Gold is supported by lower expectations of interest rates
Looking ahead, gold's bullish momentum seems intact and experts suggest that the next key levels could be between $1988 and $2000. The short-term outlook has changed, creating bullish sentiment for gold prices.
Short-term outlook: A weaker dollar adds to the bullish outlook
As a result, gold prices benefited from a weaker dollar and reduced expectations of a sharp increase in interest rates in the United States. Recent economic data points to a phase of deflation that will increase a more accommodative approach by the Federal Reserve. While uncertainty persists, gold investors remain bullish, eyeing the potential for further gains in the near term.
The level of 1955 was suitable to enter a buy trade, but at the time of writing this analysis, the price has risen slightly. Therefore, we have to wait for the price to break above 1960 to enter the buying transaction. It will be aimed at 1970 and 1985 buyers. Potential support has been identified at 1941
Short-term outlook: A weaker dollar adds to the bullish outlook
As a result, gold prices benefited from a weaker dollar and reduced expectations of a sharp increase in interest rates in the United States. Recent economic data points to a phase of deflation that will increase a more accommodative approach by the Federal Reserve. While uncertainty persists, gold investors remain bullish, eyeing the potential for further gains in the near term.
The level of 1955 was suitable to enter a buy trade, but at the time of writing this analysis, the price has risen slightly. Therefore, we have to wait for the price to break above 1960 to enter the buying transaction. It will be aimed at 1970 and 1985 buyers. Potential support has been identified at 1941