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Gold Price Surpasses $2500 for the First Time
We noted bullish sentiment in the gold market six days ago:
→ The price is moving within an ascending channel (shown in blue);
→ Bulls may attempt to set a historic record amid the release of economic news.
As today's XAU/USD chart shows, the gold price has risen above the psychological level of $2500. This was influenced by last week's news, indicating that market participants expect the Federal Reserve to cut rates as early as September. Notably, important signals regarding U.S. monetary policy may be given later this week at the annual economic symposium in Jackson Hole, attended by finance ministers and central bank governors.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
We noted bullish sentiment in the gold market six days ago:
→ The price is moving within an ascending channel (shown in blue);
→ Bulls may attempt to set a historic record amid the release of economic news.
As today's XAU/USD chart shows, the gold price has risen above the psychological level of $2500. This was influenced by last week's news, indicating that market participants expect the Federal Reserve to cut rates as early as September. Notably, important signals regarding U.S. monetary policy may be given later this week at the annual economic symposium in Jackson Hole, attended by finance ministers and central bank governors.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.