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I think we still have plenty of buying pressure out there that people will be looking to take advantage of.
Gold markets have rallied pretty significantly during the early hours on Thursday as we are trying to recover a lot of the lost ground late during the day on Wednesday.
Gold retreated to $2563 after almost hitting a new record high of $2600/oz as investors digested the latest US Federal Reserve decision.
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The first thing I see is that we had broken out to the upside, especially as the Federal Reserve had cut interest rates by 50 basis points in the afternoon.
Gold prices are hovering around $2580 per ounce, near record highs.
The gold market has pulled back just a bit during the course of the trading session on Tuesday
Gold prices hit another record high at the start of this important week’s trading with gains reaching the $2,590 resistance level per ounce ahead of the US Federal Reserve meeting this week, during which the US central bank will assess its monetary policy for the first time in more than four years.
Gold initially did try to rally a bit during the Monday session, but it looks like we are stalling a bit.
At the beginning of this week, the price of gold rose to around $2590 per ounce, setting a new all-time high, supported by the weakness of the US dollar and the decline in bond yields amid growing expectations of a significant cut in US interest rates this week.
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The gold market rallied again during the trading session on Friday as the market broke well above the $2,580 level.
Gold has exploded to the upside during trading on Thursday as we continue to see more risk on behavior as the US dollar gets dumped.
Since the beginning of this week, the gold price has been on an upward rebound, with gains reaching the resistance level of $2,528 per ounce, starting from the support level of $2,485 per ounce in the same week.
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Sign up to get the latest market updates and free signals directly to your inbox.As of Wednesday's opening, the gold price has stabilized at $2,527 per ounce, as markets await the US inflation report later today for clarity on the potential extent of US interest rate cuts by the Federal Reserve.
The market has been consolidating for several weeks, and it certainly looks as if we are trying to do everything, we can to eventually build up enough momentum to go higher.
At the beginning of this week's trading, the gold price stabilized at $2500 per ounce, as markets traded around a range of interest rate cuts by the Federal Reserve this month following a mixed US jobs report.