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Gold: Near Record Highs on Fed Rate Cut and U.S. Political Risks
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Gold: Near Record Highs on Fed Rate Cut and U.S. Political Risks
On Thursday, gold prices inched higher, staying close to the all-time peak reached a day earlier.
The metal is being supported by renewed speculation of additional Federal Reserve rate cuts this year, alongside rising concerns over a potential U.S. government shutdown.
Soft ADP employment numbers ahead of Friday’s non-farm payrolls report have strengthened expectations for Fed rate cuts, putting pressure on the U.S. dollar.
At the same time, uncertainty surrounding the government shutdown is also lending support to gold.
As long as GOLD defends the 3870 area, it remains bullish with no signs of turning back. Potential upside remains on track with targets as shown in the chart.
Key targets:
3900; 3925; 3950 and 4000You may find more details in the chart!
Thank you and Good Luck!
