Gold prices are consistently stable around $2,360 to $2,365, showcasing resilience in the face of global financial fluctuations. Importantly, the gold price outlook remains positive as investors anticipate potential rate cuts by the Federal Reserve in September.
Recent economic data from the U.S. indicates a slowing economy. For instance, unemployment claims, housing starts, and manufacturing indices are declining. Consequently, these developments reinforce the expectation that the Fed will actively lower interest rates to stimulate growth, which typically benefits gold. Moreover, lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, enhancing its appeal.
In Europe, central banks are shifting towards more dovish policies. Both the European Central Bank and the Swiss National Bank have reduced rates this month, and the Bank of England might implement cuts in August. Therefore, such dovish stances across major central banks bolster the gold price outlook, supporting higher prices.
From a technical perspective, gold has firmly maintained its position above the 50-day Simple Moving Average, indicating a bullish market trend. Additionally, daily chart oscillators continue to show positive momentum, suggesting potential further increases in gold prices. The next critical resistance points are seen at $2,378 to $2,380, with the $2,400 mark being a realistic target under current conditions.
Investors now await global PMI releases, which are expected to provide new insights into the global economy's health. Furthermore, these indicators will play a crucial role in determining the future direction of gold prices. As these factors unfold, gold continues to attract attention from investors seeking stability amid economic uncertainty.
Discover the 2024 gold price outlook as rates may cut, boosting gold's appeal. Learn how this could push gold prices higher.
Superior trade execution & trading conditions with the NDD method.
The online FX industry provides a platform for investors worldwide to engage in the buying and selling.
Subscribe to our daily newsletter and get the best forex trading information and markets status updates
Trade within minutes!
日本語
English
Comment (0)