Gold Futures Climb on Weaker U.S. Dollar and Rate Cut Optimism
Gold futures have risen by 0.15% to $2,541.8 per troy ounce, after reaching a new record high of $2,549.9 in early Asian trading, driven by ongoing weakness in the U.S. dollar. The precious metal previously hit a record on Friday, supported by favorable economic data from the U.S.
Technical Analysis: Gold
Current Outlook: The price has experienced a sharp reversal due to the factors mentioned above, sustaining its bullish momentum and nearing a potential all-time high (ATH).
Bullish Scenario: A correction to 2,493 is expected, but as long as the price trades above this level, the bullish trend should persist, with targets at 2,525.
Bearish Scenario: For a bearish trend to materialize, the price must stabilize below 2,493, potentially leading to further declines toward 2,484 and 2,475.
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