Markets now fully price in a rate cut from the Fed as soon as September after US CPI continued to show progress. The dollar-based commodity has a new all-time high in sight
Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.49% Oil - ...Supplement your trading knowledge with an in-depth analysis of gold's outlook, offering insights from both fundamental and technical viewpoints. Claim your free Q3 trading guide now!data with the path of least resistance to the upside.
The precious metal had been hovering around the 161.8% Fibonacci extension of the major 2020 – 2022 decline before the reacceleration to the upside. Gold prices subsided after reaching a new all-time high in May as China, the world’s largest purchaser of the precious metal, dialed back its monthly purchases.The gold outlook is likely to will depend on whether a combination of a lower dollar and US yields can reinvigorate bullish demand at already elevated prices.
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