#GoldHit7yearHighAgain#
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Boosted by the weakness of the US dollar, the price of gold this week hit another 7-year high, reaching the level of 1725 US dollars per ounce, an increase of nearly 10% this month. This week, we can focus on the US initial jobless claims and real estate data. If the data is not good, the price of gold is expected to strengthen further.
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🚨Gold prices hit record high above $2,700; Copper buoyed by China 🇨🇳
Gold prices continued to hit record highs on Wednesday, driven by optimism over potential lower U.S. interest rates, which weakened the dollar. Spot gold rose 0.3% to $2,670.52 an ounce, with futures reaching $2,694.75. The Federal Reserve's recent rate cuts and expectations for further reductions h
Gold: Approaching its next resistance at 1735 – Commerzbank
Gold is at 7 year highs and approaching its next resistance at 1735, per Commerzbank.
Key quotes
“Gold is at 7 year highs and is poised to encounter the next band of resistance at 1734/35, the 78.6% retracement of the move down from 2011 to 2005.”
“The 1734/35 zone guards the 1792/1803 highs (Octob
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