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Gold prices hit another record high at the start of this important week’s trading with gains reaching the $2,590 resistance level per ounce ahead of the US Federal Reserve meeting this week, during which the US central bank will assess its monetary policy for the first time in more than four years.
Gold initially did try to rally a bit during the Monday session, but it looks like we are stalling a bit.
At the beginning of this week, the price of gold rose to around $2590 per ounce, setting a new all-time high, supported by the weakness of the US dollar and the decline in bond yields amid growing expectations of a significant cut in US interest rates this week.
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The gold market rallied again during the trading session on Friday as the market broke well above the $2,580 level.
Gold has exploded to the upside during trading on Thursday as we continue to see more risk on behavior as the US dollar gets dumped.
Since the beginning of this week, the gold price has been on an upward rebound, with gains reaching the resistance level of $2,528 per ounce, starting from the support level of $2,485 per ounce in the same week.
As of Wednesday's opening, the gold price has stabilized at $2,527 per ounce, as markets await the US inflation report later today for clarity on the potential extent of US interest rate cuts by the Federal Reserve.
The market has been consolidating for several weeks, and it certainly looks as if we are trying to do everything, we can to eventually build up enough momentum to go higher.
At the beginning of this week's trading, the gold price stabilized at $2500 per ounce, as markets traded around a range of interest rate cuts by the Federal Reserve this month following a mixed US jobs report.
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The gold market has gone back and forth. They're in the trading session on Monday, as we continue to look a bit lost.
The gold price has maintained its position above $2500 per ounce, supported by the latest US jobs reading ahead of more data scheduled to be released later on Friday, which may prove crucial in determining the size of the US interest rate cut by the Federal Reserve this month.
In my daily analysis of the gold market, the first thing that I notice is that although we were very strong in the early part of the session, it’s worth noting that we gave back about half of the gains by midday during New York trading.
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We have often emphasized that buying gold at every dip is the best trading strategy for gold.
Recent selling pressure since the beginning of September has pushed the gold price below the significant $2500 per ounce level, with losses extending to the $2473 per ounce support level before stabilizing around $2480 per ounce at the time of writing.
The recent sales did not derail the gold price from its general trend and adherence to the psychological resistance of $2,500 per ounce confirms the strength and control of bulls over the trend.