,200 - $2,215.
Wishing you a prosperous and exciting trading week ahead!
Last week, gold experienced an impressive and strong upward trend, reaching its all-time high. Today, we see this precious metal surging to $2,263, marking a $31 increase in the early hours of Monday's trading session.
The rise in gold is primarily driven by lower bond yields and a weakened US dollar, along with anticipated interest rate cuts by the Fed, which serve as strong catalysts for this vibrant recovery.
Looking at the trajectory of gold today and this week, the long-term prospects remain optimistic. However, a slight consolidation may occur after the recent sharp increase as the metal seeks a healthy correction to solidify its upward journey. The support zone to monitor fluctuates between $2,200 - $2,215.
Wishing you a prosperous and exciting trading week ahead!
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