The Fed may be breathing a little easier after yesterday’s moderately cooler inflation print which has brought two Fed rate cuts back on table, buoying gold
Gold market trading involves a thorough understanding of the fundamental factors that determine gold prices like demand and supply, as well as the effect of geopolitical tensions and war. Find out how to trade the safe haven metal by reading our comprehensive guide:
Gold prices appear likely to test the all-time high should the current bullish impetus evolve into a more sustained push higher. Gold received a boost from softer CPI data and a more dovish adjustment in interest rate expectations as the market prices in two full rate cuts by year end. Key observations from here include a potential retest of the prior resistance, now support, as this is so often the case with breakouts. Such an approach also provides a prudent way to handle breakouts while avoiding a false breakout which can trap unsuspecting traders. Look for the $2360 mark to hold . This represents a level of confluence resistance as it coincides roughly with the prior resistance trendline.
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