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As trading began this week, gold traded around and above the psychological resistance of $2,500 per ounce, hovering near its all-time highs, driven by strong demand for safe-haven assets as financial markets assessed the Federal Reserve's monetary policy expectations.
At the end of last week’s trading, the price of gold hit a new record high. The yellow metal was in a state of euphoria and settled above the historical psychological resistance of $2,500 per ounce to trade at an all-time high, supported by geopolitical tensions, global central bank demand, a weaker US dollar, and lower Treasury yields.
We are most certainly threatening the crucial $2500 level now, and it’s likely that we do eventually break above there.
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Gold is trading slightly below its all-time high of $2,480 per ounce, which it reached on August 12, as markets assessed the latest price data for hints about the Federal Reserve's monetary policy outlook.
The $2480 level has in fact offered a significant amount of resistance yet again.
Gold prices dipped below $2,460 per ounce at the start of trading on Wednesday but remained near record highs, benefiting from safe-haven demand amid growing geopolitical tensions.
I can see this asset is doing everything it can to break out to the upside.
At the start of this week’s trading, gold futures approached an all-time daily high as investors prepare for key US inflation data.
Gold prices stabilized at the end of last week after a sharp rise in the previous session, as new US economic data eased recession fears, making the safe-haven metal less attractive to investors.
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The first thing I see is that gold initially sold off at the open, but then had people jumping back into the market looking for safety.
Gold prices gained momentum to trade above $2400 per ounce on Wednesday, paring the week's losses as investors assessed recession risks in the United States and weighed markets between gold and cash following broad-based selloffs in risky assets on Monday.
Gold was all over the place during the trading session on Wednesday as we are trying to sort out what to do next.
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During yesterday's trading, the price of gold attempted to rebound upwards, gaining to the resistance level of $2418 per ounce.
The first thing I see is that this asset continues to see a lot of volatility.
At the beginning of this week's trading, the price of gold fell to around $2,365 per ounce, paring its previous gains and retreating from last week's record highs as investors took profits.