Gold prices rise to a new all-time high.
Tuesday's gold price (XAU/USD) draws buyers for the fourth day in a row and reaches a new all-time high in the $2,640 range during the Asian session. After a massive rate cut last week, expectations for a more aggressive policy easing by the Federal Reserve (Fed) do not help the US Dollar (USD) draw significant buyers or serve as a tailwind for the non-yielding yellow metal.
Aside from this, the safe-haven Gold price is supported by enduring geopolitical uncertainties resulting from the ongoing conflicts in the Middle East, as well as concerns about an economic downturn and political unpredictability in the US. However, the upside appears constrained in advance of Friday's release of the US Personal Consumption Expenditures (PCE) Price Index and speeches by important FOMC members.
Technical Analysis: Bulls should exercise caution because the price of gold is marginally overbought.
Technically speaking, the most recent breakout and acceptance above the $2,600 barrier may serve as a new catalyst for traders who are bullish. However, the daily chart's 72 EMA is much below the price and should be regarded with caution. It will therefore be wise to hold off on positioning for the following leg of a move-up until there has been some short-term consolidation or a slight retracement.
Any correction slip, however, is probably going to draw new buyers close to $2,600, below which the price of gold may fall to the $2,560 horizontal zone. Prior to the psychological $2,500 barrier, the next significant support is located close to the resistance breakpoint between $2,532 - 2,530. A strong breakdown below the latter might cause the short-term bias to change in favor of sellers and open the door for some significant downside.
Aside from this, the safe-haven Gold price is supported by enduring geopolitical uncertainties resulting from the ongoing conflicts in the Middle East, as well as concerns about an economic downturn and political unpredictability in the US. However, the upside appears constrained in advance of Friday's release of the US Personal Consumption Expenditures (PCE) Price Index and speeches by important FOMC members.
Technical Analysis: Bulls should exercise caution because the price of gold is marginally overbought.
Technically speaking, the most recent breakout and acceptance above the $2,600 barrier may serve as a new catalyst for traders who are bullish. However, the daily chart's 72 EMA is much below the price and should be regarded with caution. It will therefore be wise to hold off on positioning for the following leg of a move-up until there has been some short-term consolidation or a slight retracement.
Any correction slip, however, is probably going to draw new buyers close to $2,600, below which the price of gold may fall to the $2,560 horizontal zone. Prior to the psychological $2,500 barrier, the next significant support is located close to the resistance breakpoint between $2,532 - 2,530. A strong breakdown below the latter might cause the short-term bias to change in favor of sellers and open the door for some significant downside.
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