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Looking at the gold market, my daily analysis suggests that gold will eventually go higher as we have gone back and forth over the last couple of days.
Gold prices soared to a new all-time high of over $2530 per ounce on Tuesday, bolstered by bets on less restrictive monetary policy from major central banks amid ongoing geopolitical concerns.
As trading began this week, gold traded around and above the psychological resistance of $2,500 per ounce, hovering near its all-time highs, driven by strong demand for safe-haven assets as financial markets assessed the Federal Reserve's monetary policy expectations.
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At the end of last week’s trading, the price of gold hit a new record high. The yellow metal was in a state of euphoria and settled above the historical psychological resistance of $2,500 per ounce to trade at an all-time high, supported by geopolitical tensions, global central bank demand, a weaker US dollar, and lower Treasury yields.
We are most certainly threatening the crucial $2500 level now, and it’s likely that we do eventually break above there.
Gold is trading slightly below its all-time high of $2,480 per ounce, which it reached on August 12, as markets assessed the latest price data for hints about the Federal Reserve's monetary policy outlook.
The $2480 level has in fact offered a significant amount of resistance yet again.
Gold prices dipped below $2,460 per ounce at the start of trading on Wednesday but remained near record highs, benefiting from safe-haven demand amid growing geopolitical tensions.
I can see this asset is doing everything it can to break out to the upside.
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At the start of this week’s trading, gold futures approached an all-time daily high as investors prepare for key US inflation data.
Gold prices stabilized at the end of last week after a sharp rise in the previous session, as new US economic data eased recession fears, making the safe-haven metal less attractive to investors.
The first thing I see is that gold initially sold off at the open, but then had people jumping back into the market looking for safety.
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Gold prices gained momentum to trade above $2400 per ounce on Wednesday, paring the week's losses as investors assessed recession risks in the United States and weighed markets between gold and cash following broad-based selloffs in risky assets on Monday.
Gold was all over the place during the trading session on Wednesday as we are trying to sort out what to do next.
During yesterday's trading, the price of gold attempted to rebound upwards, gaining to the resistance level of $2418 per ounce.