Gold prices (XAU/USD) rose for the fourth straight day, surpassing $2,712 and reaching a new record high in Asian trading on Friday. Key factors include anticipated interest rate cuts from major central banks, tensions in the Middle East, and U.S. election uncertainties.
Positive U.S. economic data on Thursday reinforced expectations for modest Fed rate cuts, boosting the dollar to its highest level since early August. Despite this, bullish sentiment around gold remains strong as prices trend upward this week.
Personal opinion:
The recent rise in gold prices is driven by geopolitical tensions and anticipated interest rate cuts, making it attractive for investors seeking a safe haven. It’s interesting to see how external events strongly influence the market. Gold seems well-positioned to continue attracting interest.
Pay attention to the price range:
Buy zone: 2690 - 2688
SL: 2683
Buy Scalp: 2702 - 2700
SL: 2695
Sell Zone: 2722 - 2724
SL: 2729
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