Gold prices surged to a new all-time high (ATH) of $2,586 and are set to extend their gains as the US Dollar weakens on Friday.
Gold hits new all-time high at $2,586 amid rising expectations of a significant Fed rate cut, with a 43% chance of a 50 bps reduction. US Treasury yields fall, US Dollar Index drops to 101.09, boosting Gold 's ascent. Global ETFs experience strong inflows; improved US Consumer Sentiment and lower inflation expectations prompt speculation on more Fed easing. Gold prices surged to a new all-time high of $2,586 and are set to extend their gains as the US Dollar weakens on Friday.
The Relative Strength Index is bullish and, due to the trend's strength, remains shy of hitting 80, which traders usually seek as the “most extreme” overbought level. With that said, the XAU/USD path of least resistance is upward. The first resistance would be the September 13 peak at $2,586. Once cleared, the next stop would be the $2,600 figure. Conversely, Gold sellers must drive prices below $2,550 if they want to regain control.
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