Gold shines brighter than ever
Hello Traders,
Gold continues to make higher highs in the Asian session on the back of a weak dollar and expectations of interest rate cuts by the Fed. The CME Fedwatch tool shows a 94% probability of a 25 basis point cut in September, weakening the dollar to its lowest level in nearly four months and boosting gold.
Trade tensions with China escalate over potential restrictions on the technology sector, adding to Trump's militaristic comments on Taiwan.
An indecision candle formed on Friday and on Monday a quick engulfing broke the highs at $2,483.56. Another possible upside breakout zone is forming today, although the RSI is showing signs of exhaustion at 69.17%, which could indicate a correction.
Do you think $2,550 will be reached this week?
I look forward to your comments.
Ion Jauregui - Analyst ActivTrades
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Gold continues to make higher highs in the Asian session on the back of a weak dollar and expectations of interest rate cuts by the Fed. The CME Fedwatch tool shows a 94% probability of a 25 basis point cut in September, weakening the dollar to its lowest level in nearly four months and boosting gold.
Trade tensions with China escalate over potential restrictions on the technology sector, adding to Trump's militaristic comments on Taiwan.
An indecision candle formed on Friday and on Monday a quick engulfing broke the highs at $2,483.56. Another possible upside breakout zone is forming today, although the RSI is showing signs of exhaustion at 69.17%, which could indicate a correction.
Do you think $2,550 will be reached this week?
I look forward to your comments.
Ion Jauregui - Analyst ActivTrades
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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