Gold prices are expected to rise further as demand for safe-haven assets rises as central banks ramp up asset purchases and investors become increasingly concerned about escalating geopolitical conflicts. In addition, the U.S. Producer Price Index (PPI) released on Thursday was lower than expected, enhancing market expectations that the Federal Reserve will cut interest rates soon, providing additional support for gold prices.
From a technical analysis point of view, although the relative strength index (RSI) on the daily chart is extremely overbought, the bullish trend of gold prices has not been significantly affected. However, bulls may choose to take profits near the $2,400 mark before the weekend, so caution is warranted before further appreciation.
It is worth noting that any meaningful corrective decline below the Asian session lows ($2370 area) is likely to find decent support near the $2352-2350 area. Some follow-on selling could expose the next relevant support near the $2,332 area before gold eventually falls to around $2,300 or weekly lows.
Commentaire:
active trade
Commentaire:
active trade
Commentaire:
active trade
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