Oil prices surge on rate cut hopes but demand worries linger
Gold prices surged to new record highs as a weakening dollar and mounting expectations for a large interest rate cut by the U.S. Federal Reserve drove market demand. We turn our attention to the charts. In the XAUUSD chart, gold has continued its bullish run. The price surged reflecting a trend driven by what our analysts believe include, the softer U.S. dollar and changing expectations for U.S. interest rate cuts. Gold has been supported by the 50-day and 30-day moving averages, with no signs of immediate bearish pressure. A break could extend the rally further, while any disappointing economic data from the U.S. might fuel additional gains in the near term.
Read more to find out how will gold trend.
Disclaimer:
As geopolitical risks remain heightened and global interest rates are expected to stay lower for longer, demand for precious metals, especially gold, could see sustained support in the coming months. Risk management is advised to complement these releases closely for further indications of market trends.
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