As the new week unfolds, gold has continued its remarkable ascent, surging by nearly $25 to touch $2265 in the initial trading hours of Monday.
This historic rally is driven by investors flocking to gold as a haven asset amidst escalating economic uncertainties and the anticipation of interest rate cuts.
Furthermore, the concerted effort by central banks globally to bolster their physical gold reserves plays a significant role in propelling gold prices to unprecedented heights. As these banks amass gold, the heightened demand directly influences its price, pushing this precious metal to levels never seen before.
With these factors at play, gold remains favored, maintaining a positive trajectory. However, a slight adjustment is anticipated to further solidify its price increase. The expected retracement could occur around the 0.5 - 0.618 Fibonacci levels. Happy trading!
This historic rally is driven by investors flocking to gold as a haven asset amidst escalating economic uncertainties and the anticipation of interest rate cuts.
Furthermore, the concerted effort by central banks globally to bolster their physical gold reserves plays a significant role in propelling gold prices to unprecedented heights. As these banks amass gold, the heightened demand directly influences its price, pushing this precious metal to levels never seen before.
With these factors at play, gold remains favored, maintaining a positive trajectory. However, a slight adjustment is anticipated to further solidify its price increase. The expected retracement could occur around the 0.5 - 0.618 Fibonacci levels. Happy trading!
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