The spot gold price strengthened again and set a new record in trading on Tuesday (September 2nd) morning, reaching US$3,505 per ounce—its highest level ever. Market sentiment was driven by strong expectations that the Federal Reserve will cut interest rates by 25 basis points at its upcoming September meeting, with a probability of nearly 90 percent.
The weakening US dollar also strengthened gold's position as a safe-haven asset, especially following dovish comments from Fed officials and a US court ruling that partially lifted Trump-era tariffs. Meanwhile, holdings of SPDR Gold Trust—the world's largest gold ETF—rose more than 1 percent, reflecting growing investor interest in this precious metal.
Fundamentally, gold remains supported by a combination of global factors: expectations of monetary easing, geopolitical tensions, and investor diversification strategies. However, US economic data, such as non-farm payrolls, will continue to determine the next direction.
Technically, the gold trend remains strongly bullish, with most indicators, such as moving averages, MACD, and RSI, in the buy zone. The main resistance level is around US$3,510, while the closest support level is around US$3,450. However, overbought conditions on the RSI indicator warn of a potential short-term correction before further gains resume.
Overall, the spot gold price remains bullish this morning, with fundamentals and technicals supporting each other. However, investors are advised to remain vigilant for profit-taking opportunities that could trigger a corrective movement.
Source: Newsmker.id
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