Commodities Analysis by Fawad Razaqzada covering: XAU/USD, Gold Futures, US Dollar Index. Read Fawad Razaqzada's latest article on Investing.com
Gold could keep rising after hitting $2500, with bullish momentum supported by inflation hedging and weaker bond yields.For less than $8 a month, InvestingPro's Fair Value tool helps you find which stocks to hold and which to dump at the click of a buttonfinally reached the $2500 mark on Friday after a tight consolidation below it for several weeks. Despite trading sideway in early Monday trade, I believe the yellow metal is likely to climb higher and remain in a dip-buying mode.
Although the disinflation process is evident in the US and elsewhere, this is not to be confused with deflation. Prices are still rising, just not at the same pace as before. Inflation-hedging demand should still provide support for gold. Looking ahead, the market expects the Fed to cut rates by about 100 basis points by the end of the year, with a 25-basis point cut likely in September rather than the previously anticipated 50.
The Jackson Hole Symposium draws central bankers, finance ministers, and financial market participants from across the globe. The Fed has historically used this convention to signal major policy changes. Are we going to see the biggest hint yet that the FOMC will embark on a rate cutting cycle starting at their 18 September meeting?
With that $2450 to $2480 area broken, this is now the most important short-term support zone to watch on any dips. Specifically, $2470 is the level to watch within this zone.
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