Gold prices today (November 28) increased slightly. Although the precious metals market is having some significant upward momentum, analysts are wondering whether gold can reach an all-time high in the near future. come or not.
The gold market is benefiting from new market expectations that the US Federal Reserve (Fed) will soon cut interest rates. According to the CME FedWatch Tool, the market sees a 25% chance that interest rates will rise as early as March; However, the market sees a higher likelihood of an interest rate cut in May or June 2024.
Looking at gold's technical price action, some analysts say breaking above $2,010 an ounce is a key hurdle the market needs to overcome to have a chance at reaching all-time highs.
Investors are now awaiting revised US third-quarter GDP figures to be released on Wednesday and the core consumer price index, the US Federal Reserve's preferred inflation measure. ), on Thursday.
The gold market is benefiting from new market expectations that the US Federal Reserve (Fed) will soon cut interest rates. According to the CME FedWatch Tool, the market sees a 25% chance that interest rates will rise as early as March; However, the market sees a higher likelihood of an interest rate cut in May or June 2024.
Looking at gold's technical price action, some analysts say breaking above $2,010 an ounce is a key hurdle the market needs to overcome to have a chance at reaching all-time highs.
Investors are now awaiting revised US third-quarter GDP figures to be released on Wednesday and the core consumer price index, the US Federal Reserve's preferred inflation measure. ), on Thursday.
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