The outlook for Gold is bullish despite today's pullback, however, volatility is expected as traders await CPI data and Fed communications.
Gold (XAU) faces resistance at $2,393.17 amid speculation of a Fed rate cut, driving investor interest in safe-haven assets.
Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
Gold continues to rise, reaching a six-week high of 2,393, with bullish signals across all time frames suggesting a push towards 2,450.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
The increasing probability of the Fed cutting interest rates in 2024, makes investing in gold an attractive investment option. Capitalize on the precious metal's rally with these ETFs.
We believe the April 2024 breakout in gold (above $2100) was the launch point for a run towards $10,000 by the end of this decade.
Precious metals traders bet on a less hawkish Fed after the release of Non Farm Payrolls and Unemployment Rate reports.
The gold market has seen a lot of noisy behavior overall, but I think the market will continue to find plenty of people out there wiling to take advantage of value. This is a market that should continue to be thought of as bullish.
Furthermore, ongoing political uncertainties in Europe, especially in France and the UK, affect the EUR exchange rate, thereby impacting the USD and indirectly influencing gold prices. Additionally, persistent geopolitical tensions in the Middle East continue to drive demand for safe-haven assets like gold.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.