Gold suddenly took a big turn! The price of gold surged $25 within the day. What's next? FXStreet analyst's technical analysis of gold price.
In early European trading on Thursday, spot gold surged significantly, with the price of gold approaching $2585 per ounce, rising $25 intra-day. Dhwani Mehta, a senior analyst at FXStreet, pointed out that based on the daily chart of gold, the relative strength index (RSI) is bullish, which continues to keep buyers active, and the price of gold is expected to retest $2600 per ounce.
Who has a higher winning percentage between the US dollar, the Chinese yuan, and gold before and after the first rate cut by the Federal Reserve?
From the historical interest rate cuts, the US dollar is under short-term pressure after a rate cut, and the medium to long-term trend is influenced by the relative strength of the US economy and global risk aversion, making it difficult to predict. The RMB exchange rate is relatively independent, with a greater chance of gold winning.
Silver bulls explode! Silver prices surged over 3% intraday. Analysis of silver trading by well-known institutions.
At the end of Thursday's Asian session, spot silver maintained a strong rebound trend during the day, with silver prices just reaching the $31.00 per ounce level, a daily increase of over 3%. According to Economies.com, if silver prices confirm a breakthrough of $31.00 per ounce, this will open up further room for silver prices to rise.
Gold has experienced a sudden surge in the market! The price of gold during the Asian session soared by nearly $17. The latest analysis of gold's intraday trading by reputable institutions.
On Thursday, the Asian session closed with a sudden acceleration in the short-term price of gold, with the price just breaking through $2575 per ounce, rising more than $16 for the day. According to Economies.com, the gold price has successfully reached its target price of $2600.00 per ounce; after a brief bearish adjustment, the gold price resumed its upward trend and is currently testing $2600.00 per ounce again.
Why Gold Has Outperformed Gold Miners
After the Federal Reserve aggressively cut interest rates by 50 basis points, Powell triggered a violent pullback in the gold price! How should one trade gold next?
The gold market in New York experienced dramatic volatility during Wednesday's session. After the Federal Reserve cut interest rates by 50 basis points, spot gold briefly hit a new all-time high. However, Powell's speech caused the price of gold to plummet significantly from its high, falling below $2,550 per ounce at one point. FXStreet analyst Christian Borjon Valencia pointed out that the price of gold briefly reached a historical high of $2,600 per ounce. However, buyers were unable to break through this level, which may pave the way for a pullback in gold prices.