Gold price keeps rising above the trendline
Dear friends! Today, the price of gold continues to hold at $2035 in the early hours of Wednesday's trading session and is still limited below the resistance level of $2040, despite having the opportunity to rise steadily to $2048 yesterday but failed to close above that resistance level. However, the long-term upward momentum of XAUUSD is still preserved.
According to yesterday's news, Gold reached its highest level in 2 weeks, supported by the weakness of the USD and lower bond yields, while the focus shifted to the Federal Reserve's policy meeting to gain a better understanding of how the agency will cut interest rates this year.
Even the safe haven appeal of precious metals cannot resist the changing market expectations surrounding the central bank's monetary policy. The market's expectation that the Fed will actively cut interest rates could push gold to $2200 per ounce with an average annual price of $2100 per ounce. The question now is when and how long it will take for us to see that happen.
According to yesterday's news, Gold reached its highest level in 2 weeks, supported by the weakness of the USD and lower bond yields, while the focus shifted to the Federal Reserve's policy meeting to gain a better understanding of how the agency will cut interest rates this year.
Even the safe haven appeal of precious metals cannot resist the changing market expectations surrounding the central bank's monetary policy. The market's expectation that the Fed will actively cut interest rates could push gold to $2200 per ounce with an average annual price of $2100 per ounce. The question now is when and how long it will take for us to see that happen.
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