Gold price update: Price exceeds 2665 USD
Hello everyone!
As Conan predicted earlier, gold did indeed take advantage of the $2,665 support level and broke above the nearest resistance level of $2,770. As a result, gold rallied and hit an earlier high of $2,685 before quickly correcting slightly but still maintaining its best uptrend in 2024.
Currently, according to CME's FedWatch tool, traders are pricing in a 96% chance of a further 25 basis point cut in US interest rates at its November policy meeting.
In addition, experts predict that the ECB is likely to cut rates again at its October 17 meeting. Likewise, expectations for a BoE rate cut at its meeting next month are gradually increasing as domestic inflation shows signs of slowing.
As Conan predicted earlier, gold did indeed take advantage of the $2,665 support level and broke above the nearest resistance level of $2,770. As a result, gold rallied and hit an earlier high of $2,685 before quickly correcting slightly but still maintaining its best uptrend in 2024.
Currently, according to CME's FedWatch tool, traders are pricing in a 96% chance of a further 25 basis point cut in US interest rates at its November policy meeting.
In addition, experts predict that the ECB is likely to cut rates again at its October 17 meeting. Likewise, expectations for a BoE rate cut at its meeting next month are gradually increasing as domestic inflation shows signs of slowing.
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