Gold Futures Hit New Highs on Weaker Dollar and Rate Cut Hopes

Gold Futures Climb on Weaker U.S. Dollar and Rate Cut Optimism

Gold futures have risen by 0.15% to $2,541.8 per troy ounce, after reaching a new record high of $2,549.9 in early Asian trading, driven by ongoing weakness in the U.S. dollar. The precious metal previously hit a record on Friday, supported by favorable economic data from the U.S.

Technical Analysis: Gold

Current Outlook:
The price has experienced a sharp reversal due to the factors mentioned above, sustaining its bullish momentum and nearing a potential all-time high (ATH).

Bullish Scenario:
A correction to 2,493 is expected, but as long as the price trades above this level, the bullish trend should persist, with targets at 2,525.

Bearish Scenario:
For a bearish trend to materialize, the price must stabilize below 2,493, potentially leading to further declines toward 2,484 and 2,475.

Key Levels:
- Pivot Line: 2,500
- Resistance Levels: 2512, 2525, 2535
- Support Levels: 2493, 2484, 2475

Today's Expected Trading Range:
The price is anticipated to fluctuate between 2,475 and 2,525.

Trend: Bullish while above 2,493.

previous idea: