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Gold Analysis Today - 18/07: Hits New Record High (Chart)
(MENAFN- Daily Forex)
Gold Price Forecast and Analysis Today:According to the daily chart above, the overall upward trend for gold prices is strengthening, with recent gains pushing technical indicators towards strong overbought levels. Furthermore, Profit-taking sales will not occur without a recovery in the U.S. dollar and easing global geopolitical tensions. Otherwise, the bulls are likely to push towards a new record high of $2500 per ounce.Ready to trade today's Gold prediction ? Here's a list of some of the best XAU/USD brokers to check out.
- Gold hit a new all-time high as it moved towards the $2,483 resistance level per ounce, with gains driven by growing optimism that the federal Reserve will cut US interest rates as early as September. On Monday, Federal Reserve Chairman Jerome Powell indicated that lower-than-expected U.S. inflation in June boosted confidence in achieving the price growth target. He added that the central bank would not wait until inflation hits 2% before starting to cut interest rates. This sentiment was echoed by Federal Reserve Governor Adriana Kugler, who expressed cautious optimism on Tuesday that inflation is moving towards the target rate.
- 1 Get Started 74% of retail CFD accounts lose money
Gold Price Forecast and Analysis Today:According to the daily chart above, the overall upward trend for gold prices is strengthening, with recent gains pushing technical indicators towards strong overbought levels. Furthermore, Profit-taking sales will not occur without a recovery in the U.S. dollar and easing global geopolitical tensions. Otherwise, the bulls are likely to push towards a new record high of $2500 per ounce.Ready to trade today's Gold prediction ? Here's a list of some of the best XAU/USD brokers to check out.

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