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19 August 2024,02:11
Trade Of The Day
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19 August 2024, 02:11
* Safe-haven Demand: Gold prices have surged, reaching new record highs as a result of weaker US economic data, anticipation of Fed rate cuts, and escalating tensions in the Middle East. Concerns over potential retaliation by Iran against Israel due to ongoing conflicts have heightened geopolitical risks, fueling gold’s appeal as a safe-haven asset. This ongoing uncertainty continues to drive bullish momentum in gold, making it a prime asset for investors seeking security amid global instability.
* Technical Breakout: Gold prices have broken through previous record highs, indicating the potential for sustained gains driven by rising tensions in the Middle East and the possibility of Fed rate cuts. However, technical indicators such as MACD and RSI are signaling bearish momentum, suggesting that a short-term technical correction and profit-taking could occur.
* Resistance and Support: Investors should keep an eye on the current resistance level at 2505.00. A successful break above this level could indicate further upward movement for gold. On the other hand, if the price fails to break out, a technical correction might ensue, with a possible short-term pullback to the support level at 2470.00.
Despite the successful breakout and continued upward trend, the potential for profit-taking by market participants remains a risk.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay focused on Middle East tensions and potential Fed rate cut statements for further trading insights by following PU Xtrader’s financial news page.
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