Gold (XAU/USD) extended its uptrend and reached a new all-time high above $2,750.
Gold corrected lower after touching a new all-time high at $2,758. The technical outlook suggests that the bullish bias remains intact in the near term. Next week’s economic calendar will feature key US data releases that could impact Gold ’s valuation. Gold extended its uptrend and reached a new all-time high above $2,750. Rising US Treasury bond yields and the improving risk mood, however, made it difficult for the precious metal to preserve its bullish momentum in the second half of the week.
According to the CME FedWatch Tool, markets nearly fully price in a 25 bps rate cut at the upcoming meeting and see about a 70% chance of the Fed lowering the policy rate by a total of 50 bps by the end of the year. At this point, it would take a significant downside surprise in NFP for markets to reconsider the possibility of a large rate cut either in November or December.
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